3 ms·

£1500 for the mortgage, plus bills, council tax, land rent, home insurance, repairs, etc... that is around £2000 per month not counting food, travel, clothes an

by yeureka 12y ago

£1500 for the mortgage, plus bills, council tax, land rent, home insurance, repairs, etc... that is around £2000 per month not counting food, travel, clothes and entertainment. So realistically you need to earn £3000 after tax to be able to afford it, which translates to a pre-tax salary of £50k. We are lucky to earn more than that but the vast majority of people I know would not be able to do it. We barely feel middle class here, I don't even own a car.

toong 12y ago
That is £50k for two, so £25k each ? That's about UK mean gross income and below London (2007:£27,868) Source: http://en.wikipedia.org/wiki/Income_in_the_United_Kingdom http://en.wikipedia.org/wiki/Income_in_the_United_Kingdom
- deleted 12y ago
  [deleted]
- yeureka 12y ago
  That is correct, however when you apply for a mortgage the bank doesn't really add both incomes equally and the only reason we were able to borrow £300k is because I earn more than £50k. Also, interest rates are extremely low at the moment and we will be paying only around 4%. I prefer not to think what will happen if the BOE needs to raise interest rates. Additionally if we want to have kids, that's another £12k per year per kid for a nursery if my gf wants to keep her job. I never earned this much in my life and I never felt to financially insecure at the same time.