Mortgage Rate Rises

Doobedoo said:
Our child support will earn us a mighty £100 a month. Gucci belts incoming l.
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Pocket it for 4 months and head on down to Selfridges.

Our mortgage is made up of 2 parts, 1 part is from 3 years ago, 1.69%, the second part is from this month, 4.94%. Both are up for renewal in 2 years which could be very interesting if both end up around 5%. :eek:
 
I'm a single dad to a six and a eight year old.
I work 34 hours a week and I have a mortgage on a 3 bedroom house my take home pay is £1400, universal credit £400, plus £150 child benefit,
When I have paid of my mortgage bills and food I still have roughly £750 left which is plenty to be able to afford swimming lessons and nice holidays I'm actually in a position where I can't save anymore money or I will lose my benefits which is a nice problem to have.
I am lucky to have family to look after them so I don't have to pay childcare which is the most expensive thing with having children.
You don't need to have a big wage to raise children you just need to be good with money.
 
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Confuzz said:
I'm a single dad to a six and a eight year old.
I work 34 hours a week and I have a mortgage on a 3 bedroom house my take home pay is £1400, universal credit £400, plus £150 child benefit,
When I have paid of my mortgage bills and food I still have roughly £750 left which is plenty to be able to afford swimming lessons and nice holidays I'm actually in a position where I can't save anymore money or I will lose my benefits which is a nice problem to have.
I am lucky to have family to look after them so I don't have to pay childcare which is the most expensive thing with having children.
You don't need to have a big wage to raise children you just need to be good with money.
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Good for you, you're also lucky enough to live in a part of the country where a 3 bed house is a rational amount of money such that you can live near your free child care.

So feel blessed about that too because many aren't so lucky no matter how "good with money" they are.
 
Confuzz said:
I'm a single dad to a six and a eight year old.
I work 34 hours a week and I have a mortgage on a 3 bedroom house my take home pay is £1400, universal credit £400, plus £150 child benefit,
When I have paid of my mortgage bills and food I still have roughly £750 left which is plenty to be able to afford swimming lessons and nice holidays I'm actually in a position where I can't save anymore money or I will lose my benefits which is a nice problem to have.
I am lucky to have family to look after them so I don't have to pay childcare which is the most expensive thing with having children.
You don't need to have a big wage to raise children you just need to be good with money.
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You have a cheap mortgage and free child care. Two of the most expensive things for parents. Being "good with money" wouldn't help someone in your situation that doesn't have either of those two things.
 
matt100 said:
Good for you, you're also lucky enough to live in a part of the country where a 3 bed house is a rational amount of money such that you can live near your free child care.

So feel blessed about that too because many aren't so lucky no matter how "good with money" they are.
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You make a choice to live there though. No one has a gun to your head and is forcing you.
 
matt100 said:
Good for you, you're also lucky enough to live in a part of the country where a 3 bed house is a rational amount of money such that you can live near your free child care.

So feel blessed about that too because many aren't so lucky no matter how "good with money" they are.
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I bought my house at the right time. 10 years ago it cost £155000 it's now worth 100k more. I would never be able to get on the property ladder now must be so tough for most people.
 
Skilid said:
You have a cheap mortgage and free child care. Two of the most expensive things for parents. Being "good with money" wouldn't help someone in your situation that doesn't have either of those two things.
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Yes. A cheap mortgage at a decent age is a life changer. Be that by inheritance or living in a cheaper area.
And that free child care is as well. That, imo, is a huge thing between struggling and not on a median to low wage.
 
Confuzz said:
I bought my house at the right time. 10 years ago it cost £155000 it's now worth 100k more. I would never be able to get on the property ladder now must be so tough for most people.
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Its one of the many reasons contributing to lower birth rates.
 
Skilid said:
You have a cheap mortgage and free child care. Two of the most expensive things for parents. Being "good with money" wouldn't help someone in your situation that doesn't have either of those two things.
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But my mortgage is cheap now because I was good with money in the past. I do agree that I'm lucky with childcare though
 
Confuzz said:
I've only been on universal credit for a year, but if it gives my children a better standard of living I'm more than happy to accept it
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Right, but don't pat yourself too firmly on the back when it isn't down to 'just' your hard work.
 
Confuzz said:
But my mortgage is cheap now because I was good with money in the past. I do agree that I'm lucky with childcare though
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Its also cheap now because you've had it 10 years. Like you said, if you were getting on the ladder now, you wouldn't get that same house.

Such is the difficulty now.

Naturally you need a bigger house as well to have a family. So yet more pressure. It's hard for those now who want a family and to be mortgage free eventually.
 
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