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    Default Mortgage-what portion of your wage?

    Hello,

    We have been house hunting for a while and have found a house we love.

    The mortgage will be 50% of my husbands wage.

    We have been doing this in our town house for the last 4 years,he has recently had a pay increase.

    We both earn good money and work hard.

    What portion is your mortgage of your wage or your partners wage?

    I'm excites about the possibility of this amazing house but want to make sure we aren't over committing.

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    Is that 50% of just your husbands wage, or 50% of your total income? How much % is it of your total household income?

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    Buttoneska is offline Winner 2010- Most Community Minded Thread Award
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    our mortgage is about 30% of out joint income (give or take)

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    just under 1/3 of DH's wage. I don't work, so that's of our total income. 'They' recommend that it should be no more than 30% of your total household income.

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    angelsfromheaven  (15-01-2012)

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    Our mortgage is 1/8 of our household income - we don't have a huge mortgage though as we had a massive deposit when we purchased.

    But in saying that we've also relocated to a mining town, and pay rent where we are until we can buy. Rent is expensive here, and rent is 1/5 of our household income.

    So combine the two together we spend approximately 1/3 of our household income on mortgage/rent. Our rent is far more than our mortgage, and the house we own is not yet rented. Be lots easier once it is!

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    Our mortgage it 75% of dh's wage but is less than 30% of our total household income.

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    Quote Originally Posted by angelsfromheaven View Post
    Our rent is far more than our mortgage
    Generally not the case if we had a mortgage would be at least double
    We are one of the ones that rent and invest the difference in another type of investment I guess I like holidays not just paying the bank

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    40% of our total income. And it's a tiny three bed cottage. Sigh.

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    Last edited by JaneDoe; 12-03-2012 at 07:20.

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    Quote Originally Posted by ohdear View Post
    Generally not the case if we had a mortgage would be at least double
    We are one of the ones that rent and invest the difference in another type of investment I guess I like holidays not just paying the bank
    Yeah we relocated to a mining community so rent Is very very expensive here. And it is more than our mortgage repayments! Be glad when we actually buy here! We're not selling where we own as they're drilling for mines just near where we live so holding onto it for now.

    Oh I have discussed with DH about buying a beachfront unit an selling the house we own - but nope he's not budging!!! Lol I'll get him one day on it be nice to go somewhere we own for holidays :-P


 

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