What percentage of your take home pay would/do you spend on your mortgage?

I am a first time buyer in London, and am wondering what percentage of take home pay other home owners (not necessarily in London) spend on their mortgage payments on a monthly basis (repayment and interest). Is 40% crazy?? Thanks.

50% on the high end. Ideally you are around 36%.

The more you are paying for your mortgage the less you have to spend on other things.

For more than fifty years there was a rule of thumb that banks and credit unions used. Today it seems to be "Don't worry be happy" but the rule was no more than 25% af your take home pay for Mortgage. In many cases banks would ask for 20% down but now 10% or even 5% is ok.

40% of our net income is crazy to spend on your mortgage. Someone who does that will most likely be foreclosed in a year or two.

Typically, for your own financial well being it is recommended that you spend no more than 25% of your net monthly income on your monthly mortgage payments. This is usually to protect you against rate hikes in interest rates etc.

I, personally, never spend more than 20% of net income on rent or monthly mortgages.

40% is usually the maximum the bank will allow to lend you the money i.e. if you earn 1000 pounds a month and have no other debts, the bank will only lend to you if your mortgage monthly payments do not exceed 400 pounds a month. 40% is pretty normal.

In the USA, the advice was no more than one week's paycheck towards your mortgage/rent. Anything more, then you will have not as much play with your income. However, looking at this country, I sincerely doubt that what is most people are doing.

Between 25-30% is about average.

Standard Front end riatio is typically between 25% - 30% of your gross Income.

My mortgage is just over one third of my wages, but maybe my situation is a bit different to others because I have a very small mortgage (although it is still over 25 years) but I only I work part time and live alone. It is a struggle for me to make ends meet.

I would not have a mortgage full stop. I do not want a debt that will take 20 years plus to pay off, life is too short.

we don't have one

I could see maybe paying $400 a month if the land AND the buidings were both nice

It depend on how much you make and how much your mortgage is. Small salary, big mortgage = probably all of it or most of it will go to mortgage.

I spend about 20% if I take this other job it will be less then 10%. But I got a small house and I could of had something a lot bigger, I was approved for over $180,000 and got one for $52,000. My wife also works, but she does not pay for the house at all.