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)

1500 in bills is a lot. I assume that includes food as you've not listed it elsewhere? so that adds up to 4550. you'd have 1450 left a month for fun. what worries you about that?

Yes it includes food, council tax, water etc etc

there’s something else I’ve forgotten because it takes it to about £1200 but I can’t recall right now.

then there’s the £500 sinking fund which is adhoc expenses too then that leaves £700 between us

It really sounds fine to me. I do wonder if you can get your bills down more to free up even more spare cash though as 1500 is a lot.

I’m not sure, food is the most expensive thing for us right now, we used to spend about £70 a week but it’s gone up for well over £100 and then we always need to do a top up shop so it’s more like £120. We do an asda delivery and buy meat from a butcher

energy, and water and council tax we can’t really reduce. No sky only Netflix, no gyms, only subscription is prime

OP, I completely get what you're saying with regards to historically, the monthly payments going down, as over time, you own more of your home. From originally buying as a FTB with a hugeee LTV of say, 90% you do not get as good a preferential rate, as when you have a much lower LTV, once you've paid into your mortgage for years, (especially if house prices have increased). Subsequently when you go to remortgage after the first 2/3/5 years, your monthly payments would down, as you have more equity, house prices may have increased, and you find you are eligible for better rates, that you wouldn't have been as a first time buyer. However this is now not happening, as rates have increased, house prices are remaining stagnant, and so owners looking to remortgage with a lower LTV than they started with, aren't seeing the benefits they used to. In our first 10 years of house ownership, everytime we remortgaged we got a better rate, and lower monthly payments, as we paid off more of our loan, and were eligible for better rates. The current climate means this isn't currently happening, and it is hard, as we don't expect the monthly repayments to sky rocket like they have, but hopefully they will stabilise soon.

That's the thing - the parents of people buying or remortgaging recently on rates of 1% to 2% shouldn't be indicating that payments would go down. There was nowhere "down" for the rates to go.

When we remortgaged the first time we had a 75% loan to value and dropped from 6.99% to 3.49%.

That's really high for bills - I think if you take a look at what you're spending on each month you should hopefully be able to cut back. I spend nowhere near what you do on bills.

If you were saving £1k personally before the mortgage hike, then you can afford your bills.

Obvs it is different with HTB loan, but it all sounds utterly doable.

The htb equity loan was always going to be added, paid up or you would have to sell , so the usual " increasing your equity over time " is not the same as buying with 90% mortgage at start. I imagine many of those who took 40% htb equity loan in london will soon struggle?
But op will be ok there us ££ leftover each month for savings

It seems it doesn’t it, food is our biggest killer

Different salary, renting (£450,split between 2) no protection, no children so no childcare, low low energy and bills and a guaranteed commission scheme