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I've always wondered: those (%age of income) figures are quoted on BEFORE tax income? So the general theory that says you shouldn't spend more than 30% of income on rent, etc is based on 30% of GROSS (before tax) income? I pay around 30% of my NET income for rent + utilities and I consider...

If it's a PPOR, my guess they just bought far more property than they could really afford. i.e. they had to cut their expenses down to afford the repayments. Which is fine when your property is shooting up, but now that values are flat or negative, it's a different storey. Cutting the shopping...