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.

Joint income 65k
Morgage 800 inc 120 overpay
500 childcare and gp help
Would like to up overpayments another 200 but need to build the savings pot a bit

Combined income around 60k (partner self employed so hard to be certain) mortgage £880, we live in the midlands. We’ve just had a baby so wages will decrease with me dropping a day when I go back to work and likely a day of nursery a week. We’ve got no loans or finance though and live quite modestly so we still manage to put £200 min into savings a month too. Very aware the saving may have to stop now the baby is here though!

Joint pretax income if 120k per year. Current mortgage £1000, soon to increase to £1400. We also pay circ £2000 in childcare/ school fees. Reasonably comfortable.

North West (large city, more expensive than average area).

Joint take home pay about £75k, mortgage £833 and nursery fees £800 1 child full time. South East but not London

Mortgage £1100 (but clearing it in October)
Household income £190000

@dotdashdashdash i have a feeling we live in the same area or not too far away! Sounds like your wages are fantastic, although childcare is ££££!!

Combined income of £50k, mortgage is £690 and we overpay by £150 each month for a 3 bed semi. We have childcare fees of around £200 a month (2 primary aged kids).

Mortgage is £900, earn about the same as you. One car. One of us WFH. No childcare fees... yet... not looking forward to that.

Our mortgage is £670 per month 4 bed semi in the northeast . Joint income about £35k. No childcare costs as they are both in school.

Rent - £795pcm.
Income - £1500ish pcm.

Its so depressing how expensive living costs are.. im still relatively young (early 30s) and im using this thread also when we do buy a house and determine how much would be manageable for us to borrow on the mortgage, also we will have to consider childcare costs... groan... another massive expense!!!! (Presuming that we will be fortunate enough to conceive!!)

Combined income of £60k. Mortgage is about £950 a month. No childcare costs. Live in North West.

Combined income of £67k - £800 mortgage in Greater London under HTB. Total house expenses including food shopping is £1,500 per month.

I am the higher earner and paying proportionately (£900 of total expenses) and still save £1,000+ per month. I am quite frugal though 😂

South-East (commute would be 20 mins to London (Paddington)
Mortgage £750 on our 4-bed semi
Joint income is £55k (was made redundant in the first lockdown so my new job is in a school and my wages halved overnight but at least it's a job!)
No childcare costs instead iPhones / driving lessons / Uni fees etc etc

Mortgage is currently £810 (will be £630 in May when our fixed term ends and we change mortgage providers)

Joint income is £65k (plus overtime and oncall)

No childcare costs, but we have a loan we took out last year to renovate the house which is £430 and credit card payments.

Mortgage £1,400. Joint income £82K. Outer London area.

£1350 rent. £70k joint income.

No kids. Wouldn’t rent with children.

Probably could have low balled a bit. But we wanted it secure it for 6 months.

If you think renting is shit right now, then you haven’t rented long. Best time in probably a decade to renegotiate rent down, or move somewhere else if they won’t budge. You can get 6 month contracts...unheard of IMO.

Joint income 76K (pre-tax), mortgage is £925 a month and car loan of £350, no more nursery fees thank goodness. We’re doing fine and manage to save each month.

@Doomsdayiscoming

£1350 rent. £70k joint income.

No kids. Wouldn’t rent with children.

Probably could have low balled a bit. But we wanted it secure it for 6 months.

If you think renting is shit right now, then you haven’t rented long. Best time in probably a decade to renegotiate rent down, or move somewhere else if they won’t budge. You can get 6 month contracts...unheard of IMO.

Whereabouts are you? We bought our house 3.5 years ago but rented for years before that as we moved around a lot, and always had 6 month contracts.

Mortgage is £950 per month but we tend to over pay the maximum amount as an annual lump sum as soon as we can (this year that was £11k).
Combined income of £155k. Childcare costs for the last two years have been £12k per year but just gone down due to 30 free hours.

We have been toying with moving to a bigger house - probably in the £750k-£800k price bracket but this would mean taking on a bigger mortgage and right now I think we would prefer to be mortgage in 5/6 years, which is our current plan.

I find the biggest difference is between those that have inherited wealth and support from their parents via those who don’t. I out-earn many friends but coming from a poor background, with lots of debt from uni and postgraduate study and no financial support means that many of my friends have bigger houses, kids at private schools etc that their salaries alone would not finance.

Our rent is £850 a month and our joint income is around £33k, we live in the south East and our rent is actually very cheap for the property we live in because we have lived here 8 years so landlord hasn't increased our rent for 2 years

@TheOneWithTheBigNose

Cambridge. Maybe this is just my experience.

About 4 years ago we went to a viewing for a £1200/month 2 bed on a Saturday. 3 other couples there, awkward. £650 fees to EA. “The kid asks “so what’s your offer?”” I laughed. Did not make an offer. They got 11 offers.

Mortgage is £900. Combined earnings of £80k

Yeah, we probably do! Tbf our wages are pretty standard for our jobs - Dr (registrar) and software architect. I won't earn much more unless I do more training or switch back to hospital work permanently, which I don't want to do (currently in hospitals but my substantive post is community). DH is close to top of his field, but I'm not complaining!

We have 1 child in ft nursery and the other is in prep school + wrap around care so yeah ££££ (though it's the wrap around that's costly!)

[quote Doomsdayiscoming]@TheOneWithTheBigNose

Cambridge. Maybe this is just my experience.

About 4 years ago we went to a viewing for a £1200/month 2 bed on a Saturday. 3 other couples there, awkward. £650 fees to EA. “The kid asks “so what’s your offer?”” I laughed. Did not make an offer. They got 11 offers.[/quote]
And obviously if you said can we start in 6 months and go rolling, you would have been laughed out of the office. Who’s laughing now. Hope it all collapses.