100% mortgage over 30 years, at 4 times your salary- A sensible decision?

Adele_2-2

Hello Cruella
Can I ask did you pay £500 per month on 3 days a week or was this 5 days?
My nursery fees are currently £600 per month and that's on a 3 day week. I've done some research into the cost in the North West and the fees seem to be around £10 per day cheaper which is around £125 - £150 per month cheaper; plus I'd hopefully have a Mum to help out so that would save another £125 - £150.

But I'd be grateful to know if your £500 was on a part time basis and I need to do some more research.

Cheers

cruella_de_vile

Adele wrote:

Hello Cruella
Can I ask did you pay £500 per month on 3 days a week or was this 5 days?
My nursery fees are currently £600 per month and that's on a 3 day week. I've done some research into the cost in the North West and the fees seem to be around £10 per day cheaper which is around £125 - £150 per month cheaper; plus I'd hopefully have a Mum to help out so that would save another £125 - £150.

But I'd be grateful to know if your £500 was on a part time basis and I need to do some more research.

Cheers

Hi Adele, it was for full time, 5 days, sorry I didn't notice yours were for 3 days, good luck hope everything goes smoothly for you

betti911

I've got a mortgage just over 5 times my salary fixed for 29 years. Like you it was the only way for me to get on the property ladder at the time. Hopefully my salary will go up in the next year or so and it 2 years time I'll get a more favourable mortgage deal though.

Anya

Adele wrote:

Hello Cruella
Can I ask did you pay £500 per month on 3 days a week or was this 5 days?
My nursery fees are currently £600 per month and that's on a 3 day week. I've done some research into the cost in the North West and the fees seem to be around £10 per day cheaper which is around £125 - £150 per month cheaper; plus I'd hopefully have a Mum to help out so that would save another £125 - £150.

But I'd be grateful to know if your £500 was on a part time basis and I need to do some more research.

Cheers

Hi Adele,

We live near Blackpool and nursery fees are around £10 per session, so you are loooking at about £20 a day if thats any help.

littlesos

cruella_de_vile wrote:

Hi Adele, it was for full time, 5 days, sorry I didn't notice yours were for 3 days, good luck hope everything goes smoothly for you

I live in the Midlands and we pay £450 for 3 full days + 1 morning, for our daughter. so you probably would save about £150 if you're currently forking out £600 per month.

msw_2

hi, I have very similar circumstances to you, we are in the process of buying (£170k mortgage over 30years). The only difference is we have a 15% deposit (took years to save). Childcare costs are a killer...do either of your employers operate the childcare vouchers scheme? This saves us around £160 per month. By the way, I pay around £430 for 3 days in the southwest. Sometimes I feel really anxious about the level of mortgage we are taking on but we have held off for years waiting on the market to turn...and it hasn't. Who knows what will happen in the future. I am planning to do the same as you ie massive overpayments when we eventually have no childcare costs and I am back full time. I have worked out that for every £80 per month we overpay (for the whole term) it brings the length of the mortgage down by 5 years. The way I'm looking at it is that with a young baby you don't need a lot of money for your social life etc so it should be easier to manage on less money (trying to convince myself)! Good luck with it all anyway.

bekkki1

Hi

Ive just took out a 100% mortgage over 30 years as i couldnt save a good enough deposit,

I hopefully move in next week.

my mortgage broker said not to take the mortgage on for too long , as its 100% the interest rates are always higher and so it would be better to remortgage after the tie in is up as you would have a bit of capital in the house (only if it goes up tho), and so the interest rate would be lower. Ive took mine for 3 years fixed.

HTH