33k salary, can I afford a mortgage?

Brallaqueen

geoffky wrote: »

What the hell are you going to do when they rise and maybe double in the next few years..They are at the lowest ever and can only go one way...rather you than me..

Hi geoffky - I know it sounds daft (it IS daft to a lot of people) but I did think about it before I took the plunge. My interest rate is fixed at 7.29 % so if interest rates to rise that high in three years I will be no worse off, if they go higher then I will either cope, nor not, same as everyone.

In my defence I have very few outgoings aside from bills and food - no car, sky tv, contract mobile, or credit card.

It did take me a while to fine-tune the old budget (the first month I ran out of food!) but 6 months on and I am on a more even keel, and feel ready to make overpayments and save at the same time.

getmore4less

Brallaqueen wrote: »

Hi geoffky - I know it sounds daft (it IS daft to a lot of people) but I did think about it before I took the plunge. My interest rate is fixed at 7.29 % so if interest rates to rise that high in three years I will be no worse off, if they go higher then I will either cope, nor not, same as everyone.

OK fix high rate so chances are you will be okish if rates rise.
whats the followon rate.

In my defence I have very few outgoings aside from bills and food - no car, sky tv, contract mobile, or credit card.

Now could be an issue, nowhere left to cut back if things get tough

It did take me a while to fine-tune the old budget (the first month I ran out of food!) but 6 months on and I am on a more even keel, and feel ready to make overpayments and save at the same time.

if you have a bit of slack then any income increases will help a lot and if rates don't rise to much and you have a decent follow on rate is will be the start of more rapid debt reduction.

I would focus on building up a decent emergency fund to cover anything not covered by the current budget, look forward for anything that might come up over the next 5 years(on a rolling basis review every few months).

Brallaqueen

getmore4less wrote: »

if you have a bit of slack then any income increases will help a lot and if rates don't rise to much and you have a decent follow on rate is will be the start of more rapid debt reduction.

I would focus on building up a decent emergency fund to cover anything not covered by the current budget, look forward for anything that might come up over the next 5 years(on a rolling basis review every few months).

Hi Getmore4less my SVR is 3% which might be an issue in the future, so I want to OP and get my LTV down to 80% to give me more options.

Whle I have little to cutback on I also have a spare room that I hope to be letting out in the future which will give me more leeway.

bodmil

getmore4less wrote: »

Which bit are you struggling with?

Having no living expenses, as before...