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Originally Posted by petey
(Post 7342720)
To be honest i think we are both under earners in the grand scheme of things.
My payments are about 27% of income. Oh, and my wife calls me "Truncheon". |
Originally Posted by Mitchy260
(Post 7342329)
Just doesn't make financial sense to me that's all;) |
Originally Posted by paulg1979
(Post 7335421)
No I have no car. Just a company van with free fuel:D
This is how I worked mine out: Mortgage £1400 Mobile phone bills £60 BT phone and broadband £35 Council Tax £150 Gas and Electric £70 Food £400 Tv Licence £10 Home insurance £20 Fiancees car £140 (insurance paid up for year) Fuel for car £60 (only works up the road) TOTAL £2345 £4000 - £2345 = £1655. I can see a new car coming along. :norty: If 4k gross/month, go back and check what you can afford. If net, carry on ! :) |
I'm paying £800 a month rent on a two bed house. If I were to buy a similar property i'd be looking at £250k - £300k mortgage. Totally unaffordable.
Wish i'd bought a place years ago :( |
Originally Posted by Brit_in_Japan
(Post 7343114)
Unless I missed it somewhere, your 45k p.a. plus overtime is gross isn't it? So £4k/month gross translates into what net of tax & NI, £3k, less?
If 4k gross/month, go back and check what you can afford. If net, carry on ! :) |
Pay £225-00 per month :):) Only have a 22k mortgage :D:D
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Is that 'cos you live in a horrible house/area, or you bought it years and years ago?
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Originally Posted by fatherpierre
(Post 7343853)
Is that 'cos you live in a horrible house/area, or you bought it years and years ago?
Also ex-council tenant with a 48% discount :):) |
At least your mortgage is less than most pay out on a car loan!
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Originally Posted by matchmaker
(Post 7343929)
The former :(:(
Also ex-council tenant with a 48% discount :):) |
Originally Posted by fatherpierre
(Post 7344013)
At least your mortgage is less than most pay out on a car loan!
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Originally Posted by chocolate_o_brian
(Post 7345047)
i wanna know where you live, £22k on a car loan round here.... erm nope. christ
My mortgage is less than my car loan if I pay the minimum mortgage payment but this month is my last car payment. :luxhello: Cheers Lee |
Originally Posted by Mitchy260
(Post 7342329)
High flier, 150k pa:thumb:
Still your situation doesn't make the best sense to me.... £2300 is 30% of your take home pay so quick calculation puts your take home at roughly £7650pm. Minus your mortgage payment = £5350 per month left over :eek: May i ask why you have a 35yr interest only mortgage if this is the case:wonder: A 25yr repayment mortgage for £500k over 25 yrs is £3k per month (5.29%) compared to your 35 yrs at £2300per month interest only. Interest only as you are now = £2300 x 420 + £500k = £1.466m vs Repayment over 25yrs = £3000 x 300 =£900k Saving you over £1/2m in the long run:eek: Im sure you can afford the additional £700pm seeing your left over balance above:thumb: Just doesn't make financial sense to me that's all;) It's seems to be really easy spending £3k on nothing a month. (wife who likes spending, kids etc) plus holidays, cars etc it can go quite quickly. Also, I try to invest what I can as this can return me a better rate than the mortgage rate so in theory I will more than make up the £500k overspend...(I don't invest enough at the moment but salaries etc should increase over the next few years, only 33, time on my side hopefully) ps - high flier lol - most of the people around me at work earn many multiples of this, I don't feel like a high flier. |
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