£900 per month???

merkat1

live at home (rent free) and don't go out

Cannon_Fodder

Life in the UK doesn't get much cheaper than that, make the most of it !

Aim for a 25% deposit, if you can.

Thrugelmir

merkat1 wrote: »

ok thanks guys, seems i have been confused in looking at this, looks like more saving then! i get paid £1200 a month and im putting £1000 away each month and my boyfriend £600 so just have to wait a year or so...im just so scared that prices will shoot up on houses...but doesn't look like i have much choice other than to keep saving!

Thanks so much for all your advice on here...its brilliant! x

Maybe consider a cheaper property to get on the ladder?

Only borrow what you can comfortably afford to repay.

dunstonh

The long term average for interest rates is around 7.5%. They are going to be at that level again in the years to come. So, you should look to your £900 being around £1500 within a few years.

can you afford £1500pm now?

ginvzt

merkat1 wrote: »

Hi guys,

the info on this site is brilliant i must say!!

My boyfriend and i have seen a house that we like for £215k we have a deposit of £25k so have found the best mortgage for us to be the HSBC fee's free one.

The repayments will be around £900 do people think this is ok as we have a joint income of £2400 (and usually £3000 bonus each year)

I am just wondering where did you get £900 from? With the numbers above 4.49% 25year mortgage would be about £1055 per month. Was it what mortgage adviser calculated at HSBC?

merkat1

Well i was going to put an offer in on the house so wasn't planning on paying the full £215k.

I think from the advice on here today i shall keep saving for a while, i just wish i started a year or two earlier because i would be ready now, i will be very gutted if everything starts to hike in price quickly over the next year! x

smcqis

if you took that i think you would be crazy, as Martin likes to say your mortgage payments shouldnt (in general) be more than a thrid of your take home pay. i earn 24k and my fiancee 14k and even this would seem like a struggle to us. Will the bank even lend you this money...i would doubt it tbh

Wutang_2

There's a lot of repetition on here! They have been told about being prepared for higher rates - and they have acknowledged it. They have been told about the £900 a month being slightly out....and they really don't need Martin Lewis' guide either!! Thats like taking financial advice from someone working for the council.

VIGILANT22

Wutang wrote: »

There's a lot of repetition on here! They have been told about being prepared for higher rates - and they have acknowledged it. They have been told about the £900 a month being slightly out....and they really don't need Martin Lewis' guide either!! Thats like taking financial advice from someone working for the council.[/QUOTE]

I thought that was what most of this site was based on?