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AIBU?

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Original poster

To think we CAN live on the mortgage

743 replies

JaneEyre40 · 28/05/2025 09:34

Advice please -

Couple - Earn £10,500 a month
Mortgage - 3,700 a month
Nursery - 1,000 a month

Considering all other possible outgoings, do you think we can afford this and not feel pressured each month. What am I not considering? We've done the spreadsheet but I'm still unsure.

We will have about £65,000 in savings at the beginning of this venture.

Thanks in advance. House of a lifetime.

OP posts:
IDontHateRainbows · 28/05/2025 12:08

Ha ha very funny OP. You've missed April fools day by a number of weeks though .

Or maybe you're the fool.

Mostunexpected · 28/05/2025 12:08

JaneEyre40 · 28/05/2025 12:05

Ignorance here, what are stoppages?

Show quote history

Your tax, national insurance, pension contributions... just anything they take out of your wages.
You've said that the 10.5k is net - so I think you'll be fine. Unless you do have some ridiculously expensive habits or hobbies!

Original poster
JaneEyre40 · 28/05/2025 12:07

OnlyHasEyesForLoki · 28/05/2025 12:06

Not sure you’re reading the room here 🤣

I don't care.

OP posts:
Original poster
JaneEyre40 · 28/05/2025 12:07

Blobbitymacblob · 28/05/2025 11:53

What are you currently spending a month? It’s the best predictor. When we try to budget we indulge in all sorts of fantasies about ourselves, regardless of how hard nosed we’re trying to be.

DH and I went through our bank statements line by line for a whole year and the difference between our beliefs about our spending and the actual facts were enlightening.

Also factor in the costs of owning a house like insurance, property tax, bin/water taxes, residents association subscriptions. increases in utilities if it’s bigger than where you lived before, maintenance and upkeep, and of course any works, furnishings, you plan on doing.

Thank you. The thoughts of going through my bank statements already makes me tighten my purse strings😬

OP posts:
AstonUniversityPotholeDepartment · 28/05/2025 12:07

You'll need to do online surveys to earn a bit of extra money.

OnlyHasEyesForLoki · 28/05/2025 12:06

Not sure you’re reading the room here 🤣

Original poster
JaneEyre40 · 28/05/2025 12:05

Mostunexpected · 28/05/2025 12:04

Me too!

Though back to the original question... £10500 take home, absolutely affordable. But if that is before stoppages I don't think it's affordable.

Show quote history

Ignorance here, what are stoppages?

OP posts:
Original poster
JaneEyre40 · 28/05/2025 12:05

Grumpyoldpersonwithcats · 28/05/2025 09:39

Couple - Earn £10,500 a month
Mortgage - 3,700 a month
Nursery - 1,000 a month

Is the £10,500 net or gross?
Makes a big difference

Net

OP posts:
Mostunexpected · 28/05/2025 12:04

AthWat · 28/05/2025 11:29

I have nothing to say except that the shortened version of the title in Trending was "To think we CAN live on the mo.." and I thought it was going to be "moon".

Edited

Me too!

Though back to the original question... £10500 take home, absolutely affordable. But if that is before stoppages I don't think it's affordable.

Nousernameforme · 28/05/2025 12:02

Have you won the set for life 10k a month @JaneEyre40 or is this just a thought experiment incase you do? Have you been window shopping on Rightmove?

Moonlightexpress · 28/05/2025 12:02

Op you ask your lender or mortgage advisor or accountant these types of questions although usually ppl know this themselves but I doubt you wont buy the house so good luck and we couldn't be happier for you. 👏👏👏🥰

andthat · 28/05/2025 12:00

Thedogscollar · 28/05/2025 09:56

How to not read the room🙄

Seriously if you are finding this difficult to work out then I'm struggling to see how you have the brainpower to earn and deserve these wages.

Read the room?

You know this is the internet right? Big old room!!

familylawyer01392 · 28/05/2025 12:00

We earn around this much too, mortgage around £1000 and utilities £500. You'll be fine!

Moonlightexpress · 28/05/2025 12:00

BMW6 · 28/05/2025 09:36

Ooh I think you'd be wise to both get evening jobs - shelf stacking perhaps?

Oh stop it 🤣🤣🤣🤣🤣🤣🤣

Blobbitymacblob · 28/05/2025 11:53

What are you currently spending a month? It’s the best predictor. When we try to budget we indulge in all sorts of fantasies about ourselves, regardless of how hard nosed we’re trying to be.

DH and I went through our bank statements line by line for a whole year and the difference between our beliefs about our spending and the actual facts were enlightening.

Also factor in the costs of owning a house like insurance, property tax, bin/water taxes, residents association subscriptions. increases in utilities if it’s bigger than where you lived before, maintenance and upkeep, and of course any works, furnishings, you plan on doing.

YinYangalang · 28/05/2025 11:50

It all depends on how the wage is split.

Shawlshare · 28/05/2025 11:48

MidnightPatrol · 28/05/2025 11:20

Not unusual for people wanting to buy a house in London now.

Less than £700k at 4.5% over 25 years.

Show quote history

Exactly this! Where I live you wouldn’t get much for £700k either. The OP has a decent salary, but they might have only a small deposit and therefore need a big mortgage. Not everyone can rely on handouts from the bank of mum and dad to fund their property purchase.

bluesinthenight · 28/05/2025 11:46

This post is actually in poor taste given that so many are struggling with the cost of living right now. You might just as easily have asked Chatgpt.

Surreymum538 · 28/05/2025 11:44

WhereHasMyPlanetGone · 28/05/2025 11:42

Or take out decent income protection/life/critical illness cover.

Show quote history

I mean yeah you’d have to with that mortgage.

Fluffypotatoe123987 · 28/05/2025 11:43

Put 60k down alongside other capital to reduce the mortgage. If one of you lost your job due to ai would you cope. If you split up would you manage the mortgage.

AyeDeadOn · 28/05/2025 11:42

Hypothetically, if I replied "oh, fuck off", would I get into trouble?

Summersunplease21 · 28/05/2025 11:42

You can comfortably survive but you may be limiting other choices you could have made like private school or more frequent and luxurious holidays. Clearly there is a lot over but monthly costs will eat into that and you will find that you don’t have funds for a lifestyle you could otherwise afford with a non dream house. It just depends on what you want to prioritize.

Also you need to look at whether you can absorb mortgage should one person lose their job, although savings indicate yes on that one, and whether it is likely you find equally well paying jobs in case of eg redundancy. Factor in other standard issues like planned years until retirement etc, but you can always sell at a later date and downsize if push came to shove.

WhereHasMyPlanetGone · 28/05/2025 11:42

Surreymum538 · 28/05/2025 11:41

The salary split would be crucial here. Best advice I ever got was only take out a mortgage you could both afford on one wage. If you or husband lose your job or become sick and can’t work then you might struggle.

Or take out decent income protection/life/critical illness cover.

Surreymum538 · 28/05/2025 11:41

The salary split would be crucial here. Best advice I ever got was only take out a mortgage you could both afford on one wage. If you or husband lose your job or become sick and can’t work then you might struggle.

LadySouthStar · 28/05/2025 11:41

Maybe MN should create a separate section for high earners, so they can discuss their ponies and diamond shoes with people who understand their unique problems.

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