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Average Mortgages...

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Just going through some old paperwork earlier and found a quote for a home start mortgage.

Total borrowed = 150k

First 3 years = 700pcm

Remainder = 1050pcm

This wuld just about get me a 1BR shoebox.

Now, I seem to remember seeing average mortgage payments as % of gross income. If I remember correctly the figures were very low (approximately 20-25% or there abouts) - would appreciate it if anyone has the actual figures.

The point is though, I presume that these figures cover all mortgage borrowers regardless of when they bought their property. Looking at the figures above these would represent (for an average salary of 23k pa) 36% during the interest only period, and 52% during the capital repayment period of gross income.

In terms of net income I hate to think, but would guess at about 75% of take home pay during the capital repayment period (and thats before insurance, service charges, ground rent etc).

Does anyone have figures for the "affordability" in terms of FTB's only? e.g. average percent of gross and net salaries?

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