No debt or mortgage here; but would still want £2 million to be stress free that it’ll see me out.

50k a year and you’d still ‘have to work’?

Yeah… you know how much holidays cost? And thats just for 4 weeks a year – id need to work just to keep me from spending the money too fast! Its a lot more than i get now but id still be as skint i reckon!

Just bought my first property at 30 and now have a £425k mortgage. I’d need at least a mil to call it life-changing, a few mil to give up on work

robowns – Member
Just bought my first property at 30 and now have a £425k mortgage.

Wow … how do you sleep at night!

£425k mortgage

😯

Only a middle manager in IT can afford that….

I thought we were being asked what was life changing, not what we could get by on.

Well my figures are based on changing my life because I wouldn’t be commuting/working which other than emigrating or similar is going to be as big a change in my life as I require. I don’t have the consumerist “must have the newest and latest version of whatever is still perfectly usable” mindset (my fleece jacket is 20yrs old(!) and still in good nick for example) so my current salary (gross or net) would be enough to finance my lifestyle.

You’re all doing it wrong. At least £10m if we’re talking about changing ones life significantly. Firstly I’d develop some sort of narcotic addiction and probably a gambling habit.

I’d also need a fleet of nice diggers and a few fields to dig holes and then fill them back in. And some trucks (I’m a bit obsessed with trucks and diggers) because trucks are ace.

And motorbikes – I’d buy lots of those.

I’d be a coke snorting digger driver who rides motorbikes on the weekend. Not entirely sure I’d need to worry about paying the mortgage off..

Wow … how do you sleep at night!

Presumably robrowns and partner have a joint income some way north of £145K pa to have been granted a mortgage that large. Although pretty darn impressive for a 30yr old I guess there are some that are in that situation. But…..is a £425K mortgage on that sort of salary any more scary than a £200K mortgage on a £70K household salary? Never been lucky (or unluck, take your pick) enough to find out. I bet its easier to cut corners to pay it without the corners being a reduction of calory intake.

Depends where you live too.

3 bed 1930’s semi’s go for £500k plus round here – the *average* property price is £365k. So a £425k mortgage may not deliver a palatial residence. Or even a house.

For a ‘life changing’ amount of money I’d want more than an even a bit above average house, I live in one of those now.

Depends where you live too.

My street is mainly Victorian Railway Cottages, small houses built for railway staff. They now sell for North of £600k. Totally insane.

Life changing, wouldn’t need to pay the mortgage off just enough to leave some actual money in the bank at the end of the month.

I think those saying millions are confusing enough to change their lifestyle with enough to pay for the like style they’d want in a dream scenario, in which case a four figure sum per person per week is probably only the start (how many footballers end up broke?), plus the lump sum to buy the big house, Ferrari etc.

For the sake of the thread, I’d want enough to be mortgage free with enough leftover to start a scalable business without having to go though the first few years completely penniless. That way I could keep busy and take a step back/retire once its running itself (and I could just keep a hand in the interesting bits like R&D).

Presumably robrowns and partner have a joint income some way north of £145K pa to have been granted a mortgage that large. Although pretty darn impressive for a 30yr old I guess there are some that are in that situation. But…..is a £425K mortgage on that sort of salary any more scary than a £200K mortgage on a £70K household salary? Never been lucky (or unluck, take your pick) enough to find out. I bet its easier to cut corners to pay it without the corners being a reduction of calory intake.

Our mortgage isn’t far off that figure and even when I was working in engineering our income was nowhere near that! His might be but I think you’re overestimating. As others said that sort of mortgage would get you an average house in a lot of the SE, and if you’ve got a good job and 2.4 kids you’re going to want/need an above average house.

I’m quite thirsty at the moment, and quite fancy a cherry coke zero.
so.. about £1.50 would be pretty good right now…

DrP

convert – Member
Wow … how do you sleep at night!
Presumably robrowns and partner have a joint income some way north of £145K pa to have been granted a mortgage that large. Although pretty darn impressive for a 30yr old I guess there are some that are in that situation. But…..is a £425K mortgage on that sort of salary any more scary than a £200K mortgage on a £70K household salary? Never been lucky (or unluck, take your pick) enough to find out. I bet its easier to cut corners to pay it without the corners being a reduction of calory intake

I think my concern would be losing present job, and having to find another at same or above salary.

Best of luck to the young fella though; he who dares etc

For the price of a hammer, a decent wheelchair and my travel expenses i could change any one of your lives 😈

And if caught i’d get my life changed for free 😆

Our mortgage isn’t far off that figure and even when I was working in engineering our income was nowhere near that! His might be but I think you’re overestimating. As others said that sort of mortgage would get you an average house in a lot of the SE, and if you’ve got a good job and 2.4 kids you’re going to want/need an above average house.

I admit that I’m a bit rusty with arranging new mortgages. Is the 4 times your salary, 3 times the salary of a coulpe as a starting point for max mortgage not still used?

I’d be a coke snorting digger driver who rides motorbikes on the weekend. Not entirely sure I’d need to worry about paying the mortgage off..

I genuinely hope you win the lottery mate! Asides from anything else, you’d be f**king cool. Just remember to invite me round.

To pay off debts and maintain existing lifestyle without working til requirement age I reckon would be something approaching 500k. Having said that, being mortgage free on it’s own would still be life changing. I’ve been mortgage free before (until we decided to buy a stupid house in the hills), and it’s great knowing that you’re not beholden to a job in order to pay off debts.

My penis is rather large…

Is yours ?

I’ve paid off my mortgage twice…hardly life-changing stuff for me I found . I’d need about £1.5 million I reckon to give me the confidence to give up my job and start flashing the cash in a more reckless fashion.

£30K would make life easier, £150k would mean one of us could quit work, any more than that would be nice!

This is one of these threads when you realise that you really are on the outside looking in.

Yeah, some of us could only dream about retiring to the heart of the Cairngorms in their mid fifties…. 😉

I buy extra euromillions tockets when the jackpot is £100m plus. Clearly a much lower figure would suffice ! £2-3m would clearly make a big difference, £10m is a nice round number 😉 Basing this on a few property purchases and then a sum to provide a generous income from investments

£50,000,000

Great news I won a national lottery lucky dip!! My life is changed……