Depressing mortgage offer :(

GettingItRight

Utility bills would be an issue I guess. Once the interest rates jump up again, I'd be in trouble. Hmmm maybe I should buy a solar panel before I apply for a mortgage. If I could then actually get a mortgage, I'd be able to place the solar panel on the roof of the house or hang it out of the window to my flat. Joking of course

Kavanne

GettingItRight... unfortunately £100 will not cover all your bills alone.

For me and my partner in 2 bed flat:
Gas: £70
Electric: £50
Phone: £15
Water: £26 (metered, as will you be)
TV License: £11
Home Insurance: Could be anything, we pay £26pm for contents but could be a lot less depending on total sum insured. Get a few quotes. You'll need buildings insurance too.
Life cover: I pay £6 pm for £100k cover with L&G but it could be more depending on age/sex/smoker/drinker/prexisting conditions
Mobile phone: I know you have one!!
Broadband: You'll probably want this too

Honestly, OP, unless you are getting some extra income benefits/self employed/lodger/2nd job you'll not be able to get by on your current wage in your own property

Sorry

GettingItRight

Thanks Kavanne TBH I always thought this would be the case, but tried it for curiosity's sake. I think I'm going to have to go the council route or live out in my car. The first option will take maybe upto 2 years if lucky, the later can be done anytime I wish and will only require fuel and yearly tax and insurance payments. Alternatively I could go back on holiday to Brazil and go play with the monkeys in the jungle. Living on a diet of banana and piranha!

Joe_Bloggs

If your job is not going the way it could be in providing what you want for the future then plan on getting another that does. There are some good employers out there that reward dedication and achievement. John Lewis are doing well this year.
J_B.

jillymit

It's not really what the bank will loan you but more a case of what you can afford to pay out each month.

Buying a property in theory is a nice idea if you can manage to pay your mortgage and all the bills and live on what's left. There are an awful lot of people who have managed to get up to five or six times there yearly income loaned to them but have found themselves coming unstuck when there's a raise in interest or if they need to pay for anything extra, home repairs, car etc.

I know it's disappointing if a mortgage offer, even a theoretical one, is so very low but it's better than the misery of over stretching yourself. A lovely new home can soon become a nightmare if you can't afford it in the first place.

If you chose to rent instead than at least if the roof starts to leak it's someone elses problem and not yours.