Realistic SOA for moving out?

LeeSouthEast

Thanks Numpty! My £85 for council tax includes the 25% discount

Good to see I might have grossly over-estimated my energy costs, but I think I'll keep them as they are for the sake of safety.

rictus123

Well why not lol

postingalwaysposting

LeeSouthEast wrote: »

Thanks Numpty! My £85 for council tax includes the 25% discount

Good to see I might have grossly over-estimated my energy costs, but I think I'll keep them as they are for the sake of safety.

Also good if we have a repeat of this winter and you pay quarterly. You should then have a cushion either in your bank account or your energy supplier's account in which that could pay. Saves a direct debit increase when you get your bill/meter read Unless you are super frugal with your heating

LeeSouthEast

I hate being cold. Heating is one place I'm unlikely to be frugal if I'm honest.

rictus123

I think heating costs will be high for me, gf is always cold.

gonzo127

to be honest i am unsure how much deposit would be needed on a £100,000 mortgage especially since the entire banking system went into melt down,

and yes i do believe it would depend on your credit score as in reality it is a big debt usually i would expect someone with a bad credit rating would be looking anywhere up to 40%

however that is the big thing with the buy part rent part scheme's as you only need a 'small' mortgage as my post before showed only a mortgage of £17500 for a 25% ownership so even if its a 40% deposit on that you are looking at about £7000 deposit

i wish i could be more help on this however its been so long since i had to look at a mortgage as I managed to get mine on a 10 year fixed rate roughly 7 years ago

rictus123

How has it gone since then? Just seems a decent place for me and gf will be at least 125k so think we may need to think about a few more years at home than first thought.

zcrat41

Hi Rictus,

Firstly well done for clearing all your debts, sounds fantastic!! I'm in a bit of a similar situation to you; I lived with my parents for a year to save up for a deposit. I bought 3 months ago in Cambridgeshire and did up a little house. I'm living now on what I thought was my fantasy budget (like you I did numerous ones planning "this is what I'll do when I've finally got my house"! I would really recommend looking into the buying option; my mortgage is 2/3 of your estimated rent although I had a slightly bigger deposit. on a house for 110k. If you look carefully there are some good buys around at the mo.

My food budget (+ all cleaning and toiletries) is £35 a week; slightly more than yours. I wouldn't want it much less as I have to be pretty careful on this. But then I guess you won't have buckets of frizz ease to buy like me!!

Just a thought; good luck!!

rictus123

zcrat thanks but its Lees thread, im just getting in the way with my own questions of a simular nature! Thanks anyway im sure that will help Lee out!

gonzo127

well have you looked at those buy part rent part thing i posted earlier? ok i dont know where you are from and i picked Ashford in Kent for Lee because i guessed he is from Kent due to the South east part of his name

they do have 1 and 2 bed places around, just have a quick check on right move to see if there is any of those types of scheme around your area (they will usualy be around citys from what i know) probably have to search for 'shared ownership' might be a worth a look even if it doesnt suite you its worth finding out incase it does