To think our mortgage is not affordable ?

[Anxiousaboutmortgage]

I am watching another thread on this topic and it got me even more worried about what we are about to do!
We are about to buy a property that costs 680k with a deposit of 115k
Our take home pay (both working) is 7980 per
Month our monthly mortgage (fixed) comes around 2888
Is that too much ? We are moving for better schools our kids are 5 and 7 and ideally this will be our "forever" home
We will have around 20k left from our sale for any needed work and we have another 20k of savings
We don't have any car loans etc . Our current mortgage is much lower though which scares me A-lot !

@Didimum things highlighted in survey are windows and rotted decking in the garden .
It needs a new kitchen as it's quite dated/ cheap cupboards not aligned properly etc .
My plan is to do windows (just glass not frames) and decking then see how much we have left for kitchen

you sound loaded to me.

We did similar over the summer and doubled out mortgage. We have a lot less spare money now and have made cutbacks but it's been absolutely fine and worth it for a better house.

I am also saving more as previously we didn't need my wage to cover bills, but now we do so am much more fearful of losing my job.

Sorry, OP, I don’t think those are necessary works. I’m on your side for this sort of risk, but you have to have a fair period of pinching the pennies in this scenario where you’re going to the edge of your means.

Given your current mortgage is low compared to your income and you only have 20k saved , you need to start budgeting, a bigger cushion will make you feel more comfortable.
It is a relatively high percentage but given you have few childcare costs and an awful lot left over after the mortgage payment you'll be fine, but need to look at where you are spending and save more.

Also FWIW we just had our kitchen done, it's not very big and it cost 30k

@Anxiousaboutmortgage I'm guessing based on the amount you're borrowing and the repayments you have partially ported your mortgage over from your current property at a low rate? Remember there may be an increase when you come to remortgage... so check out how much you'll have paid before you need to remortgage and then what the new repayments would be based on the entire amount you're borrowing...

If it's an offset mortgage, then I would be less concerned.

Your first priority should be to have 6-12 months of mortgage payments in an account that you don't touch.

Then you can breathe easy.

Needs modernising Do you mean 'MN needs modernising' or 'EA needs modernising'?

£100 a month for a family of four? Most would spend far more than that in a week. Particularly when you are earning £8000 a month.

Not another humblebrag thread dressed up as “how will we cope”

I would be worried about potential future interest rate rises when it comes time to refinance.

This. Sorry but I find posts like this utterly tone deaf when others are posting about not having enough to eat. Also without other outgoings it's too vague. If you earn that sort of money you are obviously intelligent enough to realise that £5k a month is plenty for the average family and well within the affordable range. The cynical part of me thinks this is probably actually a humble brag post

Nowt wrong with gruel, young lassie.

This is because we were overpaying our mortgage instead of saving we were also putting more in investments such as s&p as the return was more than the saving interest !
30k for a kitchen ? Is it bespoke ? We spend 5k in 2019 for our kitchen was the cheapest option though (not fitting)

@sandrapinchedmysandwich do you always thibk of people in war torn countries when you have financial or other worries ? As i said is more about change of circumstances /economy crash etc not how will i spend 5k also 5k is before any bills council tax etc i will not obviously have 5k left to play with

Sounds okay. Probably cheaper than private school now there's 20% vat.

I have a higher income than you and I wouldn’t go that high - no. More so because I wouldn’t want to know I could keep the house should anything happen or one of us had to go part time for example.

I think I read the other thread that you’re referring to and, if I’m thinking of the right one, your situation is not comparable. You’ll be totally fine with those numbers as long as jobs are secure and you have decent insurance.

We take home between 9-10k per month and moved relatively recently, with a mortgage of 3100 per month. It makes me feel a bit sick to think about it because it’s such a huge number, but I try to reframe it as a proportion of incomings. I would say that the costs involved in decorating and updating the house might be higher than you think, based on our experience!

We have a third child and current childcare costs of around 3.5k per month, which it seems you don’t have from reading your updates. We don’t have a car, though, which offsets this somewhat. We’re not bathing in diamonds, as some of the snarky responses you’re getting might suggest, but I recognise that we are very fortunate and we are definitely comfortable. Plan is to divert the childcare money to mortgage overpayments and savings as the children get older and graduate from nursery!

I see where you're coming from op.

I think it depends on how secure your jobs are. If you feel they are secure and very very low chance of either of you being made redundant, then it's fine. If your industries could be volatile then that is a worry. As if one of you loses your job, can you still afford that mortgage.

If you can't afford a cleaner / gardener with 6.5k left after you pay your mortgage, you're terrible at managing money

Yep, there seems to be about 2-3 a week at the moment.

It's so distasteful - there are families living on less than half of what OP has leftover after paying her mortgage every month ffs.

I highly recommend the budget spreadsheet on the Money Saving Expert website, which you can download. Its already set up with categories and formulas and easier than doing your own from scratch.

It prompts you to really think about all the expenditure we often forget about. It gives you a summary of where your spending is going on different areas and makes it easier to see where costs could be reduced.

If I posted about my job security (none) and income (average) when I bought a house, you'd have told me I was ridiculous, and to get my name down for a HA flat. 20-odd years later, it's nearly all mine.

Interest rate fluctuations, inability to work, and a surprise baby would be my concerns.

Hi, we have very similar salaries and mortgage.
I was worried when we moved 2 years ago as it was a big jump from our previous mortgage.
It isn't as comfortable but it's fine. But we have spent lots on renovations and have a few holidays per year etc.
We struggle to build up any savings now though.