The nervous wait to exchange....

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413x said:
Mortgage :800ppm
Council tax: 160 (960)
Electricity+gas: 160 (1120)
Water: 20 (1140)
Food: 300 (1440)
Student loan: 250 (1690)
Pension:300 (1990)
Car costs: 100-200 (2190)
Other costs (broad band etc): 100 (2300ish)


My concern is the mortgage. If that jumps to 5 percent it will be more difficult. It won't be difficult compared to some :)() but that savings pot for holidays / general. Savings etc will not be as full.
For every 1 percent increase in mortgage rates that 100ppm of cost extra. It's such a concern I'm considering paying early repayment fee (2k ish) and refixing for 5 years.

So it's not difficulty it's more it will impact I suppose.

Student loan is about to Change to about (70ppm?) but partner has only had 1 month on that wage (was 21k) so it isn't quite as high as it seems.
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Is your pension not salary sacrifice? Or are those AVC's?

Your student loans are rather high too (44k - 19,884 threshold = 24,116 over threshold. 9% of that is 2,170.44 which gives a monthly repayment of £180.87, or 180/181 as they round).
 
What are peoples opinions on colored render?
Going to see a house tomorrow that has been completely renovated inside every room and the back driveway. Basically a new house inside. The only issue is that it's covered in cream/off white render that could do with a wash/paint. To be me it just looks cheap compared to bricks.
 
dLockers said:
Providing you split equitably, you aren't doing badly. 45% of your income is 'free'. Remember you are at the beginning of your journey.
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Well aware yeah. It's taken a while to get off the floor. I went down to 2k savings (in total!) across everything (except pension) in 2020 to get the house. And without holidays have been able to build back that buffer.

Ideally would never have a mortgage higher than now (in terms of absolute debt) but I do have an idea of next house (forever house) and it is a tier up absolutely!

But no overall its not a bad position (without kids)
 
MatsyLR said:
What are peoples opinions on colored render?
Going to see a house tomorrow that has been completely renovated inside every room and the back driveway. Basically a new house inside. The only issue is that it's covered in cream/off white render that could do with a wash/paint. To be me it just looks cheap compared to bricks.
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Next door has it; their house has been valued less than ours because of it. However, most of that I would suggest is because the render is blown and therefore unknown whether it needs totally stripping or not. When they moved in they had grand ideas of stripping it and polishing the brick but god knows what it'd look like beneath it.
 
Semple said:
Is your pension not salary sacrifice? Or are those AVC's?

Your student loans are rather high too (44k - 19,884 threshold = 24,116 over threshold. 9% of that is 2,170.44 which gives a monthly repayment of £180.87, or 180/181 as they round).
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The figures above are joint figures. Including pension and student loan. As this is household chat
 
413x said:
The figures above are joint figures. Including pension and student loan. As this is household chat
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It which case your % is way better than 45% as I had double counted student loan and not considered pension in a tax effective way.
 
dLockers said:
Next door has it; their house has been valued less than ours because of it. However, most of that I would suggest is because the render is blown and therefore unknown whether it needs totally stripping or not. When they moved in they had grand ideas of stripping it and polishing the brick but god knows what it'd look like beneath it.
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Quick reply!
There is no damage or cracks on the outside (and it's an old house) it just could do with a clean/repainted although not really needed. Not really sure how render works I just know you can't power wash it. I just think it looks unsightly compared to brickwork, specially with it being cream coloured, stands out.
 
Semple said:
There's no point adding them though as they don't get paid out of your net salary.
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What do you mean they don't get paid out of net salary?
You didn't pay pension and student loan you'd have significantly more disposable income than if you do pay?

Student loan is a pure cost deducted off net salary
 
413x said:
What do you mean they don't get paid out of net salary?
You didn't pay pension and student loan you'd have significantly more disposable income than if you do pay?

Student loan is a pure cost deducted off net salary
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He/she is trying to compare your actual take-home pay to outgoings, so the pension and student loan payments are taken from gross salary so don't really mean much when trying to get an idea of your household cost.

Perhaps it would have been easier to say your rough monthly household take-home to give context to the figures? :)
 
413x said:
What do you mean they don't get paid out of net salary?
You didn't pay pension and student loan you'd have significantly more disposable income than if you do pay?

Student loan is a pure cost deducted off net salary
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Pension is taken before tax. So your 300 contribution is actually made up of your cash, and some tax benefit you get back. It isn't fair to subtract pension from outgoings without considering the tax benefit.
 
squerble said:
He/she is trying to compare your actual take-home pay to outgoings, so the pension and student loan payments are taken from gross salary so don't really mean much when trying to get an idea of your household cost.

Perhaps it would have been easier to say your rough monthly household take-home to give context to the figures? :)
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This.

Your pension and student loan are taken from your gross salary (or pre-gross if they operate a salary sacrifice scheme).

Everything else - mortgage, bills, food, luxuries are all taken from your net salary.
 
dLockers said:
Pension is taken before tax. So your 300 contribution is actually made up of your cash, and some tax benefit you get back. It isn't fair to subtract pension from outgoings without considering the tax benefit.
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It's insignificant though right? At these low pension contribution numbers? As in its with the margin of error when looking at average ppm of gas /electric variance month on month?
(I don't know for sure, I admit. But I'd have thought so)

Not the case in student loan though? That surely can only be considered a direct reduction in earnings when looking at a base salary?
 
squerble said:
He/she is trying to compare your actual take-home pay to outgoings, so the pension and student loan payments are taken from gross salary so don't really mean much when trying to get an idea of your household cost.

Perhaps it would have been easier to say your rough monthly household take-home to give context to the figures? :)
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I'd have thought that base salary needs to have student loan and pension put against it (ie listed out) as its a cost not everyone has?

I listed it out as I put my salary down.

Yeah probably best to list take home considering the questions!
 
Semple said:
This.

Your pension and student loan are taken from your gross salary (or pre-gross if they operate a salary sacrifice scheme).

Everything else - mortgage, bills, food, luxuries are all taken from your net salary.
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Because I'm at the end of my student loan is taken from my net salary. By DD after I've been paid
 
413x said:
I'd have thought that base salary needs to have student loan and pension put against it (ie listed out) as its a cost not everyone has?

I listed it out as I put my salary down.

Yeah probably best to list take home considering the questions!
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No it's irrelevant, not everyone will have student loan repayments, and not everyone will be paying the same amount as you in pension contributions. Hence any comparisons done for living costs use your net household income - the amount you and your partner get paid in salary into your bank accounts each month. As that's what drives your expenditure and savings.
 
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