Anyone pay ~60% of their income on their mortgage?

Bigsy

Bigsy

Bigsy

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Joined
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Bristol
My partner and I have recency decided to separate, trouble is we have a largish joint mortgage, I can't afford to sell as we have lost money on the house. Shes prepared to walk away so it looks like I'll have to take it on...

Once pension (which I may have to stop) and student loan are taken off my salary I have about £2100 after tax and I have no outstanding loans/finance/credit card bills. My mortgage will be around £1200, this is currently a variable so perhaps likely to go up. Of course I will have to take on all the bills/Ctax also.

Basically, I just need reassurance that people actually do this? And its not complete financial suicide.
 
I think you should be able to get by on £900 a month to pay bills, food etc. You wont be able to afford many if any luxuries however and have to cut back on certain things but if you want the house sacrifices may have to be made.

How many beds/rooms are in the place you have? One option would be to rent a room out, this would drastically reduce the mortgage payment for you.
 
Gixer said:
I think you should be able to get by on £900 a month to pay bills, food etc. You wont be able to afford many if any luxuries however and have to cut back on certain things but if you want the house sacrifices may have to be made.
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I get by on less than that after my mortgage and I can still buy myself toys! :)
 
Are you seriously saying you cant live off £900?!

C'tax and bills arent that high. Food is say £200 a month. You will be fine
 
With no other debts it should be easily doable. Probably won't have much left over though.

Have you thought about getting a lodger in?
 
2/3 salary on mortgage is perfectly common, you should be fine but then we don't know what your other financial commitments are.

NAS and badcompany...if she's walking away, then is op suggesting she's willing to forgo any capital she's built up in the house? In which case that's awesome. Until her friends get onto her and tell her to come and rape you.
 
Foxxy said:
Are you seriously saying you cant live off £900?!

C'tax and bills arent that high. Food is say £200 a month. You will be fine
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area dependant and dependant on individual circumstances, how can you say they aren't high?
 
nas said:
area dependant and dependant on individual circumstances, how can you say they aren't high?
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Council tax is based on the area and value of house. If you can afford to live there you should be able to afford to pay the tax. So no, its not expensive. If it is then move to an area more in you're budget.

Bills, review them, turn stuff off. It's your choice to make them high and what you sign up to etc etc

A firm beliver of budgeting for things based on a 'worst case'. Live within your means, think outside the box. What if we split, I lose job for 3 months etc etc
 
Robbie G said:
NAS and badcompany...if she's walking away, then is op suggesting she's willing to forgo any capital she's built up in the house? In which case that's awesome.
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Doesn't sound like there's much of that. More like she's escaping negative equity and leaving OP stuck with it!
 
Yeah, I need to get all the bills together and add it all up properly, just needed a bit of reassurance that people do this, we have basically lived together for 14 years (i'm 30yo) so have little clue about going it alone in the big wide world.

Don't have many commitments at all, thikn Ctax is about £1800 at the moment (guess its a bit less on my own?) I'm sure their are quite a few things I can cut back on too. And yes I guess a lodger is possible if it all starts getting too much don't know why I didn't think of that.

Thanks guys.
 
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It's very do-able bigsy. You will notice your bills will go down and c'tax reduce by 25% (if you apply). Let the gas/elec company know you're on your own now and they will reduce the estimated readings etc.

Just map out all your costs for the year and devide it up across each month. So you always have money in the pot for car tax, xmas, holidays etc
 
Liampope said:
Doesn't sound like there's much of that. More like she's escaping negative equity and leaving OP stuck with it!
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What I'm saying is if the capital she put in offsets op's loss to date on the value of the house, then it's good. In either case the op is in a better position than he would have been if they'd sold as a pair and split the loss.

Bigsy said:
Yeah, I need to get all the bills together and add it all up properly, just needed a bit of reassurance that people do this, we have basically lived together for 14 years (i'm 30yo) so have little clue about going it alone in the big wide world.

Don't have many commitments at all, thikn Ctax is about £1800 at the moment (guess its a bit less on my own?) I'm sure their are quite a few things I can cut back on too. And yes I guess a lodger is possible if it all starts getting too much don't know why I didn't think of that.

Thanks guys.
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You've lived together since you were 16?!
 
Robbie G said:
What I'm saying is if the capital she put in offsets op's loss to date on the value of the house, then it's good. In either case the op is in a better position than he would have been if they'd sold as a pair and split the loss.



You've lived together since you were 16?!
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Agreed on first point.

And yes we moved into a flat together when we were both 16 and lived with each other since. Only bought together this year.
 
It's doable <just>

I'm sure she is happy to walk away from it and let you take on the negative equity - wouldn't anyone?

Perhaps you should consider not letting her land you in it.
 
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