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.

This
I wouldn't have the nerve to post this originally
Unbelievable lack of awareness of real life and real salaries and real struggles with money
I hate when well off people say they worked hard for it.. Many many people work hard but don't have the salary to match.
My mum said this once about my brother as i had got back from the shop putting milk on my credit card. I had a massive go at her explaining how hard I worked but it happened to be in an industry different to his which is why I wasn't well off

If I actually gave a shit....

Council tax could be in Wandsworth ? Some of the cheapest CT rates in the country, with band H being only £2000.

Principality. We've always used a mortgage broker, but you can sometimes get better deals going direct.

What another poster above brings up is also important to consider – if you both earn similar then the loss of one job is even more impactful. I'd consider the safety of your current jobs and also the ease at which you'd find another. It can seem like an unlikely scenario, but it can and does happen when we least expect it.

Do you foresee having to use your savings for anything at all? With us, the cost of the house work is the absolute leading issue.

As you have incredibly high incomes, your money after mortgage and nursery is higher than most people’s take home. Unless you have huge debts or money management issues you are fine

We don't have any work to do on the house thankfully.

What i would say is we thought this too when we moved but still ended up spending around 500-800 pm for the first 6-8m.

Annual maintenance does cost us around 3-6k per year .. generally the upper end of that.

Our gas/electric is a good £300 too.

We moved from a 2 bed flat and the increase in bills was what caught me out a bit. Insurance went up drastically so did water and gas/ electric . Our bills are about 1k pm

When it comes to advice of this nature chatgpt is absolutely a preferable source over mumsnet. A slug would be an improvement.

It’s not incredibly high.

That's it isn't it, you never know when the boiler packs in for example. My job is public sector and safe, DH private sector but pretty specialized so hopefully safe.

@JaneEyre40 look at income protection insurance! For health and other options.

if you don’t touch your savings and one of you loses your job, you’ve still got more than 10 months in the bank.

look at your bank statements. Yes it’ll be sobering.
when you’re in the new house, spend some time enjoying it! Rather than being out spending.
have been on toast and whack £100+ in your savings on a Saturday night!!

it doesn’t sound like you make much of a conscious effort to manage your money, do. Even if you’re the type that likes to spend … spend it into a savings account.

you’ll be AMAZED what you can tuck away.

your council tax sounds REALLY cheap! … I guess that’s because London live on top of each other, so plenty paying it.
See if you can work out your other household bills too and put together a proper budget.

£150 a week for food should be plenty if you cook.

There loads of money to spare if you think about it rather than just spending it.

This is not the place ever for financial advice.

I agree with some other posters ,but instead of a tent ,buy a caravan set it up in the garden and rent or sell your house ,then you will survive. Sorry Op I am joking. I would like to be on your salaries.

Why so sarky?

Thank you. I think a sit down and research on the increase in bills is key. We are also going from a 2 bed flat to a house.

We have slightly less coming in monthly and a mortgage of 2.2K. I wouldn’t want it to be any more!
The one thing I would say is that a bigger/more expensive house = bigger running costs! Our council tax is over £400/month, gas and elec are high (it’s a 60s house!) and mature garden has trees etc which need professionally lopping sometimes! Obviously this all adds up.

The post made her happy for a moment I suppose.

I would recommend writing down a complete list of your outgoings that you expect each month and add £500 for extra household expenses, you won’t spend these each month but set aside for the inevitable

In that case you'll likely be in for a shock 😅
We certainly were but are used to it now.
Our water is over £100pm in the flat it was about £15-20

Thank you. I know it may sound stupid and many are on a lot less. I was too for a long time. I'm trying to be safe.

Depends on your other outgoings, bills, food, car costs, travel etc etc

A much needed shock. We have a small baby and don't really do much in terms of expense so we would like to have a nice home.

😆😆😆

On the point of bonuses...

Stress test on basis of no bonus.

Also- look at ways of de-risking in case one of you loses their job.., eg interest only but offset or overpay. That way the commitment to mortgage payments is lower. Offset the £60k against this too? Play around with the numbers.

This has got to be rage bait

That's a good plan...I just saw the post about the increase in water bill! Gas and electric of course, water didn't register with me.