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.

[quote Anonbee]@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 [/quote]
I thought that's why you were asking. Not askimg how much who pays like some poaters understood.

Depen on part time. Frankly, it's more fun with more money, but it is doable and you can still have fun on les money, but it would be different.

We have joint income of 90k and rent for 975 pcm

I'm a sahm to 4 children no child care cost as a result of me staying home DP earns 52k a year roughly with some give or take we pay 414 rent for a 3 bed semi detached house in the middle of no where 🤦🏻‍♀️

Household income of 115k, mortgage is £800, one child in nursery 3 days a week. We save circa 800-1000 a month to top up my crappy workplace pension.

Our rent is £950 and we earn about 42k between us.

Ours mortgage/rent has never been as low as that. Our first flat was 1k rent and when I went on maternity and then back to work very part time our household income was about 30k.
I think our first mortgage was £1.2k a month and our income was maybe 50k combined. More than enough left over to live a comfortable life with holidays and days out. We now earn more and our mortgage is also larger.

It's so area dependent isn't it? I'd find a £700 a month mortgage terrifying. Mine is around the £300 mark, 3 bed house, remortgaged earlier this year. I can thankfully afford it as a single parent.

My mortgage is £357 per month and I earn £55,000.

I could afford £700 comfortably I think, but would have less money for investments and savings.

This thread is a bit depressing, I wish I wasn’t so set on staying in our area when we buy. Our rent is 1250 at the moment, when we buy next year (a similar sort of house to the one we are in now, our mortgage will be around 1500. Doable with our income but these threads do make me question if we’re mad to stay.

Other people have no doubt already said this but if your rent or mortgage is one third of your take home pay then it should be affordable.

But childcare isn't a side issue. It is often a family's biggest outgoing. See also supporting older children through University.

We are spending 850 a month on mortgage and also paying 450 a month on our daughter's rent. We can only just afford this on our take home pay but don't want her to be burdened by impossible debt when she leaves Uni. That's our priviledged decision to make.

@Paddybare but it's relevant to your income & it's normal for a mortgage to be 30% or less (unlikely the banks will lend more).

I make around £20k a year and pay £750. That plus the council tax is crippling, but it’s what I need to do to be in the right school catchment. We survive, but have to be very careful with money and run out most months. Hopefully it’s temporary!

I fear some people are going to face massive financial shocks when interest rates rise. I didn't tell the world that we used to pay over £600 per month on an £85K mortgage just for laughs. Interest rates were roughly 5.5%; at the worst point, they hit 15%. Anyone with a vast mortgage on two 5 x salaries basis is going to be living on beans.

I used to earn £33,400 a year and out of that paid £600 a month for the roof over my head (shared ownership so a mortgage/rent combo) £60 a month in council tax, about £150 a month in utilities and never had a penny left at the end of the month.

We are 700 rent a month and probably bring in around 30k a year. No choice really, there is nothing cheaper.

Well my half of the mortgage is £600 and I am on £42-43k, dh is on similar.

Our mortgage is £355. Spacious 3 bed semi in a lovely location.
I'm a sahm so no childcare costs. DH salary is £48k + bonus annually.

We keep our mortgage to being no more than 1/3 of income (after tax obviously).

@Paddybare

This thread is a bit depressing, I wish I wasn’t so set on staying in our area when we buy. Our rent is 1250 at the moment, when we buy next year (a similar sort of house to the one we are in now, our mortgage will be around 1500. Doable with our income but these threads do make me question if we’re mad to stay.

These posts are so unrealistic, don’t worry! £700 mortgages are a thing of the past if you’re looking to buy those days.

*these days

These posts are so unrealistic, don’t worry! £700 mortgages are a thing of the past if you’re looking to buy those days.

They really aren't. People need to atop acting like the whole of UK is The South...

These posts are so unrealistic, don’t worry! £700 mortgages are a thing of the past if you’re looking to buy those days

No they’re not. We don’t all live in the south east.
Average house price where I am is about £160k.

Joint income of 100kish
No mortgage/rent
Childcare 100 per week for 2 dc

Mid 30's

Mortgage is around £900 per month. Combined household income of approx £100k. No childcare at the moment but that will change the more we are back in the office. But will be no more than £400 per month.

We are comfortable and saving each month at the moment. Not huge amounts but saving what we used to spend on childcare