How much you earn to afford £700 rent/mortgage

[Anonbee]

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.

you'd be lucky to find rent of £700 a month in the south East. I paid that 20 years ago for a tiny 2 bed for my daughter and I. Room shares are coming in at around £450 -500 here and its not a high wage paying area

We have a combined income of £62k very small childcare costs which vary monthly (minimum £20 occasionally £100 when school hols). Mortgage is £740 and currently over paying £500 whilst we’ve not been going abroad for holidays.

Mortgage is £620pm and a further £370pm childcare. Combined income of 58k. Not a lavish lifestyle as we both have fairly high commuting costs but comfortable. I am definitely excited for those 30 funded hours to kick in in January!

My mortgage is 680. Roughly 2k a month. Childcare in the summer holidays but can claim most of it back on uc. It’s interesting seeing the disparity in incomes. I have kids but don’t feel terribly poor. After bills and food and petrol I have about 300 quid a month which mainly goes on kids activities, clothes mostly 2nd hand, car maintenance.

I do have an ex who does his share in terms of childcare/ clothing and feeding kids and will splurge on holidays. Legoland etc so it doesn’t feel like the dc are missing out which probably makes all the difference.

I did grow up poor so the ability to have the heating on as necessary, plenty of good, nutritious, food, fuel in the car and all the bills paid every month feels like I’m well to do.

I do know people who’d feel skint if they couldn’t afford a 5k holiday every year so I suppose everyone I’d different.

Mortgage £650
Earn £27000
No kids

Well our mortgage is currently £700 and household income
Is £90k. But we paid £750 rent when our household income was £40k.

Household income of just over £100000. Mortgage is £850 per month but we have always overpaid at £1200 per month. However, I’m just going back to work after mat leave so will have new child care costs of around £220 per week so we will probably stop over paying the mortgage.

As one poster said, ages would be useful…I’m 34.

When we got our first house 8 years ago we paid £720p/m mortgage and had a combined income of £46k.

We pay around £800, earn a joint income of about £70K. We could go up a bit (and are considering it for a more suitable house). I think you would be able to afford £700 on a salary (joint or otherwise) of a fair bit less, as others have suggested. Just depends on how much disposable income you are used to or want.

It's all relative surely depending on how many dependants you have?
Children cost a fortune!

Joint income of £78k per year, mortgage is £770 and childcare is around £200pm (only 1 day per week due to help from Grandparents on the other days).

We are also paying off £1,200 debt each month (3 payments left until this debt is gone) but still comfortable enough.

50k in wages, but our business earns about 30k a profit on top of that a year which we can draw upon if needed.

We had a 600 mortgage on 30k combined income (full and part time NMW) just a couple of years back and while that was doable there wasnt much left spare.

I’m a student so no council tax etc but I get a total of £12k in loans, bursaries and scholarships and my rent is £735 a month. It’s doable but I don’t drink or smoke and I’m veggie so don’t buy meat.

Too many variables for the thread to make sense. We kept a mortgage going for £27.50pcm at one point because the endowment aspect covered a raft of life insurance.

Joint income £80k and no mortgage or rent at the moment but we are building and I imagine we will end up with a mortgage of around those figures. Maybe up to 1k?
No childcare or debt tho so should be fine.

We earn £68k a year as a household and mortgage is £880 a month.

However years ago I paid £850 a month rent in London on a £24k salary ... god knows how

100k household income and 680/month on mortgage. I like not having to stretch ourselves with a giant mortgage but that will unfortunately change when we move next year!

Son , 24 pays £700 on pay of £25k

'Affordable rent' (haha) of £860 ppm for small 3 bed house (housing association) - earn £2600 - nurse/ single mum.

Gross £46k, alongside £400pcm childcare (soon to drop). It's only about £750 out of £2800 net so easily affordable.

London aged 51. Single parent to 1 child at home.

Take home £3,100 a month. No maintenance. Mortgage £650. No debt.

Our household income was 33k at the time of getting a mortgage. Our repayments are £450 a month but we pay £750 to try and pay it off a bit quicker. The bank wouldn't lend us any more because they decided we wouldn't be able to afford higher payments, despite the fact that we'd been paying £800 rent for years with no issue

Ex is currently paying £686 for mortgage and in £26k a year - average take home is £1700.
I'm currently paying £348 month mortgage, my wage is higher, but higher pension contributions so similar take home pay - moving soon and mortgage will be £457 xx

One household income of £2300 pcm working part-time, rent is just under £700 a month. No childcare costs as I'm a stay at home parent

I wonder if you're asking because you want a mortgage and are struggling to get one.

I think lots of people find they pay similar rent and can afford it on a monthly basis, but can't get the mortgage they need that would give these kind of payments, because their incomes and deposit don't meet the affordability criteria.

Remember, that home owenserhsip includes other costs...you have to pay all the maintenance and repairs and mortgage rates are low and can rise. The mortgage lender has to be confident you are able to fund your entire life costs (might later include childcare or will for some people) and the income is stable enough to cope with increases in costs.

Is that why you're asking...its a question arising from being turned down for mortgage lending, when you've managed a similar rental payment?