To ask if you pay £800-£1100 in rent/mortgage, what is your income?

[Flyingfish111]

And do you have any significant costs, i.e childcare? Where in the UK do you live (approx!)?

sigh I don't know about you but I've noticed rent increasing each year and it seems relentless! I am outside of London, in a large city and looking to rent a new premises with DP, hoping to find somewhere cheaper so we can continue putting money in a pot for a house deposit. Depressing that the rent seems more expensive than a mortgage of a similar size property!

We have no DC yet and earn £52k between us - no car costs or significant outgoings and wondering whether £925 a month rent would be stretching it, this does not include any bills! 1 bed apartment on a main road, includes parking and close to work! Hoping to rent for another 2 years before purchasing a property and before DC.

Whilst researching properties it made me wonder about other peoples situation income/rent in this range and wondered how other people manage. Would you consider yourself comfortable or is it a struggle?

A nosey post i guess but also useful for me to compare our own situation- if you don't feel comfortable answering, please dont, hopefully I dont come across as a CF.

We pay £1134 to mortgage. Combined income of 90k

Mortgage of £970, combined income 90k

Our rent is just over £1500 and joint income is about 40k. We could down size to about £1200 a month but then we would have to rent somewhere to store dh’s work stuff so it would be over our current rent.
In order to save a significant amount we would have to commute around 2 hours. Which would negate any saving. Our location is an incredibly shit one.

Renting is shit

55k joint Income. 700 on mortgage. 900 on nursery fees 😭 live in the North East

So you will over a 2 year period be paying £22k off in rent with an income of £104k (assuming no pay rise). What is it about this simple sum that makes you think that this is not doable or provide an opportunity to save? As a comparison in London people accept that around 50% of income will be spent on rent.

And yes rent will almost always be more than a mortgage - because you are paying the landlord’s mortgage plus a bit on top for their profit!!

If you live frugally it sounds very doable for you. How much do you think you need for a deposit for a one bed flat?

We were earning around £50k joint pre children and had a £650 a month mortgage. After kids we whacked the term of the mortgage up to allow us to pay £450 a month over the ‘poor years’ of childcare / loss of earnings from maternity leave. (For anyone worried, we’ll shorten the term again once kids are in school!)

So not the same housing costs but the same (starting joint) salary.

839 mortgage, combined income 90k. One car but WFH for last year. Childcare fees of 450 a month.

Single person here on £45k, my last one bed London flat was £990 rent pcm, moved out a couple of months ago to buy. With bills etc my outgoings were around £1200. I managed to save between £200-400 a month and have money left over to spend. Would usually be close to running out by the next payday but never went into overdraft. It was very manageable

Earn a bit more than you, my rent is 1800/month.

When we last rented our combined income was around 50k and we paid 650 a month. Rent has increased so much.

Mortgage £900. Combined salaries £77k. Childcare costs of around £800 a month. No other large costs (no car loans etc).

@VanCleefArpels I should have clarified, we are saving for a deposit for a house - 2 or 3 bed, we want children, hopefully within the same year as purchasing the property (my age!) so will need the extra space!

@EvilPea that sounds really tough, are you in London? It must be difficult to save and super frustrating as a lot of mortgages cost a lot less a month! The viscious cycle of renting.. definately sucks!

Was £1100 on a £90k joint income, but due to redundancy we're now paying that woth less than half the income

Mortgage of around £950. 2 children- 1 in full time paid childcare and another baby on the way (but by the time my mat leave ends DD2 will be eligible for the free childcare hours). We earn about 80k between us (before tax). DH paying for his car and we both have around a 25 min commute to work so there is 2 cars and petrol to think about.

We don’t have much to save after our monthly outgoings but we can afford the odd meal out and some fairly inexpensive holidays.

Mortgage is £860/month, earn about £85k between us depending on dividends.

I pay £1300 in rent and my income is £100k.

[quote Flyingfish111]@EvilPea that sounds really tough, are you in London? It must be difficult to save and super frustrating as a lot of mortgages cost a lot less a month! The viscious cycle of renting.. definately sucks![/quote]
No. Not london!! But we have become sort of commuter belt as people move out to try and find somewhere affordable which has now pushed it up, so even if you don’t work in london but outskirts your pushed even further out and then they are pushed out and it goes on and on.

The london effect is huge now and I should think if people are only commuting into london a few days a week it’s going to get even bigger.

We pay £1450 a month rent. I earn 37.5k, partner earns 50k. We have no children and minimal travel costs which means I should be able to save 6-800 a month but I spend a bit too much sometimes 😶

Our mortgage is about £630 but we overpay £520, combined income £50k.

Luckily minimal childcare costs - £30 a month for breakfast club, usually £60 but due to WFH we've halved DD's days. Probably spend another £135/140 a year on holiday club but very lucky to have grandparent help & we split some holidays between us

Mortgage is £980 a month and our combined income is around £90k.

£850 mortgage, earn £75,000 a year between us

Rent 950
Earnings 26k

It's soo hard, we get some UC help.
No chance of a council place because we're adequately housed.

I remember my first job out of uni I was making £42k. My rent was £1,200 (plus bills - I lived alone). It was do-able but there wasn't anything left to save. I did take some small holidays a few times a year.

Many years later and mortgage of £2,400 plus school fees of £1,200 per month - but luckily joint income better than those early days!

South east
Mortgage 800 for a 3 bed house
Combined income 48k
No childcare costs as i can choose my hours, 2 kids, one at school one is a toddler
Would say we are comfortable, can afford days out but don't go silly and over spend