How much are you left with each month after you've paid your mortgage and bills?

[FinishYourBrekkie]

Sold my flat for £260k. Mortgage there was £690 per month.

Partner and I have found a house we like and have had an offer accepted at £475k.

Putting down £90k deposit. So mortgage of £380k over 27 years.

Interest rate is 3.5% (ouch!)

Monthly repayments will be £1,814.

Mortgage advisor budget planner indicates that our monthly spending, including bills (excluding mortgage), is £1,600.

Our combined income after taxes etc is £5,100.

We'd be left with approx £1686 each month.

Does this feel about right? Comfortable? Or is it a bit tight? I know everyone's circumstances are different what one person might find tight, another might find comfortable.. but I'm interested in other people's perspective because we're undecided as to whether or not we should go for it.. or have we bitten off a bit more than we can chew and should we lower our budget?

I have more than that left but without knowing your lifestyle it’s impossible to comment - I save a big chunk of mine as I’m boring

£3200 after everything except petrol and food

The rule of thumb is 1/3rd of take-home pay on mortgage + CTax so yours looks high.

I wouldn't be overstretching just now, personally, as things are going to get worse before they get better.

Completely irrelevant what I have compared to you but we were
Going to move and have decided to stay put in a smaller house, but we are comfortable and know we can manage the bills.

Your left over is my income!

I'm a single parent but on a comfortable salary. I have £1000 left after bills but that does need to cover food, petrol and childcare so there's not loads left to save.

That sounds OK to me, especially if food and fuel are already accounted for in the £1600 spending.

I think that sounds ok - and we have about the same left after bills etc each month.

Are you thinking of kids? Because nursery ontop of that will hurt.

Does the 1600 include food and petrol? ie what does the "leftover" need to cover?

After I have paid all my bills, food and travel for work I have about £250 a month to live off. I'm a single parent and feel in a lucky position with this amount of spending money. I cant believe someone would post something like this op in this day and age when you know full well many people are struggling with the choice of heating or eating.

So long as you have a decent emergency fund you should be fine.

Can you fix it for a longer period and bring the monthly payment down and just pay it off with extra payments every month? Most mortgages let you pay 10% off the balance each year without penalty. This would mean if you did need more wiggle room monthly you have it but you can also bring down the principle as well.

Seems manageable.

having kids will stretch you though so do start saving for that 1k (roughly depending where you are) a month childcare bill

Of course it’s fine, millions live on less than that.

Same

It sounds tight if you have children.

Have you included food/ petrol

Sounds ok, we have around 2k after mortgage, bills and a loan repayment. Depends on your other expenses really

Depends op. With the two of you its fine but with kids its a stretch. I got disposable income (after everything paid) £2500 with 2 kids. Life comfortably. Less than that its tight in my opinion. And depend where you live aswell

our mortgage and bills are paid. Savings ( not much )
We put £400 a month aside for food and £250 aside for petrol. After that we have £1000 a month spend. I Split that into the amount of weeks in the month and send over normally between£250 £225 a week.
I found if we had the lot in one go we were left with no spending money at the end of the month.

Depends what ‘all bills’ are and if you are planning kids. It would be a bit tight fit me if that was the margins before kids. Childcare is extortionate and/or a salary may drop to do PT

A lot of people on this thread will have tiny mortgages which isn't particularly relevant these days for younger people. What would it cost to rent? do you want dc? do you savings etc. It's perfectly doable.

After my mortgage, bills, food and petrol I have £70 disposable (single mum, working as a headteacher of a special school). I think you’ll be fine.

1.6k mortgage, 1k nursery fees. 2k-2.5k all other spending (including discretionary).

We tend to save between 2-2.5k per month.

We’re comfortable but have a pretty frugal lifestyle for our salaries. There’s definitely cut backs we can make in our spending, mainly takeaways & clothes, although I mainly get second hand.

We have about £2000 left after bill/mortgage.