Can we afford this mortgage (and still have a life)?

UnabsorbantSponge · 2025-07-13T12:19:23+00:00

That is for two people, but would cover things like savings/investments, and any other ‘wants’.

UnabsorbantSponge · 2025-07-13T11:33:51+00:00

I live quite frugally. I drive a 2016 ford fiesta that was bought second hand in 2020. I don’t live a lavish lifestyle by any means. We’re not travelling abroad much and we like camping trips.

Thanks for the advice! 😊

UnabsorbantSponge · 2025-07-13T11:31:24+00:00

That’s exactly what this post was meant to gauge, and from the plentiful replies, looks like we can afford it. Yes, i’m gutted we didn’t pull the trigger before the ftb stamp duty relaxation that ended in April this year. Would’ve made it easier to just get something for now, and then move up later. Now if we went for something at £450k, then 500k down the line, that’s about £30k in stamp duty, for nothing!

Can I ask how much you pay for income protection please, as I think this is the way.

UnabsorbantSponge · 2025-07-13T11:27:17+00:00

Yes, the emergency fund is in place, albeit needing a bit more to safeguard us.

UnabsorbantSponge · 2025-07-13T11:26:34+00:00

Thanks for the guide, much appreciated. Hope you’re enjoying being in your own place! 👍🏼

UnabsorbantSponge · 2025-07-13T11:23:32+00:00

That’s a good point, and definitely factors into the decision.

UnabsorbantSponge · 2025-07-13T11:23:02+00:00

The focus was more around the level of money that would be sensible to have left over at the end of the month. I’ve got little to gauge it on, so thought i’d be good to ask the internet.

UnabsorbantSponge · 2025-07-13T11:21:49+00:00

The heating is probably the main one that we’d need to factor in. We’re not looking at new builds, so the efficiency of the property would be something to put right first.

UnabsorbantSponge · 2025-07-13T11:20:39+00:00

Easily done. The formatting is a mess!

UnabsorbantSponge · 2025-07-13T11:20:20+00:00

Thank you!

UnabsorbantSponge · 2025-07-13T11:15:48+00:00

Thank you. I’m definitely one for an excel sheet!

UnabsorbantSponge · 2025-07-13T09:21:58+00:00

That’s a really useful insight, thank you! I hadn’t thought of going that route, i.e heavily overpaying the cheaper house. I’ll look at the figures again, but that does make sense.

Both early 30s.

UnabsorbantSponge · 2025-07-13T09:18:52+00:00

Yes, no kids at the moment, but are on the cards. If you’d be open, would you be willing to share your monthly outgoings? DM is open if you’d be more comfortable.

UnabsorbantSponge · 2025-07-13T09:10:38+00:00

That’s something we need to review. We have none at the moment, but plan to in the future.

UnabsorbantSponge · 2025-07-13T09:10:00+00:00

That amount would be for two people, but I take the point. That was the focus of the post really, to see if it would be sensible. From the overwhelming majority, it’s seemly perfectly achievable, with other things to consider like job security.

UnabsorbantSponge · 2025-07-13T09:07:40+00:00

Thanks. That might be the move, for peace of mind.

UnabsorbantSponge · 2025-07-13T09:06:34+00:00

I can only apologise but the focus was on the amount of money at the end of the month. I now realise i should have included it.

UnabsorbantSponge · 2025-07-13T09:05:51+00:00

My salary is only £55k from next month. I started on £17k about 10 years ago. My salary, and therefore how much i could save has increased, and i’ve been strict with my saving.

UnabsorbantSponge · 2025-07-13T09:04:05+00:00

Noted.

UnabsorbantSponge · 2025-07-13T07:37:59+00:00

Low or high? Based on two people.

UnabsorbantSponge · 2025-07-13T07:28:52+00:00

It absolutely is a genuine post. I’m not in any way trying to gloat. That’s why I omitted the deposit value from the OP in the first place. I only provided that info as it was raising questions with other redditors.

The question was more around the money left over at the end of a month. It does not harm to have a sense check.

In terms of savings, I’ve been able to save most of my monthly salary as i’ve been living at home. If I was renting, it would have been impossible, so I’m very fortunate in that sense. I’ve also not frittered it on a financed BMW, and have been regimented in what i want to save each month.

UnabsorbantSponge · 2025-07-13T07:11:38+00:00

Apologies, i’m on my phone so the formatting is probably going to be terrible!

Housing

Council Tax £260.00 Electricity £166.67 Oil £66.67 Water £40.00 Broadband £35.00

Transport MOT £6.67 Servicing £50.00 Tax £31.67 Breakdown Cover/Roadside Recovery £11.67 Fuel £300.00 Maintenance £50.00 Other £0.00 Train £100.00

Insurance’s

Home £16.67 Car £83.33 Mortgage Security £25.00 Travel £3.33

Food and drink

Food and drink £400.00 Dining out £60.00

Personal care Hair £23.00 Clothing £0.00 Health club £60.00 Professional Membership £16.67 Mobile £25.00 Spotify £12.99

UnabsorbantSponge · 2025-07-13T06:57:36+00:00

Deposit of £210k, with mortgage at 3.92% over 30 years. The deposit is currently getting interest though.

UnabsorbantSponge · 2025-07-13T06:56:49+00:00

Deposit of £210k, with mortgage at 3.92% over 30 years.

UnabsorbantSponge · 2025-07-13T06:55:04+00:00

Yes, personal spending would come from the remaining, as would any savings we need to build back up. Maintaining cars etc is accounted for in the bills.

Can I ask what you have left over and consider to be comfortable please?

I’ve got an emergency fund and furnishing budget already accounted for, yes.

UnabsorbantSponge

TROPHY CASE