How much will my husband need to earn when we return from overseas. Post Reply

[Homeward Bound]

Hi everyone, I am posting from Boston as we plan our return to the UK.

We have been in the States for six years but have decided that the UK and, in particular, London is where we would like to be with our family.

Before we moved Stateside we were living just off Northcote Road, and if possible, we would like to be in or around that area.

Our pre move plans had been to educate the children privately, but I am aware that fees have jumped considerably since we left. What I am trying to ask as politely as possible is if we do want to do this, what sort of salary should my husband be looking to secure for his return? Unfortunately, he cannot move back with his job, so he needs to job search via contacts and initial conversations have included salary expectations. He is mostly looking for positions in tech but the business side of tech not programmer or developer.

I am happy to work, but our choice would be, if possible for me not to have to in the first year or so so that we can get the children settled.

Salaries in the States are high, but so is the cost of living and jobs that he has been looking to get don’t feel like they will pay enough for us to educate 2 kids privately , pay a mortgage and have the sorts of holidays that we have been enjoying here, on top of being able to eat out a couple of times a week etc.

Apologies for asking such a direct question but if we aren't going to be able to live comfortably in London I would rather rethink where we come back to ahead of making the big move.

Thanks

[Lepresidente]

How long is a piece of string …….. a lot of variables in that question …….Private school for 2 kids , you will need to earn £100k gross (£25k net x 2 @45% tax) just to pay the school fees . 3 bed House start at £1.3m+ and 4-5 bed at £1.8m+ -£3-9k mortgage per month depending on deposit size, borrowing rate and location - add another £150k gross . That’s if you can find a house to buy given the demand and limited stock available. I’m sure a local estate agent will tell you x number of people interested per house for sale but heard it’s pretty brutal at the moment & a sellers market. Many people rent and then buy without a chain but house prices and rental prices have gone a lot crazy around here. Rental prices are being jacked up massively. Construction costs also gone crazy in London , you could easily drop £250k + on renovation depending on scope & quality of fixture & fitting . With living costs on top. Do all the maths & unfortunately you need a lot. Factor in holidays etc etc . Should give some gist. It is a lovely bubble around here , & everyone is very lucky to live here as London /UK can be very different in opportunities, local shops, kid social activities available, wealth , education available & housing etc. good luck

[sconesplease]

Hi, if you send me a PM, I can give you our monthly expensive to give you an idea of how much things cost at the moment 

[szerma]

I think the above poster is spot on. I would say an income just above £400k would possibly cover it, but I wouldn’t expect lavish holidays with that income (a ski trip in half term can easily set you back more than £10k). Crazy but true! Of course that depends on where you shop, what kind of clothes you wear, how much you put away in your pensions etc.

[Annette1974]

I just landed back after 9 years in Singapore. Similar situations two kids in private education, house, 2 dogs etc. it also depends what help around the home you may want too. Me and my husband both work so cleaner is important to me and we also have a dog walker etc. The move was expensive and setting up outlay - so happy to give you some insights on costs. Feel free to PM directly. Annette

[astro]

I’d agree with the above posters, but would also point out that there are many many families in the area who don’t earn that much, send their kids to state school and/or go on cheaper (I.e. no ski holidays) every year. So you don’t need to earn that much to live in the area, just to live in the area and have the lifestyle choices that you’re also mentioning. It is a lovely area and we looked at moving but doubled down after we couldn’t find a comparable convenience and life elsewhere.

Good luck with your decision!

[Humdrum]

It also depends how old your children are. If younger, there are some great state primaries in the area, which will save you now and allow you to save for private secondary. Or if you are open to state secondary you have Graveney and Bolingbroke, although demand for these will be even greater now.

[Normal Person]

This is quite depressing to read. Please don't not move here because you don't earn £400k+ a year and are worried about the cost of skiing in half term- this is not Chelsea. Private school will set you back approx £18k-£25k a year. Some schools cost thousands more than others so £25k is the very very top end (Thomas's, Eaton House - the private equity owned ones basically). Dolphin, Parkgate, Hornsby, Eveline cost less. The primary state schools between the commons are fantastic if you can get into the catchment area. Your mortgage repayments will obviously depend on your deposit, so use a mortgage calculator for an illustration. £9k a month mortgage repayments would assume very low LTV. FYI we used to rent a lovely 4 bed between the commons for £4k PCM.

The responses you've had so far are a bit comical. Take with a pinch of salt and try to work out mortgage repayments based on your real numbers and workings. Take a look at any school website for fees. Eating out will cost the same here as in Boston. Holidays can be expensive or cheap depending on time of year, destination, flight cabin, hotel *s the usual.

[Normal Person]

Sorry *high LTV

[Livingintherealworld]

I agree very depressing and comical to read! We live close by and are nowhere close to 400 or even 100k income and still manage holidays and to shop in sainsburys! We both work full time and have young kids and a cleaner! Your post is funny as you need a year off work to settle your kids in? I’m assuming you’ll also be needing a nanny or wrap around childcare as well? The average salary in the UK is around 26k and people manage just fine!! Most people in London are not living in your world.

[HelloWorld]

I would say 250k gross is the minimum to earn as a household to feel comfortable in our neighbourhood IF you want to send your children to private school.
Of course you don’t need to earn this amount but I understand that the question wasn’t about the minimum needed but how much to be able to comfortably live here with a similar lifestyle that they have now.

@Normal Person : my kids are at one if the « less expensive » schools you listed and we pay 22-23k per year for each (fees + clubs + lunches). And this is before the 20% vat.
Secondary school will be around 30k each just for fees (again, before vat is added).

[HelloWorld]

@livingintherealworld
26k wouldn’t be enough even just to rent a house off Northcote road (ignoring all other expenses) so not sure what your point is?
Yes, there are cheaper areas and there are also more expensive areas.

[Livingintherealworld]

My point was salary per person so you could definitely rent somewhere in Clapham or northcote road on a normal salary and yes it might be a flat and you might not have all the extras etc . I was just laughing at the crazy comments of having to earn at least 400k to live on northcote road which is simply untrue and laughable, and shows how out of touch some people are. My point was 400k is a very generous salary and one that hardly anyone earns, unless I’m naive, but yes it’s all down to lifestyle and choices. Her husband could be on half the salary quoted above if both of them were working like most people have to in this day and age.

[HelloWorld]

Fair enough :)

My answers were to « the minimum needed to live comfortably » which I agree is extremely subjective. I guess for me « comfortable » means being able to use the shops/services of the area and live a similar lifestyle to your neighbours/school parents.

For example
1) you can buy an item from a northcote shop without stressing about the cost (£5 for a pastry from Ole&S, kids shoes from Trotters, dress from Jigsaw, etc).
2) you don’t feel like the odd one out when fellow school parents discuss holidays
3) you can go to M&S and do a food shop without really looking at the prices
4) your car is a similar range from your neighbours ones

This type of things.
Don’t get me wrong, some will choose a location even if it means lifestyle cuts and there is nothing wrong with that! And others will move out to be able to afford more property than you get here for the same money - good for them as well.

[SausagerollfromGreggs]

Your accommodation the main cost varies hugely wherever you are on the 'housing ladder'.

Salary of £400k even if between 2 people, excludes many professionals, academics , creatives and so on!

Are we looking at only CEO level, influencers and other less savoury but lucrative roles or only senior level jobs in business ?

Overheads are very variable between individual families depending on your life stage, age/assets etc etc. Mortgage or large deposit etc

Primary education doesn't *have to be paid for, and is not necessarily better in the private sector imo, leaving time to save for secondary and university education, for example.

Not easy to speculate until you get jobs organised according to your qualifications/experience, then do the sums .
We have no idea what you or your husband do for a living etc..

Its not a cheap area to live (housing wise) but not everything comes out of monthly salary for some.