Worried-Fixed Term Ending-Lower income-HELP!

barnaby-bear

dmg24 wrote: »

I think what people have an issue with is:

1) Regarding £36K as a low income, and
2) The fact that you think it is ok for you to look after other people's children, but not for other people to look after yours? Big (read: HUGE) double standard there.

It wasn't well phrased but I get the point it does seem a bit silly to spend all day looking after older kids to pay a childminder to look after her small ones. Looking after kids over 5 as a teacher is different to looking after small babies - I don't recall her mentioning home schooling I assumed pre-school. Keeping both in the work force from a point of view to maintaining current training, pension contributions, confidence etc sounds like a perfectly sensible alternative to one at home. £36k isn't that much higher than a single mum with two kids on benefits would get if you account for the cost of accommodation, council tax, prescriptions etc. After tax, utilities and mortgage payments I can't imagine it's that cushy and I imagine the disposible income after the necessities isn't high hence the concern of a hike. The LTV, job security and incomes sounds like a mortgage will be feasible. I think trying to look after your kids when they are very small is a natural and good thing to do I don't quite see why people have issues with it.

barnaby-bear

Ian_Griffiths_Halifax wrote: »

Bol**x they need a reality check!

I think it's really damning that having a parent look after their OWN kids attracts this type of comment. We are talking about one parent being with the child at any one time. If that's seen as too far out and unrealistic to afford to house your kids and look after them I think it's pretty depressing.

MissKay

Thank you. I was beginning to feel like a freak. We don't have a lot of money. We're not on £36k at the moment as I'm still on maternity leave. We have a tiny, second hand car.

I've been seriously ill and we have some debts due to being silly and naive. I've always been very cautious with money. I've never been called lazy in my life and I've seriously been in tears over this.

I don't think I'll use these boards again.

barnaby-bear

MissKay wrote: »

Thank you. I was beginning to feel like a freak. We don't have a lot of money. We're not on £36k at the moment as I'm still on maternity leave. We have a tiny, second hand car.

I've been seriously ill and we have some debts due to being silly and naive. I've always been very cautious with money. I've never been called lazy in my life and I've seriously been in tears over this.

I don't think I'll use these boards again.

It's an odd time of day and it's a one board and one persons view. We've had similar work/life/finance issues and it's actually quite a good place to put things in context. £36k is a lot for someone young and single or a baby boomer with a tiny mortgage - it's all relative. Not having much money spare and not keeping up appearances via credit cards etc can feel a bit of a grind there are lots of people with similar issues just not on the mortgage board at midnight on a saturday.

shellsuit

MissKay wrote: »

Thank you. I was beginning to feel like a freak. We don't have a lot of money. We're not on £36k at the moment as I'm still on maternity leave. We have a tiny, second hand car.

I've been seriously ill and we have some debts due to being silly and naive. I've always been very cautious with money. I've never been called lazy in my life and I've seriously been in tears over this.

I don't think I'll use these boards again.

To be honest, I wouldn't blame you if you didn't post here again.

To those who have criticised Kay, I hope you are satisfied now!
She didn't ask for advice regarding child care or her and her husbands work patterns, so why bother mentioning those?

jediknightwarrior

What you're trying to do is perfectly reasonable and IMO you should be commended!!!

Based on the figure you have posted you are well within the norms.

Try on Monday, I'm sure you will receive a more positive response.

LittleMissAspie

I don't see any difference between a) one partner staying at work full time for 40 hours a week while the other partner is a stay-at-home-mum/dad, and b) both partners working 20 hours a week. In fact b) might be more sensible because you get twice the tax allowance, so total take home pay would be more.

TheRookieGB

HI, First of all Stop worriying.

My wife and I are:

I'm on 17k and my wife only 10k a year.

We Have 63k Mortgage with 14 years left.

My wifes money is part time as we have a 15 month old daughter.

I was on 22k and my wife 19k!!!!
Don't ask why this is all dif now its a long story.

MY REASON FOR TELLING YOU THIS IS:

Don't worry about your money expenses as much as you are doing. We thought like you that with the birth of our first child and that now our mortgage fixed rate has finished we would strugle a lot.

Firstly our new fixed rate is 5.5% against 4.39% we had before. Ok so we are having a FDirest Offset mortgage and offsetting or paying a large lump off the mortgage so that the payments reduce a lot.

What I'm really trying to say is, that the only way is to go through your entire bills and remnove all the extras that you can.

Eg. 1. moved to Virgin Media for all our deals. (TV, Broadband/mobile etc.)

Our mobiles were £30 each now they are £10 each.

Check all bills are dDebit to save money, Get rid of luxuries until you know how much you can spend each month. Take out your spending cash for petrol, food, going out and put it in a safe place. Then Use it throughout the month, say to yourself that when its gone its gone. Don't add extras to your crredit cards.

I know its hard, but it can be done, I do it. Ok so I MAY get a 3k rise in 3 months time, but saving at present like above does help.

YOU WILL get another mortgage, why not try your existing mortgage company, unless you are going to a offset mortgage then most of the time the rates at high street banks isn't far apart from each other. One reason to say with your current mortgage people is that you won't have to pay an valuationn fee, as this should have been done two years ago.

Above all don't panic.

homer_j_3

I am quite shocked at the responses on here by most.

To the OP, you are able to borrow the amount that you need and you should be looking at a rate of about 6-7% on a mortgage calculator to see if it is affordable to you.

The choice of childcare is your choice and just because you re in a profession where you are responsible for other peoples children, I commend a parent these days that wants to take responsibility of their own. I wish more would.

I hope you are not put off with a few of the posts on here that have focused on the non question and get comfort that you should be able to do what you want to do.

Prudent

MissKay wrote: »

We don't want someone else looking after our children while we're looking after someone else's children... etc. It doesn't make sense.

I understand this totally. When my dd was little and I had to keep teaching for financial reasons, I felt exactly the same way. You spend all day putting care, physical energy and emotional enery into someone else's children and come home too exhausted to give the same to your own. I used to do lovely things with my class, think how much my own dd would enjoy the activity, and then have no enrgy left to do it with her after school.

I do hope you resolve the issue. Remember if you do need extra there is alway the option of supply to cover times when you have extra outgoings e.g. a car mot or Christmas.