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.

Single parent earning £55k + £6k in maintenance. £700 mortgage.

I have 1 DS4 at home but no commuting costs. And I have 1 DD19 in uni

I don't have much left over but we enjoy nice things and days out .

I did a quick search. Within 3 mile radius of me, there are 200+ 3+ bedroom properties between 70k and 120k making max mortgage about 500 a month (clicked off shared ownership and auction and retirement properties). The top price range are in great nick (many newly done) and not some shithole, so is most of the lower ones.

Unrealistic my arse.

You can get a nice three bed in a good area for less than 200,000 here. We're not all in the south.
Council tax is v high though. Nearly 250 pcm

I’m nowhere near the south at all but a decent two bed terrace here is £270k and over. For first time buyers with a 10% deposit that’s nowhere near a £700/mo mortgage.

Our mortgage is just over £700 a month and our joint income is 95k. When we got our house our joint income was 55k, so it's changed a lot in 2.5 years. We live in the SE which is expensive enough as it is, so happy with a low mortgage right now before moving somewhere bigger. Want a few nice holidays before that.

Mortgage is 750 and I earn 45k

@Wazzzzzzzup

I did a quick search. Within 3 mile radius of me, there are 200+ 3+ bedroom properties between 70k and 120k making max mortgage about 500 a month (clicked off shared ownership and auction and retirement properties). The top price range are in great nick (many newly done) and not some shithole, so is most of the lower ones.

Unrealistic my arse.

My 2 bed 2 bath apartment with garden would sell for about 120k My mortgage is £400, would be cheaper but I'm on a 4% interest rate due to adverse credit

Interesting to see people dismayed by the people seemingly getting more than they do for less. As someone said up thread, there are a lot of variables in these answers.
We pay about £700 a month for a 4 bed, 3 story. But the mortgage would have been much higher if we hadn't had a 60% deposit to begin with. Rent for similar houses near us is £1600 a month.
Our income is around 85k a year, no child care costs, no other debts and we manage easily with that. We have enough disposable income left after all bills paid and saving a chunk to live comfortably in my opinion. It might not be what you would consider enough though? Mortgage/rent and childcare might be the biggest outgoings but there are many other factors which can add up to just as much. And they change massively for each of us.

We earn 70k. Mortgage £610, but we over pay £250 monthly so £860. We find it very affordable. It's childcare costs which are a killer. Our childcare bill is approx 1k (after government 20%). We can comfortably manage though. But then we have no debts, own 2 cars outright (car finance is a big outgoing for a lot of families), a nice amount in savings to cover any unforeseen issues or cover any months we go over budget. We are lucky to have minimal outgoings excluding the mortgage and childcare costs. I am looking forward to the 30 free hours for my oldest (and then eventually my youngest). Although then it's morning and after school clubs etc, so although it's cheaper it's an ongoing expense.

Wow South East here, double room in a shared house of 6 = £750 rent on, ~26k NHS. Can't get a mortgage on that wage, no universal credit, currently using savings. A bedsit is £900+

@OutdoorHousePlant

Wow South East here, double room in a shared house of 6 = £750 rent on, ~26k NHS. Can't get a mortgage on that wage, no universal credit, currently using savings. A bedsit is £900+

Yes, that’s why we moved away from the SE! Crazy money.

Rent £795 and household income is around 50/55k. Can't afford to save up for a deposit to buy unfortunately

@Wazzzzzzzup

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...

Exactly. None of my friends (in 3-4 bed houses in a nice area) are paying more than £700 a month for their mortgage. Some - with smaller houses, or slightly less nice areas - are paying far less than that.

The thing is tho.
Op was aaking how do people do when they pay 700 a month, not how much who pays in what area and how unfair prices are

My next door neighbours pay £1000 for a tiny 2 bed here. £700 might get a bedsit here but unlikely. I think when we were renting the rules we’re we needed an income of at least £18k to rent at £700 a month but south east people don’t really care if that leaves enough for you to eat

My council tax is £275 which is about a third of what I pay in monthly mortgage payments. It stings a bit!

SE here £1300 a month rent on a 3 bed house, single person income of 50k

Exactly. None of my friends (in 3-4 bed houses in a nice area) are paying more than £700 a month for their mortgage. Some - with smaller houses, or slightly less nice areas - are paying far less than that.
I am in 3 bed in a not so nice area and my mortgage is >£1300 (and this is good!)

Household income of 47k mortgage is £630 my mum has DS for free so no child care costs.

My husband does pay CSA and has a lot of personal debt though, so it's usually a bit tight for us atm. Plus I am saving for my second maternity leave.

East Mids here, house was £240k in a popular area close to where I work and the kids schools. Single parent but quite a lot of equity in the family home when I divorced so had £120k to put down. I earn around £24k including shift allowance and unsociable hours payments.

There are plenty of houses to chose from with that kind of budget. Council tax is a bit more expensive though.

@OutdoorHousePlant

Southeast here! rent is truly absurd.

£700+ rent on a one bed flat with £400 childcare, public sector job. We have made all kinds of cut backs and just haemorrhage cash on these two things.

I'm from up a far corner north and where I'm from £700 would get you a palace. We can't afford to move out/ move back!

Would love a £700 mortgage! Our mortgage is £1k a month. We over pay by £250 as we'd like to pay off quicker. Our joint income is around 92k. We're South-East.

No childcare costs

My rent is £542. My income is £2.5k per month.

I pay around £600 mortgage (it's a variable rate so currently low but has been higher). Currently earn £51k (single household no dependents) but I've been paying that for 13 years and was on much lower (mid £30k's maybe) when I first took out the mortgage. It's always been comfortably affordable.