We're thinking of purchasing a home for 280,000. Our Joint monthly income is £4000. £3000 from my job. £1000 from wife's salary, including child benefits. We are both in our early/mid 30s.
I work full time(WFH). Wife works part time. Looks after our kid. No nursery fees.
We've accepted an offer on our current house, which will leave us with £57,000 in equity after early repayment fees. Also have 30k in cash(roughly 10k for house, 20k for emergency. don't want to go below 15k for emergency), and 23k in Stocks and shares. So about £67,000 for new house deposit and fees.
Wife could potentially bring in an extra £300 a month come August. Don't want to count on that however. As it's not as simple as her just picking up extra shifts, due to our child's additional needs. My job is pretty secure (perm, public sector )
I will get approximately 150 quid a month guaranteed next year(Post tax). As I currently buy additional holidays to keep child benefits. Plus 2% pay rise. At the top of my band. So only inflation rises. They will redo the bands at some point, but can't count on that.
Mortgage payments would be about 1200 with a 20% deposit. 5 year fixed. 30 years
We would be spending about 30% of our monthly income on our mortgage. Our mortgage payments would increase by about £700. Council tax by 100. Had a look at home insurance and it would probably stay the same, as we've not got the best deal ATM. Energy costs should be about 20 - 50 quid more. Instead of saving as much/giving ourselves as much fun money, that's where the money would come from.
We can cover essentials on my wage if my wife had to stop working.
Our future budget would be.
Category
Cost
%
Home (mortage,insurance,council tax, broadband, energy)
1765
43.7
Car(Mostly Petrol, putting 50 quid a month for services etc, car is paid off)
283
7.0
Food(Could defo reduce this)
550
13.6
Physio
270
6.7
Fun money(150 each)
300
7.4
Buffer
210
5.2
Savings(half invested, rest for holiday, xmas presents, clothing etc.)
600
13.6
Life and critical illness insurance
35
0.9
Entertainment(netflix etc)
30
0.7
It feels comfortable to me. Just want to double check before we take on a much larger mortgage. Thanks!
I work full time(WFH). Wife works part time. Looks after our kid. No nursery fees.
We've accepted an offer on our current house, which will leave us with £57,000 in equity after early repayment fees. Also have 30k in cash(roughly 10k for house, 20k for emergency. don't want to go below 15k for emergency), and 23k in Stocks and shares. So about £67,000 for new house deposit and fees.
Wife could potentially bring in an extra £300 a month come August. Don't want to count on that however. As it's not as simple as her just picking up extra shifts, due to our child's additional needs. My job is pretty secure (perm, public sector )
I will get approximately 150 quid a month guaranteed next year(Post tax). As I currently buy additional holidays to keep child benefits. Plus 2% pay rise. At the top of my band. So only inflation rises. They will redo the bands at some point, but can't count on that.
Mortgage payments would be about 1200 with a 20% deposit. 5 year fixed. 30 years
We would be spending about 30% of our monthly income on our mortgage. Our mortgage payments would increase by about £700. Council tax by 100. Had a look at home insurance and it would probably stay the same, as we've not got the best deal ATM. Energy costs should be about 20 - 50 quid more. Instead of saving as much/giving ourselves as much fun money, that's where the money would come from.
We can cover essentials on my wage if my wife had to stop working.
Our future budget would be.
Category
Cost
%
Home (mortage,insurance,council tax, broadband, energy)
1765
43.7
Car(Mostly Petrol, putting 50 quid a month for services etc, car is paid off)
283
7.0
Food(Could defo reduce this)
550
13.6
Physio
270
6.7
Fun money(150 each)
300
7.4
Buffer
210
5.2
Savings(half invested, rest for holiday, xmas presents, clothing etc.)
600
13.6
Life and critical illness insurance
35
0.9
Entertainment(netflix etc)
30
0.7
It feels comfortable to me. Just want to double check before we take on a much larger mortgage. Thanks!