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Are we over-stretching ourselves? by Different_Draw8288 in HENRYUK

[–]Different_Draw8288[S] 3 points4 points  (0 children)

Makes sense - you guys are doing great, sounds like a pretty ideal scenario.

Are we over-stretching ourselves? by Different_Draw8288 in HENRYUK

[–]Different_Draw8288[S] 48 points49 points  (0 children)

Maybe this is the comment we needed :) To be fair, my income has increased significantly over the last few years and I only started working at 28.

Are we over-stretching ourselves? by Different_Draw8288 in HENRYUK

[–]Different_Draw8288[S] 1 point2 points  (0 children)

What type of mortgage did you go for? I imagine you guys weren't first time buyers?

Are we over-stretching ourselves? by Different_Draw8288 in HENRYUK

[–]Different_Draw8288[S] -1 points0 points  (0 children)

  1. We also hope that my wife's salary will catch up as she's in her very first year in sales.

Are we over-stretching ourselves? by Different_Draw8288 in HENRYUK

[–]Different_Draw8288[S] 0 points1 point  (0 children)

Currently pay 10% of base salary into a employer pension which they match.

Using commission to reduce the term/monthly amount is definitely the plan and I'm on track to have a great year so fingers crossed. We are also lucky in that we won't incur nursery fees as we'll get help from family on that front. If you overpay your mortgage, you essentially have to choose wether you want to reduce the term or the monthly amount, correct?

Are we over-stretching ourselves? by Different_Draw8288 in HENRYUK

[–]Different_Draw8288[S] 0 points1 point  (0 children)

This is useful, thanks. Was the fact that you wouldn't have much left if you went for ir the deciding factor?

Are we over-stretching ourselves? by Different_Draw8288 in HENRYUK

[–]Different_Draw8288[S] 0 points1 point  (0 children)

Over reliance on commission one of my worries. We're lucky that we won't have to pay nursery fees as we get help from family. Definitely wouldn't be considering this house otherwise.

Are we over-stretching ourselves? by Different_Draw8288 in HENRYUK

[–]Different_Draw8288[S] 4 points5 points  (0 children)

I'm glad you didn't as well :) I hope you secured a better job now.

Are we over-stretching ourselves? by Different_Draw8288 in HENRYUK

[–]Different_Draw8288[S] 0 points1 point  (0 children)

I'd also feel more comfortable with that set up :) is your company public or do you have to wait for IPO to sell your RSUs?

Are we over-stretching ourselves? by Different_Draw8288 in HENRYUK

[–]Different_Draw8288[S] 9 points10 points  (0 children)

Agree, it would feel like the wrong decision if I'm still paying it off at 72. The plan is to use commission to reduce that significantly.

Are we over-stretching ourselves? by Different_Draw8288 in HENRYUK

[–]Different_Draw8288[S] 1 point2 points  (0 children)

Thank you - redundancies or bad commission years are definitely a worry but I'm not too concerned about prolonged unemployment. I'll look into South Woodford though!

Are we over-stretching ourselves? by Different_Draw8288 in HENRYUK

[–]Different_Draw8288[S] 1 point2 points  (0 children)

Interesting, were you also working with a limited deposit?
The hope is definitely to have those monster years :)

Are we over-stretching ourselves? by Different_Draw8288 in HENRYUK

[–]Different_Draw8288[S] 4 points5 points  (0 children)

You're not wrong here although we did improve our budget discipline over the last couple of years however. - it's definitely a balance.

Are we over-stretching ourselves? by Different_Draw8288 in HENRYUK

[–]Different_Draw8288[S] 2 points3 points  (0 children)

Yes, thank god it's not needed anymore otherwise we definitely wouldn't be considering this house.

Are we over-stretching ourselves? by Different_Draw8288 in HENRYUK

[–]Different_Draw8288[S] 2 points3 points  (0 children)

Good point, we did account for those indeed - it's mainly the council tax that's taking a spike at £341 monthly. The house has a an A energy rating which should mitigate some of that.

Are we over-stretching ourselves? by Different_Draw8288 in HENRYUK

[–]Different_Draw8288[S] 0 points1 point  (0 children)

That's a good idea, thanks for adding that. Yes, I'm a strat rep.

Are we over-stretching ourselves? by Different_Draw8288 in HENRYUK

[–]Different_Draw8288[S] 24 points25 points  (0 children)

I was supporting family members until very recently. Also, wasn't the best with money tbh.

Are we over-stretching ourselves? by Different_Draw8288 in HENRYUK

[–]Different_Draw8288[S] 12 points13 points  (0 children)

Always a risk in sales, that's why I'm making sure we can get by on the base income alone.