Mortgage Affordability and Costs of Owning a Pet

Having just got back from another trip to the vets and also having taken delivery of this month’s pet food I thought I would touch on affordability and the impact owning a pet can have on this.

Owning a pet comes with a number of regular expenses that you need to plan for in your mortgage affordability calculations.

Pet food can cost anywhere from £50 to £100 per month depending on the size and needs of your pet. For larger dogs, you may need to buy more expensive high quality food which can easily cost over £100 per month. You also need to factor in treats and any supplements your vet recommends.

Regular vet visits, vaccines, and preventative treatments can cost a few hundred pounds per year at minimum. But unexpected vet bills for illnesses or injuries can easily run into the thousands. Having been through a £9000 back operation with our dog, I highly recommend you take insurance. If you can’t afford the insurance then don’t get a pet because just a simple check up at the vet can set you back over £50. For our 2 elderly dogs and elderly cat we are now up to £260pm in insurance costs and we still have to pay the first 20% of any claim due to their age.

Many pets need occasional grooming or day care services when owners are away, adding hundreds per year in costs.

We have two cockapoos and I spend more on their grooming than I do on my own hair at the hairdressers. They have to be trimmed roughly every 8 weeks and at £100 a time for the two of them it’s not cheap.

You also need to factor in the cost of supplies like bowls, beds, leashes, toys, grooming products, and flea/tick preventatives. For cats, you’ll need to budget for litter and replacement litterboxes.

In total, owning a pet can easily cost £150 – £300 or more per month on average depending on the type of pet and any health issues. However, the companionship and joy a pet brings is truly priceless. Just make sure to include the costs of pet ownership in your mortgage affordability calculations to help ensure you have enough funds to properly care for your furry family member.

So there you have it. When planning your future, think carefully about the property you want to buy and how long you’ll stay there. Getting a pet? They’re a joy but do factor in costs like food, insurance, and boarding. The lender wants to know you can afford your mortgage, life’s necessities, and some fun too. Dream big but budget wisely so you and your furry friend can enjoy your home for years to come.

If you want to chat through your mortgage calculations, get in touch or head over to our mortgage calculator.