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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To wonder if this is affordable?

111 replies

Moneymatters12 · 03/10/2023 14:41

I think it is, it’s just not what I’m used to

mortgage of £1350 (used to paying £800). Dh and I just secured new jobs, combined income of 6k after deductions.

we have 2 kids In childcare about £800 a month.

all other expenses are your average expenses. No debts and nothing on finance

as a mortgage, that’s ok right? It just feels so high (but I guess that’s relative isn’t it and will take some adjusting)

OP posts:
TeaKitten · 03/10/2023 14:43

It’s not even a quarter of your take home salary’s, I think it sounds fine.

Khvdrt · 03/10/2023 14:43

That’s not dissimilar to our situation and it’s workable and will improve as children get older

LadyDanburysHat · 03/10/2023 14:44

It will be fine. We take home £4.3k between us. Family of 5, not childcare and it is easily affordable for us.

Roughashouses · 03/10/2023 14:44

Put it all on a spreadsheet and work out if you can live on what's leftover. No one here can decide that for you I don't think.

Hygeelady · 03/10/2023 14:44

Sounds like you will have loads left over! You earn alot compared to most people...

Overthebow · 03/10/2023 14:48

It’s fine. Your income is slightly higher than ours, your mortgage is slightly lower and childcare payments are about the same. We manage fine and have enough money for luxuries and holidays.

Kpo58 · 03/10/2023 14:48

Of course that's affordable. It would be very affordable even if you were paying £800 per child for childcare. Most people around here have to pay at least £1800 in rent.

Original poster
Moneymatters12 · 03/10/2023 14:49

Roughashouses · 03/10/2023 14:44

Put it all on a spreadsheet and work out if you can live on what's leftover. No one here can decide that for you I don't think.

Of course, it’s just whether it sounds reasonable. To me it sounds shocking but then I’m used to my current mortgage and my friends have balked too saying it’s too much but some of them don’t have mortgages (gifted or inherited properties) or have social housing or are still on a low rate.

it does seem a lot for the house we have but we as a family certainly don’t want to downsize

OP posts:
Member589500 · 03/10/2023 14:50

How is this even a question? It’s loads of spare money

Original poster
Moneymatters12 · 03/10/2023 14:58

Just went through our expenses it’s about £700 per month saving.

£1200 left over not spent and say about £500 as a sink hole fund and then £700 savings per month as a family

OP posts:
Highandlows · 03/10/2023 15:06

You are not spending more than thirty percent of your income on mortgage. Sounds fine.

eveoha · 03/10/2023 15:07

I do wonder what reason/ urge/need people have to put such posts up 🙄

USaYwHatNow · 03/10/2023 15:10

This is literally our situation. Both new jobs, £5800k basic take home a month, with overtime on top. £900/ month childcare fees and then a new mortgage which has gone from £750 to £1300. It feels comfortable for us, definitely.

Cowlover89 · 03/10/2023 15:10

🙄

ahtred · 03/10/2023 15:11

Absolutely fine, we have a similar income and our mortgage will be around £1600, although we don't have childcare costs anymore, you'll be laughing when you're passed that stage!

Original poster
Moneymatters12 · 03/10/2023 15:13

eveoha · 03/10/2023 15:07

I do wonder what reason/ urge/need people have to put such posts up 🙄

I can’t comment for other people but I’ve never paid so much in terms of my living expenses ever, it seems so high. Ive been dead ass broke before so I’m ultra cautious (too cautious) In terms of going back there. Conversely I had a job with a large commission scheme and v limited expenses pre DC and used to be able to save personally 1k per month. I’ve yet to have a paycheque for my new position just started. Basically I feel very up in the air

OP posts:
Original poster
Moneymatters12 · 03/10/2023 15:14

USaYwHatNow · 03/10/2023 15:10

This is literally our situation. Both new jobs, £5800k basic take home a month, with overtime on top. £900/ month childcare fees and then a new mortgage which has gone from £750 to £1300. It feels comfortable for us, definitely.

its the shock for me, you’re always sort of told that (without additional borrowing) your mortgage payments will come down, so for them to zoom up will take some adjusting

OP posts:
Nagado · 03/10/2023 15:18

It is insane to me that someone can have that household income each month. I’m not knocking you for it at all, you’ve obviously studied/worked hard for it, so good for you, I just find it fascinating how other people’s budgets work (especially as I’m hugely nosy). What’s a sink hole fund?

sheknew · 03/10/2023 15:19

No it sounds terrible. You'll be in hairshirts and eating bone soup by the end of the week.

🙄

ScroogeMcDuckling · 03/10/2023 15:21

Is this for real??

AndIKnewYouMeantIt · 03/10/2023 15:22

Nobody has ever said mortgages should go down. Rates were only ever going to go one way from 1/2%!

Spanne · 03/10/2023 15:22

I wouldn’t risk it.

Original poster
Moneymatters12 · 03/10/2023 15:24

AndIKnewYouMeantIt · 03/10/2023 15:22

Nobody has ever said mortgages should go down. Rates were only ever going to go one way from 1/2%!

Not rates, but payments as the portion of the property you are owning increases so your loan is less. Well maybe no one told you but it’s what I was told by my parents, that it’s always expensive at the beginning and then it gradually comes down

OP posts:
sheknew · 03/10/2023 15:25

I do wonder what reason/ urge/need people have to put such posts up 🙄

Often to give the author a nice warm and cosy smug feeling.

PinkRoses1245 · 03/10/2023 15:27

Smug post alert. Of course that’s affordable, FFS.

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