Are there any single parents who earn around £43k and also have a mortgage?

sososadaboutthis · 2023-12-07T07:52:42+00:00

I am facing this situation in the future and just wondered if anyone is in a similar position and would be able to share how much they pay on mortgage, bills etc please? Thank you

blobby10 · 07/12/2023 08:53

Not technically a single parent but, same salary, a single adult in a 'too big for one person' small 4 bed detached house trying to give my 3 adult children in their 20s a base to call 'home'. One is back living with me at the moment. mortgage is £823 per month but it was fixed 4 years ago at 1.89%. Its up for renewal next year but I'm hoping to revalue the house (it will have risen) and get a lower LTV so hopefully new payments won't be much higher despite interest rate increases. I am in my 50s so could only get a 16 year mortgage when I took it out. repayments would have been less if I'd had a 25 or 30 year option. Bills including mortgage take around 50% of my take home pay.

Is this comparison the sort of thing you are after @sososadaboutthis ?

user159 · 07/12/2023 09:25

Yes, single parent on slightly more than that. Mortgage just over £800 a month for 3 bed semi, (rent would be around £1200!) hardly any childcare costs as child at school. Single person council tax £110 ish per month, gas/electric £150 then standard bills, water, WiFi, insurances, food, petrol and savings. It's completely manageable. My child spends time with their dad so I don't have her all the time but I don't get any maintenance (another story!) so I budget and use Monzo style account with pots to make sure I've everything covered. I am a bit of a worrier though so might be OTT to some! I feel we have a good life, holidays, savings etc but I guess that depends on what you see as good

Mortgage rate is just under 4% so hopefully will come down/remain the same when it's up in two years.

Usernamesarenoteasy · 07/12/2023 09:27

I'm a single parent. Although I earn more than that now, when I took over the mortgage by myself, and took on a second one to buy my ex out, I was earning about £44,000. Both the mortgages came to a total of £213,000, with payments being around £830 per month. I have 3 years left on my current fix (1.31%) but also overpay, so when I remortgage the payments shouldn't change much.
Other bills will obviously vary due to size of house, occupants etc.

Original poster

sososadaboutthis · 07/12/2023 09:34

user159 · 07/12/2023 09:25

Yes, single parent on slightly more than that. Mortgage just over £800 a month for 3 bed semi, (rent would be around £1200!) hardly any childcare costs as child at school. Single person council tax £110 ish per month, gas/electric £150 then standard bills, water, WiFi, insurances, food, petrol and savings. It's completely manageable. My child spends time with their dad so I don't have her all the time but I don't get any maintenance (another story!) so I budget and use Monzo style account with pots to make sure I've everything covered. I am a bit of a worrier though so might be OTT to some! I feel we have a good life, holidays, savings etc but I guess that depends on what you see as good

Mortgage rate is just under 4% so hopefully will come down/remain the same when it's up in two years.

Thank you, this is so helpful. It's giving me hope to think that this could be manageable

OP posts:

Original poster

sososadaboutthis · 07/12/2023 09:50

Usernamesarenoteasy · 07/12/2023 09:27

I'm a single parent. Although I earn more than that now, when I took over the mortgage by myself, and took on a second one to buy my ex out, I was earning about £44,000. Both the mortgages came to a total of £213,000, with payments being around £830 per month. I have 3 years left on my current fix (1.31%) but also overpay, so when I remortgage the payments shouldn't change much.
Other bills will obviously vary due to size of house, occupants etc.

Thank you. I'm going to be exploring whether I can buy DH out too, so it's really helpful to know this.

OP posts:

OlderandwiserMaybe · 07/12/2023 10:09

I'm divorced, earn approx £43k gross per year. My mortgage is £870 pcm. Just went up in Sept so still adjusting a bit to the new rate.
Gas/Electric £150 pcm (although my heating is on a lot as I WFH) I dont get the council tax single occupancy as my eldest is over 18.
I do worry about money but I think thats normal - we did manage an abroad holiday last year and I can still afford clothes etc so I think I'm doing OK TBH.

Good Luck.

Fannymadams · 07/12/2023 22:04

Single parent, earn just over £50k and get no maintenance. Mortgage is £1092 a month (just gone up as small part of loan now on different rate). I manage okay, we have holidays and eat out a bit but I have to be careful. Big outlays and unexpected stuff like car repairs etc tend to get paid out of savings but it’s hard to get extra to build those up again. Looking to get a lodger in next year as it’ll make a big difference (and is tax free!)