to be shocked that people think 100k isn’t adequate

[wutheringheights3]

We live in London (zone 2/3 so fairly central for families). We have a household income/wage of 95k-120k each year and it only varies because we’re both self employed.

We own our house and luckily don’t have a mortgage anymore, can afford for DD to have a pony, DS wanted to go to our local secondary school but had the option of the independent sector, as did DD who took advantage of it. We’re also very grateful that we can afford to go away 2/3 times a year (usually somewhere warm in summer for a few weeks, a European city break and Cornwall/Scotland). We also have a lot of savings and have money put aside for the children for university/adult life.

DH and I are by no means incredibly wealthy, just very comfortable.
However, I just don’t understand how people think 100K isn’t enough to live on in London comfortably. Many of DS’ friends parents earn less than us and still live lovely lives in the capital.

Well aren't you winning at life OP, bravo!

Oh go away

If most working people regardless of their wages didn't have mortgage or rent then they would be fairly comfortable. For most a montage takes up a sizeable part of their expenditure.

op the original thread you are referring too said their mortgage was 1300 a month, you say no mortgage and wonder why you are better off?! This has to be a joke!

One thing is, most people I know who have bought in London in the last few years don’t earn anything like 100k joint. But some do buy. They buy shared ownership keyworker one bed flats. A single friend of mine in her 40s bought her flat in zone 4 this way about five years ago. She earned about 27k and has since got another job that pays even less but is more secure. She fully expects never to be able to retire. What they don’t buy are freehold houses in zone 2.

? You can easily buy a flat in many parts of London for £300-400k. My sister and her friends are all doing it now. As we did in the naughties. Not many people live in full houses in London full stop, as obviously flat conversions are common. But let’s not pretend the only people who can buy a house in the whole city earn in excess of £100k!

You can easily buy a flat in many parts of London for £300-400k.

PMSL - how on earth do you think people can ‘easily’ afford £300 - £400k flats.

Some people really are on a different planet.

My first flat was £385k, in London, 17 years ago. We were early 20s (obviously it was a different time) however the PP insinuated only people earning greater than 6 figures could ever buy in London.

How do you think eight million people live in London?

@Passthecherrycoke

To buy a 400k flat your household income would probably need to be six figures especially if you're a family with kids which is what this thread is referring to.

You can’t buy £300 - £400k first properties unless you earn pretty close to 6 figures as a household unless you get a windfall of some description.

£85k with minimal deposit. That’s just over £40k per person. PP said if earning less than £100k you’re looking at shared ownership key worker flats

@Passthecherrycoke

So pretty much a 6 figure income then! You wouldn't be getting a great deal either at that income either and just because you can get a mortgage doesn't mean you can afford it with childcare costs etc.

I actually doubt you'd get through affordability if you had kids on that income without a decent deposit.

Banks generally lend 3 to 4 times your salary. A person on 100k would get to borrow 300-400k. The other big question is how do you get a deposit if you don't live at home? 10% deposit on a 400k home is 40k

Makes me sad to read this when so many vulnerable people are struggling. Please take a look around at the world and see what is happening to so many.

OP - there are literally no words.

If you can’t see that no mortgage makes all the difference in the world you need to have a harder think. Ours is close to £2.5k a month. If we didn’t pay that we’d probably feel rather better off...

As I said, though, a friend of mine bought on her own on 27k in her 40s five years ago, but prices will have gone up since then. 300k would be unaffordable for me too. But shared ownership is normal now- I can see a lot of disadvantages in it but it’s the only realistic way that those earning 25-35k, bracket can buy. The keyworker definition is quite broad too. It’s not just nurses and teachers and police officers.

Half term.

No it's not half term it's the full, end of term 2-week hols.

I am not at all complaining about my income or lifestyle, as both are fine.

But you're querying how people can't feel as well off as you do on that salary is a bit disingenuous when you have no mortgage! I live in a big standard terrace in a not bet salubrious part of London - my mortgage and nursery for two kids (not even full time!) is £3700. You need a pretty health income to cover that, before you even start thinking about luxuries like food and bills

Ynbu, 100k is a massive household income. Yes, households with over 100k may not have much left after they have spent it but that is because they have spent it. They are still getting and spending far more money than the vast majority of the population. If they have big mortgages they have bought expensive properties. When you think about it mortgages are like savings accounts in that you pay into them and then have a valuable asset. London property has been increasing in value at an alarming rate recently so they are very good assets which will make them yet more money. Some people may think 100k is not a lot if you live in London but they should have some manners and think before they say it out loud.

• bog standard. Definitely not big! My MIL wonders how we manage in such a tiny place every time she visits...

Ever thought that’s because you aren’t paying school fees. If you took responsibility for educating your children that would take a sizeable chuncknout of your earnings. If they chose to board you would probably pay more than half your earnings just for that.

@Monkeyssplit

I don't think anyone is suggesting that 100k is not enough to get by. What they're saying is you won't be living a luxury or even a particularly comfortable lifestyle. They'll probably have 300-400k property but even that will be a struggle and won't get you much - just a flat in some areas. (I've lived in small flats with small kids and it was OK but I wouldn't really consider it a well-off lifestyle) . If you've got two kids in nursery you probably won't even afford that.

JinglingHellsBells not quite sure how to take such pendantry.