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?

We earn £5k a month after tax and our total expenditure on mortgage, council tax, bills and food shopping is around £1400. The mortgage part of that is just over £600 a month. So I suppose we have £3600 left over.
Having £1600 left over would be absolutely fine. You obviously wouldn't be able to save much though. And if you have one child and need nursery fees, that's £1000 a month gone. Then things would be very tight for you.

Percentage wise it's similar to us. We have income of £3k ish. Bills including food and petrol and childcare of just under £2k leaving £1000ish left over which we split in half. I save most of mine, DH has various hobby related costs that he spends on.

We have less than that after all bills and savings, not including food and fuel for a family of 5 and we live well. But we do have the savings to dip into if we have bigger expenses in any month.

Take home similar (£5,200). £1400 mortgage. £600 on other bills. £3,200 left over. That's then split in half for savings and food & fun money.

We have a hell of a lot less than that left at the end of every month but currently paying £1200 every month for childcare. Obviously that cost will go down though as first funded hours kick in and then starting school will mean it'll just be wraparound/holiday care.

About £6000 but then we don't have a mortgage and my car is 30 years old.

After mortgage and bills I’m left with 1830 approx, but I didn’t deduct any food shopping or fuel as bills, just the mortgage and direct debits. I probably put about one full tank of diesel in my car a month - so about £90, and maybe £300-£350 on food shopping.

A cost of living crisis is exactly the time to consider whether you’re being prudent or overstretching yourself when making financial decisions. Taking on a mortgage that’s too big could lead to not being able to afford heating etc in the future, so it’s very sensible for OP to think about this now.

Minus figure. Living partially off savings. ☹️

Whilst that all seems pretty good your new house is going to soak up your income much quicker than the flat. It just happens. Anyhow at present i would say fair game, but are you planning on starting a family? If you have to go on maternity leave would you be able to cope. Childcare years etc.

Its impossible to say but if you dont plan any changes in the near future then fine and dandy (As long as you have everything covered). If you have wedding/kids/moving house again etc planned then just bare in mind your big mortgage might effect this. There might be a good chance of you being locked into this property for quite a few years without being able to move it on so easily

Single mum of 2 expensive teens. After mortgage and bills, I have 1k left for groceries and extras (school trip/socialising etc) each month. I shop as frugally as possible, my car is quite old and won't last forever so I try and save a bit each month if I possibly can.

interest rates will be up in a couple weeks so take it now or will be more. and when you remortgage will be even more

Single income ~£3000 / month
Mortgage just under £600
Council tax £290 (includes water rates)
Gas & Elec under £100 (for now!)
Mobile phone ~£50
TV / broadband ~£50
Management fee to factors ~£40 (includes buildings insurance)
Car & contents insurance (paid annually) ~£30
Car tax (paid annually) £12
So that leaves me with around £1800 a month but that's only for 1 person and doesn't include food. I put £300 a month into savings but often add more, and also pay around £70 a month for gym membership. I'd say I live comfortably in that there's always money in the bank for what i want to do (but I don't have expensive tastes or a flashy sort of lifestyle).

1600 a month left. That£400 a week ish

even if food comes out if that you will be fine

how long is the fixed rate for

do you want kids @FinishYourBrekkie and if so will you pay for childcare

Couple both working, kids all grown up.
We have £3600 lef6 each month after bills mortgage etc.
Embarrassingly we only save about £1000 per month. But have busy social lives.

As a single parent after everything is paid for I have about £1000 left over.

However that wasn’t until Dd started school and I didn’t have enormous childcare bills to pay. If you’re planning on having children it’s going to leave you in a tight spot re childcare.

I think you’ll find rhat tight; it only takes an issue in the house that costs £200 to throw you into difficulty. We pushed ourselves to buy a big house at the top end of our budget and we were ok until food, petrol and energy prices went up. I wouldn’t do it again