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.

No need to be so rude. Read the room!

It's my room, my thread.

It annoys me that my council tax is about 70% of this but my wage is only about a quarter.

Deleted

Our council tax is higher than that and our wage is much, much lower.

Thank you! Yes, spend into savings account, I like it. We absolutely don't spend unnecessarily, I can't remember the last time we had a takeaway or anything other than sweet potato and veg for dinner. Looking at income protection already so than you for that.

I know but I've already been given some interesting things to think about.

Surely this is a bait post. No way can anyone on this wage be stupid enough not to know what stoppages are plus further responding they pick up £4,200 and £5,200. That's £9,400 not £10,500

I always assume net with these posts. There is no way anyone with any brains will take on a mortgage of that size (no one should anyway unless they are millionaires imo) if it’s gross surely.

OK, go ahead, be rude!

Why, are you enraged by it?

Why have there been so many "I earn pots of money" threads on MN recently?

Baby woke up. Thank you for the advice!!

I think the point is we shouldn’t believe it.

no-one genuinely in this position would be asking this question on mumsnet

unless they’re a dickhead who gets a kick out of showing off to people they don’t know

What am I not considering? We've done the spreadsheet but I'm still unsure.

If you shared this, then we might be able to tell you what you've forgotten. Obviously it is more than doable. But (equally obviously) if you have been used to a much lower mortgage and are not currently saving the difference, then you are going to have to make cutbacks somewhere and you need to know where they will be.

FWIW we earn similar money but only have a mortgage of 2k and no childcare costs. I consider our mortgage to be very low relative to our income. We are currently putting a lot into pensions, paying off mortgage quickly, and saving towards a lump sum for our young adult kids.

Is £230 council tax an error? We’re not in London, but suburb county and ours is £400 per month. Doesn’t sound right to me.

If your water is already metered there is no reason why a metered supply in your new place would be drastically higher, you're likely to use much the same amount unless you have a big garden and water it a lot. Unless you're very heavy water users it is important to be metered though, as otherwise your bill will depend on the "rateable value" (or whatever they call it now) of your new larger property.

If you’re relying on mumsnet for this kind of advice there’s a problem.

Yes, I agree, that does sound fairly low - though some London boroughs are lower than others. Also does the current owner get the single person discount? I think that is 25% at the moment.

Stoppages are tax, national insurance, pension contributions etc 😉

Right...no one post a financial question on MN unless you have a low salary 🙄

Seriously? You're on over £120 and you're worried about money?

What I came here to say.

Who said I'm relying...relax.

Don’t worry about them OP, they’re presumably just jealous. You can post about whatever financial circumstances you like! And you don’t have to always “read the room.”
These jealous posters drive me mad…. I’m an only child and proper jealous of people with a
sibling. Doesn’t mean I’m rude to people who post about their brothers and sisters!