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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:
MaryGreenhill · 28/05/2025 22:49

OP are you sure your council tax is only £230 a month ?
Only your home is obviously worth over £300,000 because that's the lump sum you put down on it . Any house worth over £300,000 would be in the council tax band of F or above . Properties in band F are usually over 3k a year all over the UK . So if that were the case you would be paying £300 a month in you paid over 12 months. Something isn't adding up .

NewMoonToday · 28/05/2025 22:49

MidnightPatrol · 28/05/2025 22:42

@NewMoonToday so because some people are worse off than her… she can’t ask about her own financial situation? Where does one draw the line in that.

Why shouldn’t people with a decent income and education ask others in their situation for advice?

On Reddit there is a whole forum of people posting questions exactly like this every day, with far higher incomes. I’m yet to see a poster there be told to ‘read the room’ or similar, it’s just seen as normal you’d look to your peers to understand what they are doing.

Particularly given we are a society that doesn’t like to discuss money openly, so raising the topic with friends might be difficult.

Reddit is a load of nonsense and most of the stuff there is fake.

I suggested she talks to her husband and not strangers .

Only they know their finances.

Original poster
JaneEyre40 · 28/05/2025 22:49

Phonicshaskilledmeoff · 28/05/2025 22:45

. I looked into it and there are limits as to how much they will pay out post job loss - equiv to about £60k a year salary which either of us could walk into so there wasn’t much point. We do have solid life insurance and critical illness cover though.

Edited
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That's what I'm seeing, caps of 2.5k a month and you're right I could get that in the next job. Do you mind if I ask about your critical illness cover, monthly payment?

OP posts:
Hercisback1 · 28/05/2025 22:48

JaneEyre40 · 28/05/2025 22:44

I really dislike repeating myself....

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Yet you're a senior manager who doesn't have life/critical cover?

I reccommend MSE website, read up on your rights to the house, marriage, life insurance, critical illness insurance, pensions, get yourself a will, make sure you know what will happen to your child and nominate any death in service appropriately. Check the legalities on joint tenants and tenants in common too.

Original poster
JaneEyre40 · 28/05/2025 22:47

Ireolu · 28/05/2025 22:46

Hi OP I posted earlier before reading all your messages. Now I have and a couple of things give me pause.. Your ages and the lenght of mortgage term you are looking at. It means you are potentially looking at paying this till age 70 & 75. Will earning potential remain the same?/energy levels, Interest rates? Illness/health, not sure for potential inheritance. We have 19 yrs left and are 41 and 42. Wouldn't want to be servicing a hefty London mortgage age 70.

Edited

This is it exactly...one thought I had was selling up and downsizing as we age (60s possibly).

OP posts:
Ireolu · 28/05/2025 22:46

Hi OP I posted earlier before reading all your messages. Now I have and a couple of things give me pause.. Your ages and the lenght of mortgage term you are looking at. It means you are potentially looking at paying this till age 70 & 75. Will earning potential remain the same?/energy levels, Interest rates? Illness/health, not sure for potential inheritance. We have 19 yrs left and are 41 and 42. Wouldn't want to be servicing a hefty London mortgage age 70.

Phonicshaskilledmeoff · 28/05/2025 22:45

JaneEyre40 · 28/05/2025 22:42

Totally, I'm researching different types of insurance right now. What kind of income/unemployment insurance do you have if you don't mind me asking? I never bothered with it pre baby/more manageable mortgage.

Show quote history

. I looked into it and there are limits as to how much they will pay out post job loss - equiv to about £60k a year salary which either of us could walk into so there wasn’t much point. We do have solid life insurance and critical illness cover though.

Original poster
JaneEyre40 · 28/05/2025 22:44

marmaladeandpeanutbutter · 28/05/2025 22:44

“Not sure you’re reading the room.

I don't care.”

There we have it. Tone deaf to the CoL crisis some others face, and doesn’t give a fuck, either.

I really dislike repeating myself....

OP posts:
marmaladeandpeanutbutter · 28/05/2025 22:44

“Not sure you’re reading the room.

I don't care.”

There we have it. Tone deaf to the CoL crisis some others face, and doesn’t give a fuck, either.

Original poster
JaneEyre40 · 28/05/2025 22:43

MidnightPatrol · 28/05/2025 22:42

@NewMoonToday so because some people are worse off than her… she can’t ask about her own financial situation? Where does one draw the line in that.

Why shouldn’t people with a decent income and education ask others in their situation for advice?

On Reddit there is a whole forum of people posting questions exactly like this every day, with far higher incomes. I’m yet to see a poster there be told to ‘read the room’ or similar, it’s just seen as normal you’d look to your peers to understand what they are doing.

Particularly given we are a society that doesn’t like to discuss money openly, so raising the topic with friends might be difficult.

This site, which purports to be advice driven, is just a vehicle for bitchiness. Sad really.

OP posts:
Phonicshaskilledmeoff · 28/05/2025 22:43

I will add that I was a lot less stressed about money when we earned half as much and our mortgage was half. There’s a constant worry over job loss.

Original poster
JaneEyre40 · 28/05/2025 22:42

Phonicshaskilledmeoff · 28/05/2025 22:39

As someone who has a similar income and outgoings, yes you’ll be perfectly fine.

HOWEVER do not underestimate the stress that a large mortgage can cause. If one of you were made redundant for example, how easily could you find a role paying a similar amount. I worry about that all the time. Also, depending on the property you are buying, think of the upkeep. A big house = a big roof for example.

Totally, I'm researching different types of insurance right now. What kind of income/unemployment insurance do you have if you don't mind me asking? I never bothered with it pre baby/more manageable mortgage.

OP posts:
MidnightPatrol · 28/05/2025 22:42

@NewMoonToday so because some people are worse off than her… she can’t ask about her own financial situation? Where does one draw the line in that.

Why shouldn’t people with a decent income and education ask others in their situation for advice?

On Reddit there is a whole forum of people posting questions exactly like this every day, with far higher incomes. I’m yet to see a poster there be told to ‘read the room’ or similar, it’s just seen as normal you’d look to your peers to understand what they are doing.

Particularly given we are a society that doesn’t like to discuss money openly, so raising the topic with friends might be difficult.

YourAquaLion · 28/05/2025 22:40

I read that as £10,000 as a yearly salary! I was like nooo definitely not! Yikes £10k a month is flippin loads. It’s a third of what I earn in a year! But even so, a mortgage of £3,700 does tie you to having to stay earning highly… I’d personally play on the safe side and have lots of nice holidays but you got to do what’s right for you.

Phonicshaskilledmeoff · 28/05/2025 22:39

As someone who has a similar income and outgoings, yes you’ll be perfectly fine.

HOWEVER do not underestimate the stress that a large mortgage can cause. If one of you were made redundant for example, how easily could you find a role paying a similar amount. I worry about that all the time. Also, depending on the property you are buying, think of the upkeep. A big house = a big roof for example.

NewMoonToday · 28/05/2025 22:37

If, as you say, you're in senior management in education (that could be in a school or in local government) you will have had plenty of exposure to families who are less fortunate. That is why there are some harsh posts.

The answer to your thread/ question is a proper discussion with your husband/partner and a spread sheet.

It is hard to understand why anyone starts these threads.

Original poster
JaneEyre40 · 28/05/2025 22:24

This reply has been deleted

Message deleted by MNHQ. Here's a link to our Talk Guidelines.

And you are entitled to your opinion ✌🏼

OP posts:
Original poster
JaneEyre40 · 28/05/2025 22:23

Annielou67 · 28/05/2025 19:17

£3700 is a massive mortgage. It really depends on the house which sounds like it is a moderate house in an expensive area. If it were a country pile with endless work needed and a gardener and cleaner needed to keep it running - the answer is no, it is too much - a million on a larger semi in outer London, is affordable. I agree with the poster who said to get insurance against sickness etc.
That said, it is still a very large mortgage you will have for a long time. Can you not move a little further out and lose the worry?

Can't, we have to be commutable for London, I would have for sure.

OP posts:
Hercisback1 · 28/05/2025 22:21

This reply has been deleted

Message deleted by MNHQ. Here's a link to our Talk Guidelines.

Original poster
JaneEyre40 · 28/05/2025 22:20

Ghosttofu99 · 28/05/2025 22:17

I do think you and some other well paid people on here should remember that poorly paid people often do extremely stressful, hard jobs that often are skilled but aren’t valued like social care and child care.

Its great for you that you can afford your dream home but some extra self awareness would have made you think twice about rubbing peoples noses in it during a cost of living crisis.

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Not my problem. You have no idea how much or how little I help others. Today, this is MY problem.

OP posts:
Original poster
JaneEyre40 · 28/05/2025 22:19

Zov · 28/05/2025 21:38

Me too. I thought it was 'to think we can live on the moon...' Because all I could see was 'to think we can live on the mo.....' in trending. 😆

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I just saw that! Sorry to disappoint, it is a bit boring, people keep repeating themselves. I read the room....dull.

OP posts:
Ghosttofu99 · 28/05/2025 22:17

JaneEyre40 · 28/05/2025 12:34

It's my room, my thread.

Show quote history

I do think you and some other well paid people on here should remember that poorly paid people often do extremely stressful, hard jobs that often are skilled but aren’t valued like social care and child care.

Its great for you that you can afford your dream home but some extra self awareness would have made you think twice about rubbing peoples noses in it during a cost of living crisis.

Original poster
JaneEyre40 · 28/05/2025 22:17

PineConeOrDogPoo · 28/05/2025 21:52

OP,
In case you're interested, this website can calculate the cost of different mortgages quickly
If you're borrowing 670k at 4.5 % for 25y, your repayments will be 3724
But if the interest rate increases to 6%, your repayments will be 4316

The cost of borrowing 670k at 4.5 % for 25y is 447k on top of the 670k.

https://tedfrick.sitehost.iu.edu/loan.html

Edited

Thank you, we're going 5 year fixed. Difficult to predict that far down the line, rates dropping now but for how long?

OP posts:
Original poster
JaneEyre40 · 28/05/2025 22:15

DisabledDemon · 28/05/2025 21:59

Dear me. Sell your body perhaps? Become a dominatrix?

There's such a thing as reading the room and I'm afraid you didn't.

We've had this chat...see above.

OP posts:
Original poster
JaneEyre40 · 28/05/2025 22:14

moanamovie · 28/05/2025 20:38

Haven’t read the whole thread. Many people are jarred by your post because it’s clear you CAN live on the mortgage easily if you want to, just by doing some simple maths. You’re posting on a public forum where the vast majority of users can only hope and pray to reach the sort of income that you are listing, and manage to pay rent/mortgage/etc of similar amounts. And that’s not because they aren’t working their arses off! l

To say you have a stressful job … irrelevant, so do I and I earn a fraction. My mortgage is less by comparison but it takes 30% of our household income. Nursery fees, same amount as you. I think it stings people when so many are struggling on so little, not because they haven’t worked hard, but because costs of things are extortionate and most wages don’t match simple living at the moment.

You need to budget and look properly at your outgoings as it is completely subjective, if you post on here know and expect to be judged unfortunately. ‘Not feel pressured’ stings to people too, I know damn well that I cannot afford a broken boiler or car, my savings are minimal and most months we dip into them. I feel pressured every month! Not sure if you know that feeling?

It irks me when I think about those who have minimal/no savings and who are getting by, getting on, without the luxury of a huge savings pot to dip into. It’s real life and lots of people have no idea what it is like to struggle financially.

I'm didn't cause the cost of living crisis, why don't the posters put their energy into something useful if they are so concerned with the economic status of Britain and not into my personal situation.

OP posts: