Advice given my circumstances

skeen08

Hi all,

I'm currently living with parents, and earn an avg. of 30k/yr (it ranges from 26-30k+).

I'm currently saving £500pm -- this can go up to £900 on some months though.

I have no debt whatsoever, and I only have £500 in savings so far (just started).

I'd like to get a nice apartment in Docklands (London, UK). I don't want to rent - that's going to run me from 700-900pm for a place I would want, and isn't that considered "dead money"?

I think I would like to get a mortgage about this time next year.

I believe I can save 10k by then, which might be enough for a deposit.

Given these figures, what would you recommend I do? The property values I'm looking at are around the 250 mark. I've looked into shared ownership, but I don't believe the costs quoted include rent.

As I said, this isn't something I'm doing now, but next year, and I'd like to be pointed in the right direction.

Thank you.

debtfreein4years

i would work out what a mortgage is going to be on 250K and then bills on top of that. then i would start putting that away each month less what you pay to your parents in board (assuming you pay board). bills i would say council tax, gas, electric, tv licence, water, internet, sky/virgin tv if you want it, home insurance, life insurance (i think you need this when having a mortgage so if you die the mortgage is paid off), line rental for the phone and service charges.

then in a years time re-evaluate and see if you can afford to buy a 250K property on that salary as my oh is on 38K less tax and we couldnt afford a 250K property with a possible 5% deposit on his salary as mortgage payments would be astronomical and we are not willing to stretch ourselves that far.

good luck though!