Percentage of income on mortgage repayment

60watt

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Hi,

Is there any research or experience on what percentage of gross or net income is recommended as the max that should go towards paying a monthly mortgage and still have enough money to live relatively comfortably ?

Thanks
 
There are suggested limits such as no more than a third of net income on housing costs or the 50:30:20 rule of needs:wants:savings but it really is a subjective answer as what is comfortable for you is threadbare for another.

You would need to approach your budget from a big picture aspect to see what you have coming in against what you can’t live without going out, how you want to plan for the future and then see what’s left for comfortable living and make an assessment on whether or not that is enough for you.
 
Not sure about research but I would try keep it under 25% if possible.
Depends on what stage of life you are at too. It might be higher starting out but I'd be tapering to zero % coming up to retirement.
 
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