Rogue Trader
Player Valuation: £500k
Going for a mortgage and wondering what do people think is the minimum amount that they should have left after all bills are paid each month to live? I don't want to live just to pay my mortgage.
How much should we have left after all bills are paid each month?
- Thread starter Rogue Trader
- Start date
This entirely depends on your circumstances.
slipstream86
Player Valuation: £6m
Confusing logic in this question....why do you need to know how much you need to live if you don't want to live?
Maybe read the last 5 words he wrote
Depends on circumstance and how much you like to spend on additional items like holidays, clothes, eating out, etc.
When my wife and I went for our current mortgage they offered us a ridiculous amount over what we could have afforded - this was just before Covid for reference. Had we taken that amount we would have had to sell the house after Liz the lettuce Truss crashed the economy and everyone’s mortgage went up astronomically.
Just bare that in mind when speaking to the banks. There are loads of tools online which can help you work out how much you can afford based on what you earn and what you want to spend, save, invest, etc. I’d recommend using one of these tools or even ChatGPT as that can help you with it.
Lastly, if it’s a first home you’re buying factor in the price of furniture, plates, cutlery, etc. I got caught out on that when buying my first property.
Best of luck with it mate.
Bryan+
Player Valuation: £35m
Someone called Artetamoney offering financial advice to someone called roguetrader is peak GrandOldTeam
Alanbileysfeathercut
Player Valuation: £80m
No of us do.
But that's life.
But in my experience after getting a mortgage I was maxed out on credit cards and paying for shopping by cheque so my pay was in by the time it cleared.
I 1st bought in 1987,advice then was get max mortgage, cos eventually your wages will catch up and overtake, then interest rates doubled .
Endowment mortgages, they said will.give you a wonderful return, cover your mortgage and some,it never.
Anyway, I'm guessing you're not on mega bucks?
You'll need to curtail your spending if you want a property.
chrismpw
Player Valuation: £70m
Zero - The british establishment isn't happy until you've spent the last desperate fiver you have pursuing the false dream of winning some beer money at a gambling house.
What's the point of plebs having money if its not to hand it to the rich few, before having to put and earn it again. Don't dare save it ffs!
(Apart from energy which did its biggest drift 3 years ago already, my utility bills have all gone up by 30% thus year .... exactly how do the government calculate inflation?)
What's the point of plebs having money if its not to hand it to the rich few, before having to put and earn it again. Don't dare save it ffs!
(Apart from energy which did its biggest drift 3 years ago already, my utility bills have all gone up by 30% thus year .... exactly how do the government calculate inflation?)
Worthwhile considering the full picture of cost as i know talking to many other in the past the mortgage may be afforable but they haven't fully considered other associated costs that may push them into the indebted or over-indebted categories.
By that i mean home insurance, life insurance, rates and depending where you live other charges.
Best to do a full budget plan and as best as possible estimate all costs, better to be cautious and over estimate than under. Money helper have a very detailed budget planner than you can save and update:
Budget planner | Free online budget planning tool | MoneyHelper
Discover our free online MoneyHelper Budget planner calculator to gain a better understanding of your money coming in and out, and how to improve your finances.
www.moneyhelper.org.uk
But as others have said the questions subjective to individuals so lifestyle, holidays etc all need to be considered and that will show where you may need to make comprises and that may sway your mortgage budget decision.
Whatever the monthly mortgage payment is you then have to add -
Council Tax.
Energy costs; Gas/Electric/Oil etc.
Water Bill.
Buildings and Contents insurance.
Life insurance to cover mortgage.
TV licence.
Internet/phone.
Rainy day money for repairs and maintenance.
before you even think about food, commuting, clothing , leisure time etc.
The first 5 years are the hardest, then it gradually gets easier as your income increases.
Council Tax.
Energy costs; Gas/Electric/Oil etc.
Water Bill.
Buildings and Contents insurance.
Life insurance to cover mortgage.
TV licence.
Internet/phone.
Rainy day money for repairs and maintenance.
before you even think about food, commuting, clothing , leisure time etc.
The first 5 years are the hardest, then it gradually gets easier as your income increases.
Bought a house in April. While we had saved for a while and had a great deposit, mortgage is high because of my credit - someone had taken out phone contracts in my name and ran up bills. Tried to contest it but got nowhere.
It’s been hard the first few months. I’d say about 65% of my wage goes onto our bills before we get to the spending money on other things
It’s been hard the first few months. I’d say about 65% of my wage goes onto our bills before we get to the spending money on other things
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