Household income for take home pay

Mine is about 10%

Is that about average? I think it's pretty low?

I have a remaining mortgage of £1

Smart arses aside

You just wait until the interest rates go up again.

Ours is probably 20-25% off the top of my head.

Has this thread been set up so that you can tell everyone that you have plenty of money and don't have to worry about your mortgage?

Classy.

That's what I thought would be average.

Googled it and one source said it's now about 10% while others differ - I always thought a quarter to a third was usual......

Mine's c.25% currently (on a capital & interest basis, and not including the benefit from offset). Several years ago when first on the ladder it was significantly higher.

I sincerely doubt it is 10% on average.

I'm paying about a third but I haven't decreased it for low interest rates. Could pay less than 10%.

About 20%

Similar, overpaying by £200+ a month for the last 2 years

The benefit of being a Baby Boomer

I bought my first house in 1972 for £1800. (I was earning about £28 a week then)

It will differ widely and it will be almost impossible to draw any useful info from it.

If you bought your house 20 years ago on a 25 year mortgage the size of the mortgage will be small due to the housing market in 1990 and wage inflation will mean salaries have moved on massively.

If you bought your house last year as a first time buyer then you are probably looking at 33-40%.

Besides if you are paying 50% of your net salary away and take home £125k a year - things are not too close to the bone - whereas someone earning £20k paying away 40% is going to be counting every penny.

I would say 10% of take home pay is very low.

Mine is 34.6%.

It's a very common financial and social comparator.

The variation being more instructive than the mean. Athough it is often used to compare countries too as averages.

Well if you are getting something from it good for you - but comparing countries will not tell you much - in France / Netherlands / Germany home ownership % are quite different to the UK.

Same here

Although I can admit that my first monthly payment on the Mortgage was at a rate of

15.4 %

Oh contraire. It tells us much.

One would compare expenditure on accommodation be it rental or home ownership. Of course there will be ourtliers but as with any distribution a mean and clustering aroudn the mean is instructive for a number of reasons. As i say its a common financial and social comparitor.

Themean gives an indicator of the cost of living in any society and the degree of disposable income. The spread gives an indicator of social hierarchy.

On a message board its just for a bit of chat an' ting

Why do you guys with £1 outstanding have that? Is it for tax purposes or someting like that?

It's to avoid paying fees for keeping your deeds etc safe at a solicitors or the like and or the avoidance of what can be quite steep early admin (£200-£300) redemption fees.

re deeds you could just keep them in the draw - that's we we do - we figured if the house burned down that would be the least of our concerns.

That reads like we have no mortgage - but we do - for some reason they sent us the deeds!

Who has the deeds now? The bank?

How do you avoid paying off that last quid?

Whoever has the charge has the deeds - 99% of the mortgage co. You will get them back when they release their charge.

0%. but I still have to pay owners tax, habitation tax and worst of all maintenance costs. Housing costs last forever, unfortunately.

What is owners and habitation tax?

Should i know these things?

Non monsieur

As has already been mentioned, which you decided to reject

This seems a simplistic question. Surely accommodation costs should include other outgoings?

For example, even though the house mortgage was paid off soon after I retired in 2002, council tax has increased to more than £250 each month. That's a good chunk of the pension (for readers who aren't familiar with UK system this is the local regional or community rate). And some of those who rent privately don't pay council tax because the landlord does.

We have those in Netherlands too. They claim tax from you as the owner and then tax you again for living there.

But it's also compulsory for every person living in the Netherlands to do a self assessment tax return. This tax is offset against earnings.

A wise old man once told me that 33% of your salary should go on housing costs and utility bills, and he got it about right.