Mortgage is 36% of our combined post-tax wages (there's no tax relief on mortgage interest in the UK). Childcare is another 21%.
(Mortgage and childcare combined would be 100% of my post-tax wage!)
Seems harsh now but it's worth it, and when the childcare costs drop (next September) there will be more money for holidays, more fun and also paying off the mortgage early.
Mortgage payments, for fixed rate mortgages anyway, aren't affected by inflation unlike rent payments. In 10 years time my mortgage payment should be smaller than it is now (as I hope to overpay) but my salary should rise; we have the bonus that we'd be happy to stay in this house for at least 20 years if need be (it was one of our criteria when looking for somewhere to buy).
The above may not seem sane, but the figures are quite normal for the UK tech sector.
Mortgage is 36% of our combined post-tax wages (there's no tax relief on mortgage interest in the UK). Childcare is another 21%.
(Mortgage and childcare combined would be 100% of my post-tax wage!)
Seems harsh now but it's worth it, and when the childcare costs drop (next September) there will be more money for holidays, more fun and also paying off the mortgage early.
Mortgage payments, for fixed rate mortgages anyway, aren't affected by inflation unlike rent payments. In 10 years time my mortgage payment should be smaller than it is now (as I hope to overpay) but my salary should rise; we have the bonus that we'd be happy to stay in this house for at least 20 years if need be (it was one of our criteria when looking for somewhere to buy).
The above may not seem sane, but the figures are quite normal for the UK tech sector.