What portion of monthly salary should go to mortgage?
913295
Easy, as much as you can afford!, \n\nAt the minimum I would suggest no less than 25% but the more you put on, the less interest you will pay in the long run and you will be mortgage free years ahead of schedule!\n\nWhen we brought our first house we put every cent of savings we had on to the deposit (dont be fooled going for the minimum payment, it adds thousands to the interest!)\nwe also went for the shorter term (25 years instead of 30) to help force us to pay it off quicker (you can always re-mortgage if you get in the poo).\nAnd then we proceeded to put 50% of our income on it for the first 3 years, we have now lowered our payments as we are traveling and renting the house out, but once we return we will put the payments back up.
519497
Most places base how much they'd offer on 3.5 or 3.75 times your joint income, or similar. So for that amount, borrowing around 110k, over 27k per year between the two of you.\n\nYour best bet is to talk to an independant financial advisor - I'd recommend London and Country, but there are other good ones. There's loads of info on all kinds of financial stuff, including mortgages, at the website:  www.moneysavingexpert.com\n\nGood luck (we get our keys tomorrow and it's just as stressful as you've heard...)
723950
Your mortgage payment should be around 35% or less of what your income is.\n\nIf you want specifics, tell me your income and I'll tell you how much house you can afford.
153857
5 percent and up depends on % down payment and your credit history and income level
801490
It is hard to say without specifics regarding your finances and the nature of your mortgage.  In general, the faster it is paid the less you will pay in total.  That holds unless there is a penalty for paying early.  Then you have to consider the penalty versus the savings.  Anything at all that you can pay above what you owe per month will get you ahead.  ANYTHING.  Don't discount the pennies.  They do count.  Dollars are much better, but the pennies also count.\nIf you have several debts, you need to make decisions.  You need to decide what is more important to you...prioritize.  Then budget.  Put down on paper where your money goes.  Make a plan and follow it.  Don't say, "Well, it's only a little so I'll buy it."  Stick to the plan.  The only allowable deviations should be in your favor.  If you genuinely saves you money, then you can deviate.\nAnother idea put forth is a snowball effect.  Pay off your smaller debts first.  As each is paid off, put the money that would have gone to that debt toward the next smaller or rather the new smallest debt.  As you do so, your payments for each debt will get higher and you'll see each debt paid sooner.  You won't notice any change in available money because the same amount is still going to pay your debts.  The difference is where the money goes.  Soon, all your monthly payments will be on one debt.  When that happens it will be paid very quickly.  After you stop paying those debts, pay yourself.  Put the money that you were using to pay your debts in YOUR account.  You can save and have a little left over to play with.  You win with decisions and discipline.\nAgain, I don't know the details so this is as general as I can make it.
421325
This is a little known mortgage option, cause there's unknowns.  The index that the interest rate is following is hard to look up.  I would not take this mortgage.  A fixed 15 or 30 year is better.  If you need to take on an adjustible, try a hybrid 5/1 interest only.\n\nhttp://www.bankrate.com/brm/news/Drdon/20050916a1.asp
1026075
depends on income....more income more bills....i spend about $7500 a month on mortgage, car payments, insurance and the like....
513956
General rule of thumb to follow is 1.5 times your gross annual income = mortgage.  $85,000 x 1.5 = $127,500.  Any higher and you run the risk of not having enough left over for your monthly expenses.  So many people are being over financed and end up getting foreclosed on.
969437
maximum is usually 3.25 x joint salary although abbey have recently introduced 5 x. You will need to provide payslips/P60 as evidence of earnings. In theory you should be able to borrow anywhere between £94250 and £145000.\n\nYou could also do a self certified mortgage, where you simply tell them how much you want, and that you can afford it, no need to prove earnings that way, but don't be tempted to push things to far past the normal limits.\n\nYou will need a deposit as well, 10% is considered about normal, any less and you will end up paying an indemnity premium on top of the mortgage.\n\nTake a walk down to your bank and have an informal chat with them \n\nRemember your house is at risk if you do not keep up payments on a mortgage or other secured loans
860571
Yes if you pay monthly rent or mortgage payment then that is the amount you would use.
270872
The financial planning spreadsheet that I use for my budget indicates that 24-42% of expenses is the target range for housing, which includes rent or mortgage & real estate taxes, plus utilities.  Expenses should be less than take home pay, otherwise you'll be working until you die in debt.  I suggest you take a look at the Motley Fool (fool.com) or some other on-line personal finance site.  It sounds like you are ready to start a budget and will need a lot of answers.\n\nBest of Luck.  E-mail me if you get stuck.
295967
Another simple way to address this is to get a normal mortgage (fixed/30yr) and make certain that there are NO PREPAYMENT PENALTIES.\n As long as you make the monthly payments, you can pay it off at your speed.
655545
usually 30% should go to housing*  what would 600 a month\nbuy  $750 a month would buy a house with no money down..\nlet me know **
256111
1) Loan to Value (LTV) - If you have excellent credit, you m,ay qualify for 100% financing if the property is to be your primary residence (not rental property). However, this also means that you are borrowing all you need and your payment will be higher. I recommend at least 5-8% down if you have some savings set aside.\n\n2) Value - try and get something in your price range. This sounds like common sense but you would be surprised. Price out your monthly loan payment options (but don't get an interest only loan just to afford it..that is never a good idea). Get you mortgage broker/lender to help you with this so that you can know in what price range to shop for....\n\n3) Expenses - Utilities are dependent on the condition of the property and your usage. But you do need to remember that you will have to pay annual real estate taxes and annual home-owner's insurance. These are conditions to your loan and you cannot get around it.
171494
Traditionally, your home mortgage payments should be no more than 25% of your monthly net (not gross) income.
798521
It should be 50/50 for rent, bills, etc. If the bills cost 3000 then you should pay the 1500. But I wouldn't pay all the bills - no more than half.
251143
Your monthly payment will be 472.02. Do not forget closing costs, insurnace, taxes, and utilities.