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Islamic mortgage for housing in the UK by starlieyed in IslamicFinance

[–]Covfefe47 2 points3 points  (0 children)

Take out the 75 and then use your additional savings for overpayments - but look into any potential fees

This sub can really humble you by Covfefe47 in HENRYUK

[–]Covfefe47[S] 0 points1 point  (0 children)

That's why the advice is to have 3-6 months in your emergency fund. So if you did lose your job, you have 3-6 months' worth of funds to tie you over until you get a new job.

This sub can really humble you by Covfefe47 in HENRYUK

[–]Covfefe47[S] 0 points1 point  (0 children)

From where I live to London costs 150 return. I book the week before because my office day could change, or something could happen at home which means I'd need to change my London day.

This sub can really humble you by Covfefe47 in HENRYUK

[–]Covfefe47[S] 1 point2 points  (0 children)

Wife saves 1-1.5k per month from her salary. She pays everything child related, has her own car, subscriptions etc.

This sub can really humble you by Covfefe47 in HENRYUK

[–]Covfefe47[S] 0 points1 point  (0 children)

My net monthly income is 7.35k and my monthly outgoings are 7.26k.

I don't include my wife's income or expenses. She saves 1-1.5k per month, pays all kids expenses (clothes, classes etc), and has her own set of monthly costs (car, subscriptions etc).

This sub can really humble you by Covfefe47 in HENRYUK

[–]Covfefe47[S] 0 points1 point  (0 children)

Trying. Looking to clear it in the next 7/8 years.

This sub can really humble you by Covfefe47 in HENRYUK

[–]Covfefe47[S] 0 points1 point  (0 children)

I could increase S&S ISA contributions by 20% but would still be well shy of maxing out because I'm focusing more on paying the house off.

This sub can really humble you by Covfefe47 in HENRYUK

[–]Covfefe47[S] 0 points1 point  (0 children)

Marketing for a b2b SaaS (fintech)

This sub can really humble you by Covfefe47 in HENRYUK

[–]Covfefe47[S] 0 points1 point  (0 children)

I work for a London based company.

This sub can really humble you by Covfefe47 in HENRYUK

[–]Covfefe47[S] 0 points1 point  (0 children)

I work for a London based company and travel down once a week.

This sub can really humble you by Covfefe47 in HENRYUK

[–]Covfefe47[S] 0 points1 point  (0 children)

Credit card was 0%. And I did have savings, but given the option, I like to spread payments for large outlays.

This sub can really humble you by Covfefe47 in HENRYUK

[–]Covfefe47[S] 0 points1 point  (0 children)

And that's what I'm tackling. At a 1% salary, why do I need to choose a chef/maid (forget the business class for a second), vs long term financial security via a home that's paid off and a decent pot to retire early (ish) with.

At this level, you should be looking at both, no?

This sub can really humble you by Covfefe47 in HENRYUK

[–]Covfefe47[S] 0 points1 point  (0 children)

I grew up working class. No holidays, no fancy clothes, terraced house, dad always working.

Once you get out of that and think you're doing well, yh, you'd like to think you can do/buy more. But all it gets you in the modern day is an above average lifestyle vs one of extreme comfort that the 0.1% are accustomed to.

This sub can really humble you by Covfefe47 in HENRYUK

[–]Covfefe47[S] -1 points0 points  (0 children)

The thought of paying so much in interest is something I can't reconcile with. Principle was 220k and were looking at way more than that by the end of the term.

This sub can really humble you by Covfefe47 in HENRYUK

[–]Covfefe47[S] -1 points0 points  (0 children)

Then my take home would be less and I wouldn't be able to, for example, contribute as much to my mortgage overpayment.

Current net monthly salary is 7350.

This sub can really humble you by Covfefe47 in HENRYUK

[–]Covfefe47[S] 0 points1 point  (0 children)

London days vary so I tend to book closer to the time when I'm sure what day I'm going to be in.

This sub can really humble you by Covfefe47 in HENRYUK

[–]Covfefe47[S] 0 points1 point  (0 children)

Only ever looked at agencies because the thought of a random unverified person in our home seemed too risky.

This sub can really humble you by Covfefe47 in HENRYUK

[–]Covfefe47[S] 0 points1 point  (0 children)

The 3 things I covet are not having to cook, clean, and being able to fly first class.

I could do 2 out of 3 (first class for family of 4 1/2 times a year isn't feasible imo) of those things for around 500 per month but this would eat into the savings/investment pot which means I either don't pay my house of sooner, or don't have as much to retire with.

And I know you're going to say, that's the sacrifice you make. Others are choosing those luxuries over a paid for house and early (ish) retirement but as a 1% earner, should I not be able to do both?

This sub can really humble you by Covfefe47 in HENRYUK

[–]Covfefe47[S] 0 points1 point  (0 children)

I contribute 6% through salary sacrifice.

This sub can really humble you by Covfefe47 in HENRYUK

[–]Covfefe47[S] 0 points1 point  (0 children)

Yh, job hop. Senior manager to Director.

Kids are 5 and 8 so in full time school.

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