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.

With 6 months*

Mortgage £1300, combined income £115k.

Rent, service charge & mortgage (shared ownership) is just under £1500; joint income about £65-70k pa (DH is self employed so bit variable). So housing costs are a large proportion of our income but think this is offset by nearly 0 transport costs (live in central London, no car, I cycle to work - or at least did pre covid, now mainly at home - and DH WFH) and no childcare costs (kids both at school, husbands hours means no wrap round care or holiday childcare costs to pay).

£97k combined income, paying £1900 mortgage with no childcare fees

@Vixivixen Completely agree about whether you had leg up from parents being the game changer. All of my friends who have bigger houses than me in London or south east all had help at some point from bank of mum and dad.

143k joint income and mortgage free.
Debating moving to spend around 1100 a month on a mortgage.
Given this thread i am now thinking we should do this.

Mortgage is £1000 a month and joint income is £200,000. We spend £1000 a month on childcare.

£900 mortgage, close to 90k combined income. When we last renewed it childcare was £900 now it’s £1500 for the next 6 months . Located in East Anglia.

Wow I honestly cannot believe how much people's rent/ mortgages are.
I am single earner - £42k pa. 2 children. Northwest England. Mortgage is £430 per month.

Combined gross income of £90k, mortgage (inc small overpay) £1k per month. Take home pay is slightly lower than you'd expect from the gross due to high pension contributions. No childcare or other costs so we can save in an average month.

830 rent, 23k income :(

Single/separated parent. £33k but I do also get universal credit. Rent £995 not london

£1100 mortgage, joint income of £100k but it was £77k when we starting paying the mortgage 3 years ago

Question!!! (Glad this is anonymous embarrasing myself if I should know this)

So if we obtain a mortgage.. 5 years fixed term and after the 5 years we remortgage, presumably we would be able to get a better rate as more equity, so the monthly cost is likely to come down? (Unless interest rates increase)

Is this correct?

So as time goes on your mortgage cost can reduce over time, if continuing with fixed mortgages and steady interest rates?

@Flyingfish111

Question!!! (Glad this is anonymous embarrasing myself if I should know this)

So if we obtain a mortgage.. 5 years fixed term and after the 5 years we remortgage, presumably we would be able to get a better rate as more equity, so the monthly cost is likely to come down? (Unless interest rates increase)

Is this correct?

So as time goes on your mortgage cost can reduce over time, if continuing with fixed mortgages and steady interest rates?

Yes, that’s generally correct.

We have a combined income of approx 62k and are looking to buy, we’re budgeting for a mortgage of £1000, our kids start school this year so no childcare costs as we don’t need wraparound care.

I have debt which will take another few years to pay off so was really panicking but once we sat down with a mortgage advisor and got all the figures it’s actually okay, even with my debt.

.. if this is the case it may also explain why some peoples mortgages are higher (I.e bought their property within the last 5 years) vs those who have had their property a lot longer!

We actually have two separate mortgage products on our house... one fixed and one tracker. The tracker part of our mortgage has served us well over the past year.... our mortgage payments have dropped by over £100.

@Flyingfish111

Question!!! (Glad this is anonymous embarrasing myself if I should know this)

So if we obtain a mortgage.. 5 years fixed term and after the 5 years we remortgage, presumably we would be able to get a better rate as more equity, so the monthly cost is likely to come down? (Unless interest rates increase)

Is this correct?

So as time goes on your mortgage cost can reduce over time, if continuing with fixed mortgages and steady interest rates?

Or your house value decreases.

Combined earnings 60K. Mortgage £300 per month. Overpay an additional 150 a month

I earn 12k a year and my rent is £850 (council property) obviously with three children I get extra help but I save a lot from working in a school and not needing childcare for the holidays.

We have a similar household income to you, OP and currently pay £1k off our mortgage per month. The actual mortgage is tiny - just £214 per month, but we're overpaying as we want to clear it quicker. We've no car, no childcare costs and live in the East Midlands.

Tbh in your position, wanting to start a family sooner rather than later, I would find somewhere as cheap as I could put up with for a couple of years and save everything I could

Mortgage £1100. Combined income of £120k. Childcare is a significant cost similar to the mortgage per month.

Oh - Bournemouth