To think we CAN live on the mortgage

[JaneEyre40]

Advice please -

Couple - Earn £10,500 a month
Mortgage - 3,700 a month
Nursery - 1,000 a month

Considering all other possible outgoings, do you think we can afford this and not feel pressured each month. What am I not considering? We've done the spreadsheet but I'm still unsure.

We will have about £65,000 in savings at the beginning of this venture.

Thanks in advance. House of a lifetime.

Ooh I think you'd be wise to both get evening jobs - shelf stacking perhaps?

I'd say so, yes, as you will have almost £6k after mortgage and nursery. But it depends what costs you will have for running the house, are there particularly high bills or service charges? Also are you wanting to pay for private school?

Or take in ironing?

How is your salary split? If one of you lost your job could the other still pay the mortgage. Seems fine on paper though

Maybe they could take in some ironing

stealth boast

Be prepared for poster saying they bring in 20k a month but would feel uncomfortable with a mortgage over £600.

I think you'll struggle. Definitely need to take on a side hustle!

Not if you have a 6K a month alcohol and drugs habit.

Maybe cancel Sky?

Couple - Earn £10,500 a month
Mortgage - 3,700 a month
Nursery - 1,000 a month

Is the £10,500 net or gross?
Makes a big difference

Maths is hard.

Have you stress tested the mortgage at different interest rates?

Yes your income is huge and after the mortgage and nursery fees would still be more than my total household income.

but I assume with such a big mortgage a couple of percent on interest would have a big impact.

Oh give over there are many of us living on considerably less than you have left over for everything!

Oh piss off!

If you can't work this out, how the actual fuck did you even get the job that pays so much?

Can't believe people have these sort of incomes- another world!!

Jeeze, that's a tough one

Well, it's a simple matter of budgeting, isn't it, but you are hardly on the breadline.

Have you added up all your other expenses? If, once you've done that you are covering all your expenses and ideally have money for savings/ fun stuff, then yes, you can afford it. You've got more than enough savings to cover loss of income or other emergency expenses as well.

Is this a serious question? You have £65k in savings, and £6k a month to pay for everything other than mortgage and nursery and you don't think you can afford it??

Take home or pre tax?

Considering all other possible outgoings

Income £10,500 pcm.

Mortgage plus childcare £4,700 pcm.

If you need to ask mumsnet then no, you can’t afford it. You’ve got zero skills at life and stuff. Just buy a tent or something.

Are your diamond shoes too tight?

Those two outgoings are less than half your monthly income. You realise that many many many renters out there are having to deal with an income of around 1/4 of yours and their rent ALONE is half of their monthly income.

You’ll be more than ok.

I agree. Very tough.

Have you thought about using a food bank OP?

I think we need a full breakdown of outgoings too, maybe cancel sky if you are struggling and shop in Lidl 🤣

Is this gross or net? Huge difference. I presume net otherwise it would be unaffordable. Also what is salary split in case one of you can't work.
It is doable but tight as you need to factor in council tax, all bills and any big increases to nursery fees and changes to interest rates