If your salary increases by £15k

[AndShesGone]

Would you expect your monthly pay packet to rise by more than £500 a month ?

Even taking into account extra tax and pension ( usually a third?) it should still be more shouldn't it?

I don't have the payslip yet but it seems wrong?

Check his tax code when you get the payslip. I reckon he is on emergency tax which means he won't have a personal tax allowance. Fortunately if the issue is emergency tax code it can be rectified reasonably quickly and hopefully be sorted by next month.

x posted. Yep, he's going to do the shared house thing. And you're right it is cheaper.

However we haven't done it because every week over the last month we've been expecting to exchange. If he takes a let we need to magic up a deposit and money in advance. And they might want a six month commitment.

Does the new company not offer a relocation package? And yes, investigate lodgings and air bnb. When my DH worked away he rented a room in a colleagues house for a while.

And thanks for your good wishes too. I just wakened up to this and feel slightly hysterical.

OP contact HR and pause pension for six months- it's the best option.

I'm sorry you're in this position, OP. It must be incredibly frustrating.

Don't not fret OP. It will be ok. These things always are.
And breatheeeeeee..........
You have lots going on, some bits out of your control. One step at a time. This will get sorted. In a while, your'll have new job with higher Salary, in your new home, and dh not doing this £960 digs and all will be calmer.

I wouldn't ask for a mortgage holiday if you're currently trying to move house.
I agree it's probably a tax code issue. Hope you get it sorted very quickly.

Definitely look at rooms on airbnb, often there's a weekly discount

Some employers will do a loan to staff that can then be repaid through pay packet, say £5k

I'm sorry you're in this position, OP - must be pretty frightening. I agree that a mortgage holiday might be worth investigating.

I just don't understand how you got into this situation without doing the calculations more carefully. £750 a month extra would be £9000 a year. That would allow for the 40% tax, but nothing extra for national insurance, increased pension contributions etc. By the time all that is factored in, £500 per month extra doesn't sound too far out tbh.

Anyway, you are now where you are, so you'll have to find a way through it. What can you cut back to get through the next few months? Could your DH persuade his employer to let him work from home for one or two days each week, just until you relocate? I did this for a staff member who was waiting to sell her house so that her family could move.

Do you have children? Going from 47K to 62K you will also have to consider that you may have to pay back some Child Benefit from this year and may only receive a very small amount or none in the future, assuming that deductions such as pension take you below the 60K threshold. e.g. if you have two children this would add an effective extra tax of 18% on income between 50K and 60K

www.gov.uk/child-benefit-tax-charge/overview

It seems about right with that level of pension contribution.

You have £15k

pension comes off this (you said a third - are you sure because that's very high?) so you're down to £10k
NI comes off so you're at £9100

£9100 taxed at higher rate is £5460k. £455 per month.

Can't you reduce your pension contribution? Take it as money now rather than putting it away for later.

"I just don't understand how you got into this situation without doing the calculations more carefully. "

To be fair to OP, it's only really a "situation" because of the additional unexpected rent.

If they were managing fine on the last salary, it's reasonable to think that any increase would be positive

Also, if you've been paid, you should have a payslip - are they available online at all?

When is he paid from/to?
It might not be a full pay packet if, for example, he didn't start on the first of Sept, or if the "pay month" is 27Aug - 27Sept, payable 27 of each month. But yes, a lot of that pay will be taxed at 40%, so expect to see around half of the pay rise, but that's still more than you've seen, so something else might be playing into things.

We did the calculations very carefully. He applied in February for the job and started in September. It's education (ofsted).

This is a brand new calculation only because our house sale hasn't completed, we never expected to be in this situation. We never expected him to have to stay in a hotel.

Our mortgage is halving when we move, we expected to be in a better position

To answer some questions:

1. No to home working, he's in schools every day
2. I don't think a mortgage holiday is for us with us taking out the new mortgage
3. I don't know if he can immediately reduce his pension, it's the teachers pension scheme. But I will ask him. Maybe someone on here knows if you can stop paying into the teachers pension scheme for a few months?
4. No children at home, no child benefit to worry about

He probably has his payslip, but we won't be able to talk about it til he gets back to the hotel about 8pm.

I think I just really have to hope it's an emergency tax code for this month.

I know all problems are relative, however you have a very high income , a working dh and no dc.
You are very well off financially , I just don't get the anxiety.

Yes you can definitely stop paying into a teacher's pension for a period- 100% sure as I nearly had to do this as a student teacher when I was struggling to pay rent.

Is he working in an office for OFSTED or in a school? Lots of schools have on site accommodation. Would it be an option to complete your sale and go into cheap shared room rented housing together until your house you're buying is ready? Or is it the person purchasing your house that is stalling?

I would tell the agent to re-market the house. What are prices doing near you? - if you re-advertise you may actually get a higher price (and a buyer who wants to complete!).
You need to force the situation with your current buyer or it will be Christmas before you know it (when no-one completes, so then it will be New Year when no-one buys because they are skint, then people wait for spring ...etc etc)
Are you in a good catchment area for secondary schools? - can you exchange and complete by the application date of 31st October.

Sorry you are going through this OP, it sounds tough.

The thing that strikes me is your buyers need a rocket up their arses.
I'd tell them you need to complete by x date, they are stringing you along, they may never complete.
The summer was ages away and buyers sound like time wasters.

AndNowItsSeven

That's a very naive approach. Just because the OP has a high family income does not mean there are no money worries. She could earn a million pounds a year but if her fixed outgoings were £1.1m there would still be a problem.

No in your example you would simply reduce your outgoings.

But people have commitments that they have to pay for on the basis that they were getting x amount in. You can't simply decide to pay less mortgage, or that your commute is too expensive so you're not paying for it. You can shave money off around the edges but finding an additional £500 a month is not so simple.