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First-time buyers spending 40% of pay on mortgages
(www.bbc.co.uk)
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this post was submitted on 01 Aug 2024
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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
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