To wonder if this is affordable?

[Moneymatters12]

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)

This isn’t a tread about gratitude, im not saying I’m woe is me but rather, this seems ok as a figure to pay for mortgage given the income right?

Curious about your alternative OP? If everyone said no that's unaffordable, what is plan B?

If it wasn't, the bank wouldn't lend it to you.

There are some things I would think about though.... how secure are your jobs? Could you survive on one income if you needed to? Are you fixing or is it a tracker or SVR? If you're youngish can you extend the term and then overpay without penalty to decrease the term again?

I’d look at not taking additional borrowing

What do your friends suggest you do? Downsize? Take in lodger? It will reduce your savings to 400 a month. You will survive .
(You can take in a lodger if you cannot)

Oh. So the increase is with additional borrowing? What's that for?

I wouldn't be doing any unnecessary additions to my loan at this point.

Htb equity loan I need to clear it, ive saved 50% but will need to take additional borrowing to clear the rest. Clearing it is optimal as it’s a second charge against the property

More omg that’s so expensive and that’s unaffordable with no solutions.
I have 2 young children and not enough room for a lodger, so it’s not an option and tbh it’s not one I’d consider. Downsizing isn’t really either, need the space, could use upsizing which was the 5 year plan but guess will be 10 year plan

I guess the only question is whether the JTB equity loan would be cheaper to pay off even with interest than to add to the mortgage? I know they start getting interest charges but given house prices aren't going up it's possible it would be cheaper to keep them separate and put the money you're saving currently towards paying it off?

Because it’s not all of the htb it’s half so it’s about £150 extra a month and then to pay the interest on it would be about £50 but then I’d have to get another valuation when I wanted to pay it off and there’s fewer lenders that offer mortgages for htb in the background and the rates are worse

so all in all it’s about £100more to add the balance to the mortgage

Ignore people being unnecessarily rude to you, OP. Their jealousy is showing. It’s understandable to be naturally frugal and concerned about upping your outgoings, and perfectly reasonable to want an outside perspective.

its ok, this is a bizarre place lol. I’m simultaneously rolling in it and also not a high earner in the MNuniverse

Agreed
I am getting really sick of it

I think there has been some 'lost in translation ' with what your parents said. At first your payments are mainly paying interest, so very little is coming off the actual loan amount, eventually the balance tips the other way.

It is possible though for mortgage payments to decrease, after the last interest rise our monthly repayments actually went down very slightly, this is because the remaining mortgage is very small and we had reduced it since the last rate rise as 80% of our monthly payment is paying off the capital.

You have nearly 4k a month left for everything else and you're worried?

I don’t, I have £1200 or £700 if you include our sinking fund

Sounds fine

It's insane that someone can earn so much and not realise that so much left over is great and good and reasonable.

And that many pay £1350 or more on far lower incomes.

Foolish or just posting for no real reason.

Is £700 left over from 6k great?

6k a month and your asking is it doable 🤣🤣🤣

How new are the jobs? Both out of probation?

Dh yes me no, still in probation. Again another reason, why I’m questioning things, although no one goes into a job to get sacked and most likely everything will be fine , but still

Posts like this are crass in the extreme. The poster always sounds that Harry Enfield character who is "considerably richer than yew".

Why be a hater? You’ve got not idea my expenses or history why be a hater.

it’s a huge increase in expenses, all my friends have expressed concern on how expensive it is and how unaffordable

Also the pedant in me needs to point out that it's a sink/ sinking fund rather than a sink hole fund.

I was itching to say this but refrained 😂 A sink hole fund sounds pretty wild though…. A fund to replace things that fall into sink holes perhaps?