- How much of your income goes on rent / mortgage?
I bought my 1 up 1 down flat 6 years ago for £60 grand. 2 Bedroom with a very large garden that i have just put an amazing patio in.
£260 a month mortgage at the moment. Council tax £120
Dundee BTW. And actually a very nice location overlooking an observatory and park. I got very lucky.Posted 7 years ago
Zokes,I’m packing my bag!
Does that leave you with a lot of free cash or do you get mugged elsewhere?
Without wishing to brag further, it’s also a very nice house, in a very desirable suburb. Which is handy, as these raw economics seem to beat homesickness hands down even for MrsZ most days!
We do have a nice chuck of ‘free’ cash, but that’s going into a savings account for the whopping deposits needed on a 25% deposit round these parts. Unless the biggest thieves of them all (bankers) take it, it should be safe 😉Posted 7 years ago
It is not a bad place to live, that’s for certain. Free choice I’d probably pick TAS or (believe it or not) Canberra as more variation and mountains, but all in all we really enjoy it as a city to live in. Melbourne and Sydney may joke about it being a parochial little country town, but it’s surprisingly vibrant, usually has good weather, and is home to possibly the best wine on earth 🙂
The riding’s not bad either…Posted 7 years agojohnikgriffMember
With out wishing to brag (which means Im about to) Very little, our barn is on 0.5 above base… 🙂 although its by luck not design. I guess its about 5% (but Mrs is a Dr, which helps). We have the money saved to pay it off, but at that rate it’s better to keep it in the bank.
But back in the day, when she wasnt working and I was doing shifts and working every weekend, our 2 up, 2 down was about 1/3 of our income.
Just trying to say its normally tough at the start, you adapt your spending at first and eventually gets better over time.Posted 7 years agotrail_ratMember
25% on our first house – 3 bed ex council semi in the country (row of 8 houses 3 miles out of village)
It needs modernising(decorating , electrics and heating) but due to my job i get options to work abroad for periods of time which gives me a chance to earn significant extra money to modernise it .
I was determined not to overstretch – i like my life style and i didnt want to compromise it hugely just to have a house ….
im paying 25% more than the rent i was paying but i have 75% more house. Went from a small 2 bed cottage with the kitchen along 1 wall of the living room to a good sized plot of ground with a big (for the money) 3 bed semi with 2 garages.Posted 7 years agocolournoiseSubscriber
Just under 10% of joint income currently goes on mortgage, but this includes some extra borrowing against the house we took out to consolidate a load of other debts from both our previous lives. Once that is paid off in a couple of years it will drop to only about 5% of joint income (we both have pretty well paid jobs and the house is quite modest).
We are East Midlands/Western East Anglia so neither north nor south really.
slainte ➡ robPosted 7 years agolungmanMember
25% of my wage as mrs not working at the moment, could be 0 % as trying to work out how best to use an inheritance. 3 bed semi in twyford, out skirts of reading on the London train line so quite expensive but a lovely little village not quite in the sticks but countryside 5 mins walk away. Great little community so not too tempted to move or upgrade as son happy in local school 5 mins away and I have a biking habit to feedPosted 7 years agomikewsmithMember
10-25% over the last 10 years.
The less I earned the bigger the percentage in some ways. Varied a bit depending on missus and what she was working.
Currently in Tas so on 1 income so about 20% though I should start work tomorrow.
Thought of Adelaide at some point and Canberra is on the list for the reasons Zokes said. Just need to get citazenship so I can work for the governmentPosted 7 years agoMrSmithMember
Zone 3 London 2mins from tube 17-20 % of income (self employed) which I guess is on the low side for London, it’s nice to know its usually paid in the first week of the month. I’m a saver not a spender and wouldn’t sleep at night if it was 30% + of income or only had a month or 2 of living costs in reserve.Posted 7 years ago
Thought of Adelaide at some point and Canberra is on the list for the reasons Zokes said. Just need to get citazenship so I can work for the government
I work for the Federal Government, and I’m not a citizen (though I do have PR). Several of my colleagues only have fixed-length visas. Hadn’t heard about restrictions on working for gvt depending on residency status beforePosted 7 years agostewartcSubscriber
UK House (Berkshire) pays for itself + and extra 500 GBP a month through renting it out.Posted 7 years ago
Just been in HK for 2 years and not thinking about buying yet, 25% or my salary currently goes on rent here, not bad as to buy, our little 750 Sq ft apartment would cost about 350k GBP…. and we are way out of town near the airport.mikewsmithMember
Zokes, front page of Civil Service recruitment says citizen only unless specified. So it seems like it’s a locals first policy. With the shift in power (likely to come) not planning on trying government for a while 🙂
Still if new work kicks off then % will go down and location anywhere but perthPosted 7 years agostumpy01Member
Just over 20% of our income I think. That’s living in a town just outside Peterborough. Would love to live in Cambridge, but house prices are too high.Posted 7 years ago
We had a fairly decent deposit and reigned ourselves in a bit on the budget for the house, so if interest rates go up, we can still afford it.
We were lucky as the mortgage from the old house is fixed at .5% above the base rate, so we kept that & tacked on another mortgage to top it up.
Currently overpaying on the mortgage so should knock 9 years off it, if things stay as they are. We also figure that we can use that as a buffer & reduce overpayment if interest rates go up so we are still paying the same total amount.
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