Deposit +?

g_attrill

If you can get away with not paying stamp duty then a solicitor would be ~£750 (or much less, I paid under £500), then mortgage+survey fees could be anywhere from nothing to £1,500, so £3k isn't far off.

£5k for furniture is probably a bit much, it's best not to go and buy everything immediately since you need to live in it for a while to figure out what is best, but including kitchen appliances you could indeed spend quite a bit. I got a really nice oven off ebay cheaply - certainly worth a look since it's one thing I didn't mind buying 2nd hand and it was 1/4 the price of a new one. Also curtains do add up, but if you know somebody who is handy with a sewing machine you can get ready made ones and have the drop altered rather than ordering them custom fitted.

Doshwaster

In an ideal world it's best if you can get above the 25% deposit level. That's when mortgage rates come down significantly.

So, that's a 42.5k deposit on a £170k house

I'm in a similar position - I am in the process of buying a £160k home with a £40k deposit. So far mortgage/legal fees look as if they are going to be about £2000. I have been living in unfurnished rentals for the last 10 years so I have some furniture/white goods - a lot of it is cheap, knackered and needs throwing out but at a push can be made to last another couple of years - that way I can "upgrade" the furniture one but at a time as I decide what I want rather than splashing out on everything new then deciding I hate it all. Moving costs is the the of a transit van for the weekend and bribes for some friends (beer/curry)

I would say that for the OP £46k-ish would be a reasonable house buying budget.

bodmil

Thanks for the replies, definite food for thought. I must stop thinking of it as a forever home, I'm just so keen to finally dress up somewhere as my own and the image of living in a Laura Ashley catalogue springs to mind!

verytricky69, I really can't put anything less than 25% down on the deposit, as without such a large amount, I won't get any thing! 170k is very much the lower end of 'suitable' properties in the area, but so much the better if I can put in a cheeky offer.

I suppose I could manage with 3k for essential furniture and appliances (perhaps that's a more accurate description). I know it's very un-MSE to not get the cheapest tv and cooker etc, of course I don't NEED to spend 5k, but so long as it's budgeted and paid for up front I'm happy. 3k seems reasonable without leaving a large amount left over surplus to savings that I could have put on the deposit, but then I could just put it aside for overpayments.

Fire_Fox

overandout wrote: »

Not if you are working in London. I work in central London and have stayed in a Zone 6, 1 bedroom flat + transportation (just a railcard).....would have cost me around £750.....I haven't even counted utilities yet...

I have friends that rented a spare room with all utilities included (Zone 3) + transportation would still cost around £500....

And that's not inclusive of food and any other basic necessities....

London is just expensive....

But you don't NEED a one bedroom flat, if you are saving like a demon for a deposit live somewhere cheap as chips for as short a time as possible. Ideally a shared house or lodgings, if not a two bed flat with one other person. As soon as you have a place to yourself things get expensive - nobody to share the council tax or electricity bills with. :huh:

Food isn't expensive if you are largely vegetarian and take your own to work - Weezl74 managed it for 50p per day tho that involved a huge amount of prep! If you think the costs of living are high then costs of living will be high, you won't be looking for the cheaper alternative. EVERYTHING in your budget should be up for negotiation if you are serious about being frugal. I cancelled my TV license (£12 a month) on the grounds I could watch iPlayer if I kept my broadband (£6 a month) and I honestly don't miss live TV!

Some aspects of living in London are indeed silly prices, but you could pretty much never pay anything on entertainment if you had an open mind as there are plenty of free music events and open air 'shows', open days with free snacks and even booze. Travel passes are a lot of money, but you don't need a car. Many people cycle to work, that may mean you have to find a shower but it could be cheaper to join a council gym than use an Oyster card.