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dave88uk
Posts: 35 Forumite
Morning all!
Cut a long story short I've been offered the chance to work in London, £30k.
Currently I live in the North East of England, between me and the wife we bring in about £33k and that allows us to live comfortably in a 3 bed semi. We're actually looking for 4 bedroom houses at the moment as we have 3 kids.
On a financial stance we're relatively well off, have less than £10k in debt, all spread over 0% cards. When it comes to finances I take care of things well.
Looking at London however, I doubt we'll get a £1.4m mortgage on a £30k wage, as optimistic as one can be!
I know for a fact that other people are doing it, I know people are in London unemployed, minimum wage e.t.c
I'd be working in central London, I don't mind an house or so commute to work (and back) on a daily basis. Whilst I'm not snobbish I would insist on living in a nice area, I want my kids to play out freely without worrying, e.t.c. That's something we can do in my area.
Our mortgage budget is no more than £240k
Has anyone got any thoughts/experiences. It's a daunting thought but I'll always think an opportunity through rather than simply scrapping the idea.
Cut a long story short I've been offered the chance to work in London, £30k.
Currently I live in the North East of England, between me and the wife we bring in about £33k and that allows us to live comfortably in a 3 bed semi. We're actually looking for 4 bedroom houses at the moment as we have 3 kids.
On a financial stance we're relatively well off, have less than £10k in debt, all spread over 0% cards. When it comes to finances I take care of things well.
Looking at London however, I doubt we'll get a £1.4m mortgage on a £30k wage, as optimistic as one can be!
I know for a fact that other people are doing it, I know people are in London unemployed, minimum wage e.t.c
I'd be working in central London, I don't mind an house or so commute to work (and back) on a daily basis. Whilst I'm not snobbish I would insist on living in a nice area, I want my kids to play out freely without worrying, e.t.c. That's something we can do in my area.
Our mortgage budget is no more than £240k
Has anyone got any thoughts/experiences. It's a daunting thought but I'll always think an opportunity through rather than simply scrapping the idea.
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Comments
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Re people managing to live in London that are unemployed/on minimum wage etc, I wasn't quite able to get my head round the fact that the wealthy (who seem to be pretty much the only people who can afford to live there these days) will need people around doing those NMW jobs, as otherwise there wouldn't be anyone serving in the shops and restaurants, sweeping the streets, etc.
But then...I have seen various articles recently about people doing things like "bunking up" with too many people per shared rented house on the one hand and descriptions of rather more people than normal live-aboards parked up in one "room" of grotty houseboats stashed away somewhere on the river and so on and I am rather inclined to think that maybe the only way those on low incomes manage these days is something along those lines and/or living with parents who managed to get a house in more "Normal Times" and/or living in the "sheds in gardens syndrome" and so on.
I have my doubts as to just how many people on low incomes are managing to live in proper normal level accommodation (ie decent house of their own in decent area etc) in London.0 -
A mortgage of £240k on a salary of £30k is not possible.
London is expensive. Cheaper properties in that price range are in he outer travel zones. Depending on where your work would be based you would need to factor in travel costs.
If you didn't have kids it might have been doable renting in a house share but with kids I'd say no.0 -
Do you mean that you don't mind a commute of an hour or so to work and back each day? Having just had a quick look on Righmove for 3/4 bedroom houses up to £240,000 and there's fairly slim pickings, none of them are detached or even semi-detached they're all terraces. As for whether the areas are what you consider nice I've no idea.
I think to get the kind of property you want you're going to have to move out of London and have a much longer commute which is going to cost you thousands each year in train fares.0 -
Morning all!
Cut a long story short I've been offered the chance to work in London, £30k.
Currently I live in the North East of England, between me and the wife we bring in about £33k and that allows us to live comfortably in a 3 bed semi. We're actually looking for 4 bedroom houses at the moment as we have 3 kids.
On a financial stance we're relatively well off, have less than £10k in debt, all spread over 0% cards. When it comes to finances I take care of things well.
Looking at London however, I doubt we'll get a £1.4m mortgage on a £30k wage, as optimistic as one can be!
I know for a fact that other people are doing it, I know people are in London unemployed, minimum wage e.t.c
I'd be working in central London, I don't mind an house or so commute to work (and back) on a daily basis. Whilst I'm not snobbish I would insist on living in a nice area, I want my kids to play out freely without worrying, e.t.c. That's something we can do in my area.
Our mortgage budget is no more than £240k
Has anyone got any thoughts/experiences. It's a daunting thought but I'll always think an opportunity through rather than simply scrapping the idea.
A £30k salary in central London is peanuts. I'd certainly not move for that!Should've = Should HAVE (not 'of')
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)0 -
You wont buy anything in London for £240k. You will beed to live outside of London and commute. South West Essex and North East Kent probably offer the best value for money in housing term and both areas are within a 40 minute journey of The City, so certainly commutable.
But realistically, £30k with South East house prices, commuting costs and a family of 5 you will really struggle. You'll be a lot worse off than you are now.Eat vegetables and fear no creditors, rather than eat duck and hide.0 -
We live in the suburbs of West London a nice area but a 2 bed here is nearing 300,000k it doesn't look doable unless you live in a less desirable area in a flat which just might be affordable but I think even then you might struggle.#6 of the SKI-ers Club :j
"All that is necessary for evil to triumph is for good men to do nothing" Edmund Burke0 -
A single person would struggle to live on £30k in London, let alone one with 3 kids!
I earn a lot more than you and live in a box in a so-called bad area. A 4 bed house? You're having a laugh, surely? I don't even have more than 1 room and I'm apparently a 'professional'! A good job in London does not equate to a good home in London. I'm happy with the compromise but I don't have kids.
Stay put. The lifestyle where you are is not one you'll get down here. You could consider renting Monday to Friday in London and coming home at the weekends, but I'd argue a £30k job is not worth that kind of sacrifice to family life.0 -
With £240k you could probably just about get a 3 bed somewhere like Welling or Plumstead, SE London / Kent borders.
However, they aren't particularly nice areas and whilst I have no direct knowledge of the schools around there I'm going to wager that they aren't up to much.0 -
London is for young people starting their careers and sharing flats, not families looking for good schools and lots of bedrooms. There is a reason people leave London before starting their families.
I have lost count of the number of people who look wistfully at Northern house prices, then realise getting a decent job would be the stumbling block. You've achieved what for many is the dream. Pay down those debts and enjoy what you have.Been away for a while.0 -
We live in Reading which is commuter belt territory - 30ish mins on the train at a cost of well over 5K a year for a season ticket. We wouldn't consider either of us working in London for less than double what you have been offered. Friends have just bough a detached 3 bed round the corner (one of the nice bits of Reading) for half a million. Don't move for that salary.0
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