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.

@JaneEyre40 so still zero information about outgoings.

🤷‍♀️

You don't have to read it. My job is extremely stressful and I work assisting other people but thanks for the post.

London

Oh leave her be. She's saying it's fine, isn't she?

Hi, OP. Ignore the angry mumsnetters.

This is similar to our set up, and I'l be honest – it hasn't been easy.

Our take home is £9,700, mortgage was £3,400, but now just remortgaged to £2,900 (which is a relief). Our childcare is around £600 a month.

The biggest factor for us as been up keeping the house. It needed a lot of work, and it will be ongoing for quite a while. We were aware of all its issues, so there's been no surprises, but it is a complete money sucker. We've spent around £60k on the house so far and have another £50k or so to go, we think. We are fairly tight with savings too and hate dipping into them, so that's been a mental challenge – bothers some people more than others!

I also have fairly substantial commuting costs (£600p/m).

It's completely manageable of choice, and a lot of freedom of choice. But it's also not a walk in the park. I don't regret the house choice or mortgage amount, but having so much to pay off its daunting.

You might have to forgo the pastry chef but just remind yourself as you're having to assemble your own croquembouche that what doesn't kill you makes you stronger

This is the kind of comment I need. Obviously, I've thought through these things but sometimes you need to hear it from others. Maybe we need to be more frugal with the choice of property.

Thank you but I'm gluten intolerant so had to let the pastry chef go.

I don't think people have an issue with your salary per se (plenty of people are higher earners), it's more that you're asking what to many seem like basic financial questions that you should really have a handle on, rather than coming to MN to ask.

It comes across (to me at least) as rather blasé. Just Google what 'stoppages' means.

Seriously?? You have £6 after your mortgage every month and £65K saved? That more than many of us can even dream of and we're bringing up kids alone plus paying a mortgage. I have less than £1k left after my outgoings and I consider myself lucky. You'll be more than ok.

Do you think you could stretch to buying the mumsnet members a tiny violin so we can play it whilst you're worrying about your financial woes?

@Didimum

Hi, OP. Ignore the angry mumsnetters

Just how far up your own arse do you have to be to post on a thread telling OP to ignore other people's opinions and listen to yours instead.

@bluesinthenight chatgpt is not a substitute for fucking human interaction.
Why should she ask chatgpt? You don't have to answer or even look. If you weren't so keen on outsourcing your brain to an algorithm maybe you'd be less deskilled, more successful, and not feel compelled to post bitter little takedowns of people who dare to have money. I will never in my lifetime earn anywhere near what OP's family have but slagging her off won't change that.

If you only have one child why would you need a really large house?

I think the fact that you can’t calculate this and think of all variables suggests it’s probably not the right decision.

Salary 1 - 4,200 monthly net
Salary 2 - 5,200 monthly net

You say in original post your income is £10.5k? Where's the extra coming from?

If I was such a low earner I'd be uncomfortable with that mortgage.

Thank you. I'm completely ignoring any comments without advice (why do these people waste their time).

We don't have any work to do on the house thankfully. We don't intend on any holidays for a few years bar Ireland to see family.

Can I ask who your lender is for the remortgage?

I'm quite surprised Council tax is so low with an expensive mortgage/ house of a lifetime? If you're worried about health problems etc get private medical and income protection if you haven't already and it makes you feel better? We bought a bigger house and suddenly cleaning it became THE issue (especially if you have 4/5 bathrooms). So I'd factor in a cleaner approx £250 a month. Your bills on a bigger house may well be much bigger ( 2 x 1998 houses, 2nd one double the size and bills approx 3 x bigger). Also, big house you do end up hosting more and so that's another expense.

How is the net salary 10,500 when both salaries add up to 9,400 as per your OP? Do you also have bonus / commission / other income? That 1k extra can make a lot of difference!
If it is your dream house, go for it as it's your home!

Because they are being wholly unpleasant, sarcastic and bullying.

Of course you can afford it. I earn £4300 a month have a £2200 mortgage and £600 childcare fees a month, obviously bills and outgoings too. My mortgage doubled because of interest rates so went from £1100 to £2200 so beat that in mind. It’s a struggle outgoings wise for me now whereas it wasn’t before…if I was part of a two income household it wouldn’t be an issue at all!

Thank you. It's also interesting that people can insult based on money so easily without a thought for people's health or personal issues they may have.

Well done and sorry your mortgage went up so much! When I lived alone in a flat I was in a similar position, I guess that's why I'm wary.

I would say your arse is being handed to you on a plate, but unfortunately I don't think I can find the silver platter.

Thank you! And yes apologies it's approx based on bonuses (DH)