What would you save?

Consider a One Account, you pump your mortgage and savings etc into one. You only pay mortgage level interest on your total outstanding. So it goes down on payday and up as you pay bills throughout the month. You escape the pitfalls of potentially going overdrawn on bills, dont need to look for places to earn interest on savings etc since by default your "savings" have earn't interest at the same rate as your mortgage and they are therefore tax free.

Its a slight risk for you due to not fixing, but you two sound good with money and you can potentially save loads by this method.
 
I did mortgage in joint names, borrower one earns 17.5k no outgoings, borrower 2 the same with a £60k deposit for a first time buyer in the north (believe it or not, living area is part of lending critieria). Came out at £144k
Jeeze I just tried that as well. Why will they give nearly 40k more for living up North??? Surely it should be the other way round! I could buy a massive 4 bed detached up there for the same price as a small 2 bed terraced down here!
 
2. Interest rates. Again we have thought about that, and obviously they will be going up, but like everyone else we don't know by how much. I know I said in the OP I don't expect to get a pay rise, but at the end of 5 years, if I was still on my current wage I'd definitely be looking for a new job, which should cover good few percentage points increase. If our wages stayed the same then we still have ~£3-400 buffer p/m as well as savings to tide us over until we found something smaller if the rates really do go mental and we're on the same wage.

Why are neither of you expecting any significant pay rise over the next 5 years? Your mid-to-late twenties is where you usually get your first big increase, why would neither of your be progressing in your chosen fields?
 
Why are neither of you expecting any significant pay rise over the next 5 years? Your mid-to-late twenties is where you usually get your first big increase, why would neither of your be progressing in your chosen fields?
My company is small and I know pretty much what everyone else is earning, including the guys in my position that have been there for 4-5 years and it's not a massive amount more than I'm on. If I were to move company then I should jump up quite a bit. But I like working here so for the moment the money doesn't bother me. Missus is in an admin job atm and doesn't know where she's heading so any speculating on her future would just be plucking numbers out the air.

So in summary, yes hopefully our wages will increase, but by saying they'll stay the same we're planning for the worst case scenario which is obvsiously the safest option.
 
And remember as well, any holidays you pay for as well out of that money left over do not have to be extortionate. Say you save £350 of that money a month, after 3 months you should easily have enough for you both to go away for week all inclusive somewhere fairly nice. Me and my girlfriend paid £1100 for an all inclusive holiday in a 5* hotel in turkey. So you can easily do it for less than that if you want to drop down a star.

That way you can still spend £900 on your mortgage out of that £1250 and make sure you're not tearing yourself to pieces trying to pay of that mortgage.
 
Not meaning to hi-jack just reassure, I've worked out my cost of living, for now assuming I don't have a tenant or two for the 2nd or 3rd rooms (assuming I did buy a particular property I'm looking at) I'll have £500 kicking about per month to do with as a wish, save/spend etc (after petrol and everything else car related). So I think spending 7-900 on the mortgage would leave you with a reasonable amount to 'enjoy'.

*Forever alone* should a woman come along then I can spend her salary \o/ :p
 
Not meaning to hi-jack just reassure, I've worked out my cost of living, for now assuming I don't have a tenant or two for the 2nd or 3rd rooms (assuming I did buy a particular property I'm looking at) I'll have £500 kicking about per month to do with as a wish, save/spend etc (after petrol and everything else car related). So I think spending 7-900 on the mortgage would leave you with a reasonable amount to 'enjoy'.

*Forever alone* should a woman come along then I can spend her salary \o/ :p
Yea I think that should be more than enough for you, as we've got to split our left over between two of us, and you have the option to get tenants in if the money gets tight.

I think it's just the shock as the last few years I've either had no money; being at uni and while travelling, and now jumped to the other end of the scale where I'm saving everything now so can buy a pretty much anything after waiting less than a month for the next paycheck!
 
I know what you mean totally. Same position as yourself! I get paid weekly though so I don't really have to wait at all! I'm generally quite good and don't buy what I can't afford.

Very much looking forward to turning a house into a home.
 
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