Is this amount ok~ income Vs mortgage

[Moneyismagic]

Due to health issues in the family our circumstances are about to change drastically and I'm wondering if anyone has similar outgoings. Our income will decrease to 3600 take home a month and we are paying off debts etc so that we will be just left with our mortgage but it is large at 1400 a month. Does this sound doable whilst still having luxuries etc.
I'd appreciate some honest views as I'm panicking a little

Well I'm on a lot less per month but my outgoings are also a lot less. Think about other bills as well and budget to see how much you have left after that

I have done exactly that. All other bills total around 800 a month so that leaves 1400 for food etc a month.

Well my income is also significantly declining due to loss of my husband. My income will be £2400 and mortgage is £870 and on paper it's doable. However it's all the other costs that you don't account for and things that pop up. I intend to see how it goes and if I'm struggling I will increase mortgage term as currently 18 years left so increasing would free a little money up.

I am so sorry you have lost your husband. We are extending the mortgage term already to bring it down to that amount. Like you say on paper it should be fine but it doesn't always work like that does it?!

So I've heard mortgage or rent should be no more than 25/30% of take home pay to feel comfortable. Your figure is coming up at about 38% so I would say doable but probably not super comfortable. Although you should be able to afford some planned budgeted luxuries

Percentages don’t mean a thing. Mortgage of 30% of £3000 leaves a lot less left over than 30% of £10000. What are your fixed expenses including the debt?

Very sorry about your husband bluewidow

I had heard that too. Hense my concern. I was wondering if anyone else has done similar. We would have no other debts. Thanks for your help

Do a statement of affairs and see where you’re at:

www.stoozing.com/calculator/soa.php

That sounds doable. My income is similar and my mortgage payment is identical - I decided to reduce the term by seven years to effectively overpay and it went through fine with the lender in terms of affordability.

I do matched betting to supplement income and also have lodgers - not sure if either of these things would be possible for you?

I used to do matched betting. How long do you spend doing it and how much do you make? It's been a while since I did it but maybe I could give it another go.

3600 net - 1400 mortgage = £2200 pcm for bills and everything else. I think that's doable if you don't have any other significant debts.

I've heard the rule, but until my late 30s, my income was always half my income (less if I had a partner) - eg. first job 1200/month takehome, 600/month rent.

Your take home/mortgage is the same as we had about 5 years ago - it was enough, but there weren't any luxuries - no new cars, or holidays on that (we were comfortable though, could afford the dentist, a second, second hand car for commuting, no worries about bills)

Thanks what do that calculator. It's opened my eyes to how tight it could really be. I suppose we've been so lucky to until now. I may have to take on something else. It will just have to be something very very flexible. I may have to look in to matched betting again!

Sorry freckled what amount do you make from matched betting and how long do you spend doing it? Thanks

I think you'll be fine. Make up a budget and try to stick to it. Most people have less than this after mortgage/rent and bills so it is definitely possible.

Sorry bumping for more posts

You say £1,400 for food etc. How many are you feeding and have you sorted what the ‘etc’ costs?

Sorry for the loss of your husband Blue

I've been a a bit lax over the summer but overall have made £5000 in fourteen months.

Trying to get back into it this month. Spend less than an hour a day going it.

Hi OP

We have had health problems and reduced income accordingly too.

We do fine on similar amounts to you with large outgoings Inc £1250 mortgage. WRT luxuries - They are so subjective it's hard to say!