How much are your monthly mortgage payments?
19 October 2007, 05:09 PM
#92
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It is basically a lifestyle choice. Everyone could manage with a car that does 60 MPH and 100 MPG. No-one really needs to eat out or go on holiday. No-one needs more than two bedrooms and one bathroom. If you save every penny that you possibly can you would save hundreds of thousands over your lifetime. I don't see a problem with what Ted Maul is doing as long as it is affordable. It really is no different than buying a scoob.... the numbers are just different
19 October 2007, 05:59 PM
#93
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No I have no car. Just a company van with free fuel
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.
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.
If 4k gross/month, go back and check what you can afford. If net, carry on !
19 October 2007, 06:09 PM
#94
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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
Wish i'd bought a place years ago
19 October 2007, 09:52 PM
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20 October 2007, 03:45 PM
#102
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22 October 2007, 08:22 PM
#103
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High flier, 150k pa
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
May i ask why you have a 35yr interest only mortgage if this is the case
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 Im sure you can afford the additional £700pm seeing your left over balance above
Just doesn't make financial sense to me that's all
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
May i ask why you have a 35yr interest only mortgage if this is the case
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
Im sure you can afford the additional £700pm seeing your left over balance above 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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