And then there was one :(

dean_chad

Hi there
Ive currently been living and saving for a first home with the partner. However things have, well, turned one sided and now the idea is to look for a home on my own .

Im currently earning £23k basic and between 10-15k a year overtime.
Ive managed to save £14,000 on my own and have £3000 credit card debt. I do not own a car as i have a company vehicle.

The thing is, ive been looking for houses aroounf £135k mark over 30 years but i'm worried this might be an over stretch. After all I do like my food, I imagine i could spent the same as a mortgage on food a month hehe.

Does this seem to be an unrealistic amount? Also i have a lodger waiting if need be!

cheers

jonewer

What could you buy for that money where you live and how much would the rent be?

Personally, I would never take on debt of that income multiple. No way.

CloudCuckooLand

Clear your credit card debt.

Save £20k for a 15% deposit, another £3k-ish for fees.

This will reduce the borrowed amount to £115k, which will still be tight, but the better rate from having 15% deposit will offset that a bit.

dean_chad

aha so im punching a little over my weight then?! It was important for me to have a garage and in the current location there are not many below that mark. The price is for a small 3 bed house. I was thinking of asking for £250-£300 off my friend.

Fang_3

Unless you have a 0% deal on your credit card, clear that debt with your savings. Then hunker down and save as much as possible and get to at least £20,000. We don't know what your current lifestyle is like, but if you head over to the Debt Free Wannabe board, and post your SOA, then the wonderful posters over there will be able to show you how much you can potentially save and how quickly you could do it. Also don't forget to budget for fees and moving costs, and any furniture that you'll have to buy.

Fang_3

dean_chad wrote: »

aha so im punching a little over my weight then?! It was important for me to have a garage and in the current location there are not many below that mark. The price is for a small 3 bed house. I was thinking of asking for £250-£300 off my friend.

Currently you are. You can't rely on having a lodger for income, and so you do need to put yourself in the best possible position in case interest rates rise, or property prices fall.

sonastin

budget like you don't have a lodger, and then any extra money you can pick up from renting out a room can be used for treats (or in a true MSE way paying off your mortgage earlier - but that's not nearly so much fun!)

poppysarah

Clear the cc debt and don't do that again.
Keep saving.

LittleMissAspie

Garage is important to me too, it does rather restrict your choices though. You should be able to find 2-bed houses or flats with a garage, or did you know that some local authorities rent out council garages?

We almost bought a house without a garage but there were council garages in the same road, cost approx £50 a month. Check out their website or phone up to see if they have any.