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.

Compare with not a million miles away Kingston Band E at £2280.

Also, a smaller mortgage and eat more than sweet potato and veg.

Didn't anybody else read that?

Mine is £2994 (band E). Shit town in the Midlands.

That's crazy!

What's wrong, don't like sweet potato? I have loads of recipes if you're interested.

Not as stupid as the people who don't bother reading all of the brightly coloured OP posts and seeing that you clearly said later on that the difference was because of bonuses 😉😂

No, don't tell them! I'll be accused of the dreaded drip feeding!! 😂

Sorry I’m not much use here but unlike all the jealous people on here, I want to know what you do for a living, maybe it’s not too late for me to retrain ….🙃

£10000 a MONTH??? That was my yearly income! I would think you can afford anything,why even ask,its like rubbing those with normal wages noses in it.

You are VERY late to the party!

They are OK, I do eat them. I thought it was an odd comment to make that's all.

With such high income and plenty of savings available to you I would suggest you pay for proper advice that takes into account real evidence like your previous spending, rather than asking random strangers on the internet to make a guess based on minimal info…

They cheap. 😊 We don't do steaks and such is what my point was. Should save on the grocery bill.

@JaneEyre40 was asking for advice and re-assurance from people who have made similar decisions. She clearly stated she'd done her budget and I'm sure had got mortgage advice from an IFA or broker.

There is absolutely nothing wrong with seeking opinions and re-assurance for a big decision like this - especially on a large anonymous forum. It may not be appropriate for her to discuss it with anyone in real life or she may not want to for privacy reasons.

FGS - between the thread yesterday full of privileged knobs being an arse to the OP and this one full of jealous snobs it feels like MN has become some modern day version of Pride and Prejudice.

No wonder there is so much animosity among people these days if the reactions here are anything to go by!

Kingston is not London though, and London is generally cheaper. Ours is I think £131a month.

OP once your kid finishes nursery I'd get into a habit of putting the equivalent sum saved into investments. Best way to build a future buffer. We did this and are getting decent interest income now, 3 years in.

Literally just saying that to OH, that and the overpaying when we can into a saver as a separate account from actual savings. Thanks

Also guys if this post is in poor taste for you, just ignore it. There would always be economic disparities among us. No need to hate on someone for earning more than you even you think they don’t deserve it.

Wow, I am amazed at the number of people that have come on to just right a sarcastic or bitter comment.

I think it is good that you are not complacent about your income/outgoings.
It’s daunting to go from living in a flat to a house with higher mortgage and bills.
It also sounds like you have gone from having a large amount of savings to a smaller cushion, so I can understand where you concern about affordability comes from.

Make a list of ALL your outgoings- these things add up. Include buildings/contents insurance, car insurance/MOT/fuel, mobile contracts, gym membership, streaming services, lunches during the working week, holiday budget etc as well as the bills.

Get financial advice re: critical illness, income protection, life insurance to cover mortgage and income should either of you become ill, need long term care or die. Look into the terms.
These can cost but, as with all insurance, you pay these with the hope of never needing to claim.

Our income and nursery fees are very similar. We didn't want to spend more than £3k maximum a month as this still seems a lot and gives us some comfort should something go wrong in the future. I'm still uncomfortable even paying that to be honest as our previous mortgage was less than half of that due to pre COVID interest rates.

Just want to say a huge thanks to those with anecdotal experience and other advice. The snipes are getting repetitive so I'm signing off, no time to reply although it has been fun, only a narcissist asshole would start a thread solely to make others feel bad. If you'd like higher earnings, DO something about it rather than moan. ✌🏼

Ours is £411 per month over 10 months - rural village 10 miles east of Birmingham airport. And we have to pay an extra £40 a year per bin for a garden bin tag to get it emptied!

Omc!! Nuts!! I thought ours was bad at 355 ( and 60 extra for brown bin!)

I wish my council tax was £2994

£65 a year for our garden bin! I didn’t actually realise there was so much difference across the country, crazy that it’s so much cheaper in London.

Best get some life insurance to cover your mortgage in case you keel over, stress is a killer! Also I'd recommend critical illness in case you become ill through the stress. Might be expensive though, so you'll need to budget.