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.

£990 for a one bedroom flat? We pay that for a 5 bedroom house! We have a combined income of 80k and no childcare costs at the moment though we do have all the other costs of having a child though. Own our cars outright and no debts.

@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, it can especially due to the way mortgage payments are structured. When setting the payment they assume that you will have the loan for the whole term (eg 25 years), including the time when you switch to the SVR, and they work out the interest on that basis. The interest repayment is front-loaded so at the beginning you are paying mostly interest (and interest on interest) and you pay more of the capital at the end. If you keep remortgaging to competitive rates then the likelihood is that you will pay less overall interest and the monthly payments will be less too.

The length of the term also affects the monthly repayments (and the total interest you pay). We went for a 25 year term as we wanted to be mortgage free quicker which pushed our repayments over the £1000 mark. Most of my friends went for 30+ year terms.

£1200 a month (but actually bill is only £1000, we overpay by £200 a month), combined pre-tax income of £100k

Mortgage £850 income £100k between us. Midlands and 2 dc but no childcare costs.

110k joint salary. Mortgage is £1050 a month.

That would leave you with about £3000 per month after rent to pay bills and have disposable income so I'd say that's definitely not stretching it!

£750pm rent, £1400pm income. Soon to increase to £1800pm.

Combined income of £180k, mortgage £1900 between us, no kids. South east.

£1300 my income 60k DPs far far more.

Combined income £150,000
Mortgage £1050

We lived in London and had a joint salary of £65k. Rent was £1250. We moved back to our hometown after 10 years in London a few years ago. Now a joint salary of £75k, mortgage £890. But we also have nursery fees now of £800. Still praying I win the lottery.

Household income just over £60k, mortgage £980

My mortgage is £560, but I pay £900, I earn £55000 per year, no major other outgoings now my dc are teenagers. I used to pay £800 a mont childcare costs

Mortgage of just a few quid under a grand a month, £300ish council tax a month, low enough bills, no huge joint expenses and all bills split 50:50, combined net income averages around seven grand a month. We are very comfortable at that.

These combined incomes are really highlighting the inequality of the child benefit rules to me. I earn over the 60k threshold but pay my £1100 mortgage alone and am not entitled to CB whilst I see all these £90k incomes presumably still getting it.
Don't want to come across as whiny as obviously am not poor, but it's mostly single parent/divorced women suffering this inequity.

@OhamIreally you'll also be taxed quite a bit more compared to 2 x £30,000 salaries

That rent will be absolutely no problem with your income.

Question is how much are you looking to save each month?

Income £45k, mortgage £921 per month and currently saving c.£500pm due to no breakfast club or commuting costs (we do run a car though)

These rental figures are absolutely frightening. How you can afford to rent and save for a deposit I really don’t know

Flyngfish111 yes I took out my first mortgage in 2006 for £800 which I thought at the time was expensive and was for 35 years. House prices prob at highest before crash

Had no spare cash at first but remortgaged and overpaid over time. Now paying £580 min and hope to clear it in less than 10 years

My house has increase dramatically, 50%, during this time

£975 rent
£13k income.

Thankfully I get help with UC, no childcare fees, but I do have a child and no money from his dad.

We pay £1100. In the South West. We also pay about £700 for nursery and in normal times I pay about £700 in commuting costs monthly, though this will reduce when I do go back to the office. It’s hard to say what our income is as Dh is self employed and it varies, but I would guess close to £100k give or take.

We are looking to buy soon - if the market ever returns to normal because right everything is really overpriced - and looking at a mortgage that will be about £1200-1500 per month, but ideally with some income earning potential (like an annexe). Otherwise I think £1500 is quite a lot, even if we can afford it.

£600ish mortgage on £65kish (only husband is working at the moment as I’m studying, but I make a few quid with tutoring). We used to pay £1100 rent on around £62k combined circa ten years ago in London though. Grimly depressing. What’s even more depressing is that 2 bed flat we lived in then hasn’t had so much as a lick of paint according to RightMove but is now being rented out for over £2k a month.

£910 rent, £900 nursery fees, £175 Council tax £300 personal loan.
£40000 joint income. I used to earn £10k more but was made redundant last September. Completely stretched right now and just not panicking because we have savings tucked away. Also in six months free childcare hours will kick in and save us some money. Is just not fun right now

Mortgage £580 (4 bed bungalow in Scotland) and we earn ~80k between us. However we are over paying by £300pm to pay it off quicker.

@OhamIreally

These combined incomes are really highlighting the inequality of the child benefit rules to me. I earn over the 60k threshold but pay my £1100 mortgage alone and am not entitled to CB whilst I see all these £90k incomes presumably still getting it. Don't want to come across as whiny as obviously am not poor, but it's mostly single parent/divorced women suffering this inequity.

Yes the benefits and tax brackets benefit a two earning couple

When my salary went over £60k I dropped down to part time hours too which keeps the child benefit.

Full time we could earn a joint salary of £98k, but no child benefit, but part time is £73k with child benefit and no childcare to pay

I’m this way being the higher earner pays off