What proportion of net income should I spend on my mortgage? | Money | guardian.co.uk
Q I'm interested to know what the recommendations are regarding what proportion of our net monthly income should be going on mortgage payments. We're currently on a very low rate (2.5%), but we are looking to move to the south east and increase the mortgage.
Based on the amount we're looking to borrow I've calculated monthly repayments at 5% to make sure they're still affordable, as interest rates can really only go in one direction now, but not sure if I'm still being over-cautious. SH
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