Active discussions

Meet the Other Phone. A phone that grows with your child.

Meet the Other Phone.
A phone that grows with your child.

Buy now

Please or to access all these features

Talk
AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To think we could live in London on £55k?

305 replies

Londonline1 · 31/05/2019 10:47

DH has been offered a job in London on a salary of around £55k. I'm mainly a SAHM; I do some pt work from home earning around 4k a year or so, but we're about to have baby #2 and I've no idea if I'll get back into it / if the work will have dried up etc.

We currently live in the North East and survive comfortably on an income of around £50k (including my earnings and CB). We have a fairly modest lifestyle and put most of our money into our mortgages which we were hoping to pay off early - we don't do holidays other than to visit family elsewhere in the UK; we live in a small house in a cheap area, and we have a flat we rent out in another city (income from that adds towards paying off the mortgage so it's effectively building up a savings pot but I haven't included that in the £50k above).

My question is whether we could realistically relocate to London with a £55k budget. Would expect to have to downsize and rent. Would prefer not a crazy commute for DH (to Battersea). Don't need to live anywhere fancy, but would like to feel safe and have some green space nearby for kids.

Please feel free to tell me it's ludicrous. I genuinely have no idea.

OP posts:
fancynancyclancy · 31/05/2019 18:38

Oh yes I know it’s changed now MsRabbitRocks just meant that it’s existed for a while (in some form) so hundreds of thousands have claimed so bit weird for that poster to be annoyed at the op for claiming.

MsRabbitRocks · 31/05/2019 18:39

Completely agree fancy very weird!!

MarshaBradyo · 31/05/2019 18:40

You don’t definitely need 6 figures to live in London
Depends on when you bought, mortgage free after 20 years in up and coming area zone 2 (not me but friends)

SmellMySmellbow · 31/05/2019 18:42

You could rent in Mitcham/carshalton way for £1k a month and then it's only a 30 minute bike ride to Battersea? We lived in London comfortably on less than 55k, but it was 10 years ago. We didn't have kids but spent a fair amount on going out! I didn't pay travel but cycled everywhere and lived in zone 6 (worked in soho) I'm glad I left though.

fancynancyclancy · 31/05/2019 18:50

It is AIBU though, so maybe not so weird as people love to go off topic! 🤣🤣

SinkGirl · 31/05/2019 18:53

I would only do it if you can buy.

What about a bit further out - Orpington / Chislehurst? Would take an hour to get to Battersea though.

You might be able to borrow enough with your equity to buy out there - would likely be cheaper than renting just about and you’re not throwing money away.

SinkGirl · 31/05/2019 18:54

You don’t definitely need 6 figures to live in London
Depends on when you bought, mortgage free after 20 years in up and coming area zone 2 (not me but friends)

Yeah, my sister got a 100% mortgage on a small house in a crappy area about 15 years ago. Made £300k profit on it after 12 years. Not sure that’s feasible any more.

Mummyshark2019 · 31/05/2019 18:55

I think of you sell up on both properties to buy something in London that could work. Having said that. If you do sell up, move to London and decide you don't like it, or your husband hates his new job, you're sort of skrewed. Being able to return to your old life would be a blessing.
In terms of living expenses, yes it's high, but people do survive on low incomes. It's more about what sort of life would you be comfortable living. You'd have to watch your spending, shop around for the best deals, keep takeaways and eating out to a minimum and enjoy plenty of free pastimes. But you're in luck because there is so much to see and do in London that don't cost. Walks in stunning parks, museums etc.

Feelingwalkedover · 31/05/2019 19:00

My ad ice is stay where you are.i wouldn’t move to London on double the amount of money you suggest ..

CanILeavenowplease · 31/05/2019 19:16

The question to ask is whether or not your DH is ambitious? There is way more opportunity in and around London than there is elsewhere in the country. If he is wanting to build a career, it is likely he will progress more quickly than where you are now. If he gets his head down, in a few years time you could go home on a higher salary and sit in that higher level job for the rest of his working life. There would also be more opportunities for you as well although the cost of childcare is brutal.

If it’s just a random job move and seems like a good idea, I think it would be a more difficult experience and more likely to cause you issues in the short term.

TatianaLarina · 31/05/2019 19:20

if you do sell up, move to London and decide you don't like it, or your husband hates his new job, you're sort of skrewed.

Not necessarily because property prices tend to rise faster and higher in London than the NE.

And if Brexit is defeated the property market may recover quite fast.

TatianaLarina · 31/05/2019 19:25

SW London, my current salary isn’t relevant. I’ve lived in London on very little when I was younger.

TatianaLarina · 31/05/2019 19:26

^^ to JQBased

formerbabe · 31/05/2019 19:37

My ad ice is stay where you are.i wouldn’t move to London on double the amount of money you suggest

Confused. This is nuts

RussianSpamBot · 31/05/2019 19:39

Why?

TatianaLarina · 31/05/2019 19:43

OP have a look at New Malden - much nearer in than Croydon or Epsom.

30 mins from New Malden to Battersea Park with one change at Clappers J.

Can get a 3 bed with a really decent garden for 500.

It’s got good shops - big Waitrose, Boots, Smiths, Holland and Barrett, a great coffee shop with lovely cakes

formerbabe · 31/05/2019 19:45

Why?

Is that aimed at me?

Seriously it's crazy...a poster saying that they wouldn't move to London if they were on £110k. You could lead a very nice life in London on that. Ok, you wouldn't be living in Knightsbridge...but you'll find vast majority of people in the capital earn far less and don't live dreadful impoverished lives.

RussianSpamBot · 31/05/2019 19:52

It was indeed formerbabe. Sorry, I should've been clearer.

I'm sure 110k in London is a comfortable existence, but so is 50k in the north east. The OP would be giving up a very decent setup, and is looking at either the London rental market or putting what sounds like most of their eggs in one not especially certain financial basket. There's obviously pros and cons to be weighed up as in excellent museums v easier access to countryside, more job choice v cleaner air etc, pros and cons on both sides. So it strikes me as an overreaction to say it'd be nuts not to want to swap a comfortable lifestyle in the north east with a comfortable lifestyle in London.

lboogy · 31/05/2019 19:56

On 55k you're not eligible for full Child Benefits and on 60k you're not eligible at all. So factor that in mind as well as all the other costs.

I wouldn't recommend selling your buy to lets either. I'd be pushing the employer for a higher wage to reflect your living costs. At 55k I'd be asking another 10-15k to give you a shot at a similar lifestyle to what you're used to in New Castle

Whiskyagogo · 31/05/2019 19:58

OP - look outside of London too.

We are 30 mins out of London and my husband walks to work from the mainline train station, so no tube fares only the mainline fares.

He is on a very similar wage.

We pay a total of £1500 in rent and council tax fees. No car. Our house is huge and we would never get anything like it in London on our budget!

We get by okay, we have enough to pay the bills, eat well, and a bit left over. Not a huge amount but enough.

Remember too that this can be just the beginning; the potential to earn more is there if you and/or your DH wants to!

PeachTartLemon · 31/05/2019 19:59

I think you're minted on 55k!Hmm

Jinglejanglefish · 31/05/2019 20:00

When dh and I rented in London we were on a joint salary of £75k and had to rent a small flat

What? Were you paying a load in childcare or something? DP and I lived very comfortably on a joint of 60k renting a spacious three bed flat near several train stations and a garden that led on to a lovely big park (the one with the dinosaurs). We didn't have kids though.

The main reason we moved out is because buying a property would not have been possible for a long long time.

In your situation op I wouldn't do it, really doesn't sound worth it unless you're desperate to live in london.

Babblepook · 31/05/2019 20:03

I wouldn’t. I live in London and I absolutely love it. But we earn 3 x what you do between us and we’re not rolling in it!

Renting a 2-3 bed house here (lovely part of South London, Zone 3) would be upwards of £2k a month. Buying with £120k equity wouldn’t get you far. Average 3 bed is about £750k.

Merryoldgoat · 31/05/2019 21:34

On 55k you're not eligible for full Child Benefits

You would be if your pension contributions take you under 50k - my DH earns about that but pays around 12% into his pension so we get the full amount.

Rosti1981 · 31/05/2019 21:40

The issue- as many others have pointed out- is housing. Yes it's a decent salary but not if you are spending much of it just on somewhere to live. Commuting costs also need to be considered. I think you need to sit down and work out how much you'd have coming in and then look at what your housing costs would look like. It also depends on prospects for the future - for him, but also for you- would these be greater if you moved?

Please create an account

To comment on this thread you need to create a Mumsnet account.

Join Mumsnet Log In

This thread is closed and is no longer accepting replies. Click here to start a new thread.

Swipe left for the next trending thread