How much will it cost to buy and live in a house?

rags2riches_2

After recently starting my first full time job, I have started thinking about me and my girlfriend getting our first house together.

At the moment we can't afford to, but in the next year or so we would like to begin looking for a property.

MY QUERY:

Exactly how much does a house cost per month (house price will be £100-150K)
Mortgage, Council Tax, TV License, Utilities, Home Insurance etc etc anything else???

Much appreciated

Robbo

Keith

Hi

We are in the process of buying our first home, and we have budgeted for...

Mortgage - £720 (£130,000 100%)
Council Tax - £95
Buildings and Contents Insurance - £25
Gas £20 - this changes depending on the time of year
Electric £30 - As above a rough estimate
Cable & Internet - £60

£950 per month.

And when buying Solicitors fees and surveys to think of...

Then theres car loans, car insurance to think of...

Good luck!
Keith

suki1964

There can be no "exact" as prices vary. Interest rates will be different by time you are looking to buy, how much deposit you have save will play a part in the size of mortgage. Heating costs vary from household to household, insurance costs vary around the country, council tax will no doubt increase etc etc etc

auntywalker2

Don't forget

Water £25 pm (estimate)
TV licence £10pm
Food ?????
Takeaways / Entertainment ?????
Life Insurance ?????

Also travel to work costs car(s) insurance + fuel or bus / train fares

Might be worth looking on Debt Free Wanabees forum, as people post their cost of living on there for discussion.

HTH

sleepy

We've just bought our first house, but have been renting together for 3 years. This is how our months spending breaks up:
We're borrowing £128,000 and that's costing - £650
Coucil tax depends on house and area, ours - £100
TV liscence, prob set to rise but is roughly - £12
Gas, again can vary a lot, ours is - £35
Electric, again varies, but ours is - £35
Buildings and contents insurance, varies, ours is - £50
Food, prob the thing that can vary the most, ours- £160
Water, I think ours is roughly - £25
Travel costs (bus/train) - £80

So we spend roughly a total of £1,147 a month on essentials, then there's any other things like entertainment, clothes,general spending on top of that.

claz

my partner and i have just bought a house

mortgage - £750 per month
council tax - approx £100 per month (when you move in the middle of the year they work the tax out funny)
water - depends if it is rates or metre - when on a metre we spent only £25 max a quater but this was in a new build - rates for new property is £350 per year
electricity - depends on whether you use it in the kitchen or not ours was £40 per quater haven't had the lastest bill BUT bear in mind electirc showers make the metre go round really quick
insurance - we have the following life assurance, buildiings, contents, critcial illness, enemployment, sickness and accident cover which all total to £150

we decided to go for so much insurance as we can afford it and my partner and i work in fast changing industries, his is also very dangerous and are at risk of losing jobs getting injured etc

work out what you are currently spending and where you will be able to cut back if needs be use martins budget software, we did and it really works!!!

Red_Elle

sleepy wrote:

We've just bought our first house, but have been renting together for 3 years. This is how our months spending breaks up:
We're borrowing £128,000 and that's costing - £650
Coucil tax depends on house and area, ours - £100
TV liscence, prob set to rise but is roughly - £12
Gas, again can vary a lot, ours is - £35
Electric, again varies, but ours is - £35
Buildings and contents insurance, varies, ours is - £50
Food, prob the thing that can vary the most, ours- £160
Water, I think ours is roughly - £25
Travel costs (bus/train) - £80

So we spend roughly a total of £1,147 a month on essentials, then there's any other things like entertainment, clothes,general spending on top of that.

Do you mind me asking what mortgage rate/deal you got and from where? It's just that I am looking at borrowing about £130k (similar to you) and am looking at paying around £750 pm on the best rate that both I and my broker could find. Is this over 25 years or 30? That's the only way I could think of getting it down so low with the rates that I have seen. Thanks

sleepy

It's with Halifax, it is a 40 year morgage which is why it's less each month. Hopefully we won't be paying it off until we're 61 though, as we paln to overpay whenever possible, and who really keeps the same morgage all the way through these days?

claz

sleepy wrote:

It's with Halifax, it is a 40 year morgage which is why it's less each month. Hopefully we won't be paying it off until we're 61 though, as we paln to overpay whenever possible, and who really keeps the same morgage all the way through these days?

my partner and i got a 35 year mortgage (could get a 40 coz of his age hee hee ) we have got a mortgage of £135,000 and monthly repayments are £750 so i can see where you are coming from with that

and obviously we won't be keepong that mortgage forever we will proabably get a shorter term one when we remortgage in 2 years time as my partner will be fully qualified then