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.

I really wish I could rent somewhere for £700! It’s about double that here for the three bed family house I would like. I have been priced out of renting
However, I was managing to pay £975 on an income of about £1450 a month, which was tough but manageable.

£1000 pcm rent for a 2 bed house in SW. I make about £1100 pcm. I do get some universal credit.
Life is fun

@HeyGepetto

I really wish I could rent somewhere for £700! It’s about double that here for the three bed family house I would like. I have been priced out of renting However, I was managing to pay £975 on an income of about £1450 a month, which was tough but manageable.

£475 a month for all bills, food and travel costs?! How did you manage that??

£773 a month here.
Net income 3.6K, no childcare costs.

DD is a new graduate and paying that with an income of £28k.

@WombatChocolate No, I already pay this mortgage but I am considering moving to P/T or changing jobs which will result in pay cut. Just curious to see how others manage it. I see your point about difference between rent/mortgage costs - if we were renting the property we own now it would easily be 1k a month rent

Household income around 120K. Mortgage £1450 PCM. Live in Central London.

Edinburgh rents are sky high. My DD in a new graduate scheme on just over £22k is renting for £725 pm. A 1 bedroom flat. With bills on top of course. She's managed to save the last few years though, living at home.

No childcare costs, we were renting for £800 a month before we bought our house 3 years ago and now have a mortgage of just over £1000 a month. Household income £50k then but has gone up recently to £60k. We found it very comfortable to afford the £800 and the £1k on £50k, able to save lots and go on expensive holidays.

Oh and to add, we are in the SE. £800 rent was for a 1 bed flat and £1k mortgage is for a 2 bed mid terrace.

Dc (single, no dependents)was paying £600 for a flat share in Edinburgh, earning around £22000.

Joint income of about £5000pm. Mortgage £234pm (but we send extra on top). No childcare costs.

Joint income of about 110k if not about a bit more. Mortgage just over £700. Life is pretty comfortable with no childcare costs but university costs are looming however we should be able to contribute as much as needed when that arises. Currently spending our money on the house and nice holidays and saving for rainy days.

We keep thinking about sizing up but realistically this is super comfortable for us now and I’m pretty risk averse. But I would like a detached house.

Joint income of £90k. Mortgage of £95k which is around £700 a month. House is 4 bed semi detached, but with floor plan of a three bed as we converted the loft into the forth bedroom. South west.

Three kids, no childcare as all little older Y6 and upwards.

I'm 41, husband is 47

Twenty five years ago. when interest rates were much higher, we paid £650 pm on an £85,000 mortgage.

We had a combined income of about £40k when our mortgage was granted last year. Our monthly payments are £600 per month during our fixed term, but due to increase to £700 next year. We had no childcare costs then but will next year too.

Our mortgage is a little under (£660), combined household income is £85k and we don't have childcare costs yet but will do next year of about £250-280 a month

55k income combined. £700 mortgage and £800 childcare fees.
We also have a nearly £300 a month car on finance. We currently live paycheck to paycheck but things will get better once youngest gets her funded hours and then starts school.

Another with a DC paying very high rents in Edinburgh! Their £730 p/m on a large 1 bed (+ box room) seemed like a relatively good deal, shockingly. If they want to buy any time soon, they’ll have to size down quite substantially to be able to afford anything.

They are single, no kids and on £32k, but were on around £25k when they first moved in. I think I remember them saying with all bills included it comes in around £900p/m.

We pay £800pcm rent on a joint income of £48,000.

We don’t have childcare costs and never have, I worked part time around DH’s hours when the DC were little.

1 x full time minimum wage income with UC top up.
Cheaper end of what's available for a 2/3 bed around here.

Net household income of £4900 per month. Mortgage is £717 shared between two of us. No childcare costs but DH pays £350pcm in maintenance for his kids from his previous marriage.

Our monthly mortgage is £760 and we have a household income of just over £110k, we also now have childcare costs but still find that mortgage very comfortable.

We did however earn around £45k combined when we first bought our house, so similar mortgage payments, and it was manageable. No kids at that point though and no other significant outgoings (car payments, etc).

We have a joint income of between £110k-120k and our mortgage is £690 a month. No real childcare costs (after-school clubs costs us £36 per week). Thinking about moving to a bigger house in the next couple of years so mortgage payments will increase then. We are both quite cautious about over stretching ourselves however, we would never go to the max we could borrow.

Jeez our rent is so high and 4 kids and only 32k ish, we need cheaper rent.