The Nationwide says first-time buyers are spending more take-home pay on mortgage repayments.
  • breadsmasher@lemmy.worldEnglish
    16·
    3 months ago

    Yes. house prices are insane.

    Banks and landlords: “Pay went up? Awesome, prices and rent going up”

  • wren@feddit.ukEnglish
    9·
    3 months ago

    My first thought was that 40% was low… but I suppose I’ve never been a first time buyer, so they probably have higher salaries than I do

    • 1rre@discuss.tchncs.deEnglish
      5·
      3 months ago

      Yeah either you live in London so are paying at a minimum 1600/month or 20k/year for a 350k mortgage, or if you live in the north or less desirable parts of the south you’re gonna be paying 750/month or 9000/year for a 175k mortgage, either way if that’s 40%, once you consider tax, bills, heating, food, transport (because no way can you afford to live within walking distance of work as a first time buyer) and whatever else you frankly don’t have a whole load left all in

  • moistclump@lemmy.worldEnglish
    2·
    3 months ago

    In Canada we’re supposed to be limited to 42% going to housing costs and that’s how they determine how much mortgage they’ll approve. I think most people are hitting that mark if not finding ways of going over.