Our SOA to see if we can afford new flat

LouLee2008

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 994
Partners monthly income after tax....... 678
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1672

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 525
Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 0
Mobile phone............................ 20
TV Licence.............................. 15
Satellite/Cable TV...................... 0
Internet Services....................... 10
Groceries etc. ......................... 200
Clothing................................ 0
Petrol/diesel........................... 40
Road tax................................ 17
Car Insurance........................... 90
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 14
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 10
Life assurance ......................... 20
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 30
Holiday................................. 0
Emergency fund.......................... 20
Total monthly expenses.................. 1261

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 6000
Other assets............................ 0
Total Assets............................ 6000

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
Iva............................0.........204.......0
Catalouge......................1200......50........0
Credit Card -Mint..............500.......11........0
Repay Sister...................420.......30........0
Total unsecured debts..........2120......295.......-

Monthly Budget Summary
Total monthly income.................... 1,672
Expenses (including secured debts)....... 1,261
Available for debt repayments........... 411
Monthly UNsecured debt repayments....... 295
Surplus(deficit if negative)............ 116

Personal Balance Sheet Summary
Total assets (things you own)........... 6,000
Total Secured debt...................... -0
Total Unsecured debt.................... -2,120
Net Assets.............................. 3,880

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

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There will be 2 adults, and 2 cars. my partners car is sorned at the moment, so are using mine as its very econimcal.
I have estimated things as i have never rented a place before
. Any tips or ideas are very greatful, i know food is high, so will work on lowering that, at the mo we rent room off my sister so dont have alot of cupboard space'

LouLee2008

Ive forgotten to add, my partner has tools at work he has to pay for so thats a extra 80 a month

LouLee2008

I have done the wages on basic , as we get overtime, but its not guarennted and my partner gets bonuses. his wages should also be going up, soon as he will become a MOT tester

Burlesque_Babe

I'm guessing this is a projected SOA if you are currently renting from your sister.

your car insurance is very high, check out some comparison websites to get it lower and then use Quidco to look to see if you can get some cashback.

Gas and electric is high at £80 a month jointly - I'm paying £34 for a 2 bed bungalow for 2 adults as a comparison.

Any chance you can sell your car and get something cheaper which is just as economical? If your total debt is just over £2k, sell the car, clear the debt and get a car for around £3k or so.

LouLee2008

oh right well gas and electric was a estimate,
car insurance is high as its both cars, mine is only £33 a month for mine,
his is£55 as his is high powered thing,
I cant really sell my car as i dont really own it as such as my dad brought it and i believe is still paying for it.
ive only just taken my car insurance out , it was the cheapest can get, my OH is due in nov

mickeyblue_2

it looks as though you can afford a mortgage for about £600 a month, would that be about 95k ish?
Although your partners wages are really low, can he work more hours? It doesn't even look as though he is on the minimum wage.

LouLee2008

thats my wages, im doing part time at the mo, waiting to find out if the company i work for is going to take me on perm and full time, were both on good hourly rates really for the jobs we do.
i think th eproblem we have with getting a mortgage is my partner has a IVA, which will go against us, and we have no depositi

LouLee2008

although ive put it down. do i need life insurance and contents insurance?? lol i have no idea what i need if im renting a place lol

Callisto

You'll definitely need contents insurance, but I don't know much about life insurance. If it were me, I would concentrate on paying off the debts and then building up a deposit. You won't get a mortgage in the current climate without a deposit.

You can get the food bill down if there's just the two of you, I'm spending on average £25 - £30 per week by shopping at Aldi and picking extra items up from Morrisons if Aldi don't have everything I need, and that includes a few luxuries - biscuits, chocolate etc, so could spend even less if necessary. I've also just started meal planning which stops me buying food that would otherwise go to waste and I stock up on things like toilet roll if I see it on offer as that will last!