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AIBU?

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Original poster

How much you earn to afford £700 rent/mortgage

161 replies

Anonbee · 10/10/2021 15:00

Just that really. I'm curious to get an idea of what others paying this rent/mortgage earn. (Also interested in if you pay childcare alongside this)

Those of you that pay £700pcm in rent/mortgage how much do you earn (household) and do you find it comfortable to pay mortgage on that income?
I'll start, household income of 50k and no childcare costs.

OP posts:
QforCucumber · 10/10/2021 15:01

55k income, 700 a month mortgage and 1k a month childcare

Koph · 10/10/2021 15:05

Not me but DS2 (23) rents a tiny 1 bed in a northern city for £700 a month and earns £33k.
Rental costs are extortionate, DS1 pays half that in mortgage payments.

Potteringshed · 10/10/2021 15:06

Household income of £90k. Mortgage of around £700pcm. No childcare costs.

Wilkolampshade · 10/10/2021 15:07

Around 55k, but goes up and down, (self employed) same mortgage but 1 at uni which adds on around 1 K a month.
Seem to be working all the time God sends at the moment and whilst comfy ish, still not saving anywhere near enough.
Just about to take our first w/e away together since 1997. So that gives you a fair idea how things have been.

Roominmyhouse · 10/10/2021 15:11

Joint income of around £60k. No kids, small house (mortgaged).

Wazzzzzzzup · 10/10/2021 15:11

We rented 650 a month (+bills) when were on NMW at the time. Made about 1100 each. Were fine. Had still quite a lot spare, no kids.

DelphiniumBlue · 10/10/2021 15:12

DS2 was paying rent of 800pm on a wage of 23k. It was very tight, but manageable.

genericuserneeded · 10/10/2021 15:13

I earn £28k and pay that in rent. I’m early 20s though and don’t have the option to live with my parents, so I don’t really have a choice until I save enough for a deposit/mortgage

NeverDropYourMooncup · 10/10/2021 15:13

It's been £1120 net a month before now. Which wasn't fun for two people, especially when the council tax was a further £119 (now much higher).

MsWalterMitty · 10/10/2021 15:14

I’m paying the mortgage atm due to DH losing his job. I’m on 27,900 and paying £900 a month. It leaves me with no ‘spending money’ after all the other bills.

scarpa · 10/10/2021 15:15

Household income of £30k (take home approx £1800 a month), rent is £780 a month.

Other payments £600 (including insurance for pets & cars & house, pet payment plan thing for checkups, 2 phones, a small amount of debt repayment, pets' food), food £150. Leaves about £270 for everything else and fuel. Fuel is usually £180 a month, so £90 left over for anything else we need - no savings. It's... a stretch!

But pandemic redundancy means DH is retraining (and not earning) right now so it's all me. In a year or two it will get a lot, lot easier. But the looming fuel rises and council tax hikes are a constant worry and I try and do some freelance work when I can to increase what we've got to work with until I get a pay rise in April.

KittenKong · 10/10/2021 15:16

We were paying that a million years ago when we were earning around £25k between us. It was a million years ago though.

Whatamuddleduck · 10/10/2021 15:21

Around 75k gross over two of us. Mortgage £760 and was around 1 k childcare but happily have the free 30 hours recently, which almost halved the bill. It’s fine but due DC 2 and watching what happens with energy and food prices. It could get tight, particularly if I have to go part time when DC1 goes to school: no wrap around care at local school and no childminder near by, hoping to get a place in a different school.

ListenLinda · 10/10/2021 15:26

£46K household income. We have approx £200 per week after all bills are paid.

Keepitrealnomists · 10/10/2021 15:28

£700 a month in rent or mortgage is nothing. We have a household income of £80k and our mortgage is £1000 per month, we longer have childcare bills and have 1800 per month left over after all bills and food.

PiesNotGuys · 10/10/2021 15:29

Between £19-26k per year after tax, not salaried.

Mortgage is £800 a month.

Badgercity · 10/10/2021 15:32

Wow, where do you all live? We are £900 for a small flat (south west) and household income of £40k. And ours is actually cheap rent for the area. I am very envious of those of you with such big incomes and small housing costs.

goldbrick · 10/10/2021 15:32

65k household income (gross) and we pay £700pm rent.

No childcare costs since wfh but £50 per week for a tutor. Saving everything we can for a deposit to buy ASAP.

user1471462428 · 10/10/2021 15:35

Childcare £400, mortgage £670 and my salary is nearly 19k. I only eat because of my child benefits!!

dongke · 10/10/2021 15:39

OP should probably ask for age as when you bought makes a huge difference

MoiraRose4 · 10/10/2021 15:39

Household income of less than £24000 and my rent is closer to £800.

defaulttodippy · 10/10/2021 15:41

Lettings agent here.
To pass affordability referencing you must earn 30 x the monthly rent per annum to qualify, so in this case you would need to earn £21,000.
Whether that's OK for your own budget ( because of outgoings), is another matter.

dementedma · 10/10/2021 15:42

Mortgage on 3 bed flat of £300 a month. Jnt income of 3K

TheBlackArt · 10/10/2021 15:43

@Wazzzzzzzup

We rented 650 a month (+bills) when were on NMW at the time. Made about 1100 each. Were fine. Had still quite a lot spare, no kids.
Same
Highflyingadored · 10/10/2021 15:45

46k... one in childcare 1 day a week, other in school. £750k mortgage on 3 bed semi, plus standard Bill's, pcp car.

We just about get by with a bit of spare money for saving/extras each month

I have really bad spending habits though which is made worse by stress and anxiety so i am trying to be ultra careful with spending (not really working though BlushSad