Rent or mortgage

Catbert

Hello,

I'm looking to get my own place (currently living with parents) and I'm just looking for some advice and ideas on what to do based on my circumstances.

• I'm single - will be living alone.
• I'm not going to get any financial support from family.
• I earn £14K before tax (~£12K after) and that might not be increasing beyond inflation anytime soon.
• I have just under £14K of savings.

Obviously at the moment a mortgage is out of the question. I could probably put away £700 a month towards a deposit until I have enough.
Or should I just rent until my circumstances change (ie. I get a better paid job)?

Thanks

property.advert

As you assume, you will need more income, unless you live somewhere with 40k houses.