Moving out from parents house

jayme1

you pay rent and they take your student loan off you? why do they need both? because that loan is secured against you so you will have to pay it back if you cant use it now then what was the point of applying for it when you will have to pay it back?

you are both at uni why dont you just move in to student rented housing? there is no way you need to buy a house, also all that loan that should be yours will pay for your half of the rent (obviously dont get a house that is out of your range!!) there would be no council tax as you are both students (but one of you isnt you have to pay 75% of it unless you know how to work the system legally) after all that is what normal students do.
and student housing is low risk and you will learn the ropes of running a house.

charlie792

Op: I have to say Im going to disagree with everyone here....Im a final year student and my OH is in full time employment (earning 15K before tax) I have no other income other than my loan (although am looking for a job) we both decided to move in together regardless and we have been since September. I didn't want to live with strangers and he couldn't stick it moving back home after uni.
Infact I would say I am no worse off than I was in student accommodation (my rent used to be £250 + bills) now its £200 + bills.
If you really want to move out then I think you should, but obviously you need to consider extra costs if your working (unless the uni will give you an exemption for the year out?) then you might have to pay Council Tax, also Water rates (although some rented places include this). But I think you should look around because you might find you could actually be no worse off than if you stayed at home if your parents are taking the loan and rent off you

Lokolo

charlie792 wrote: »

Op: I have to say Im going to disagree with everyone here....Im a final year student and my OH is in full time employment (earning 15K before tax) I have no other income other than my loan (although am looking for a job) we both decided to move in together regardless and we have been since September. I didn't want to live with strangers and he couldn't stick it moving back home after uni.
Infact I would say I am no worse off than I was in student accommodation (my rent used to be £250 + bills) now its £200 + bills.
If you really want to move out then I think you should, but obviously you need to consider extra costs if your working (unless the uni will give you an exemption for the year out?) then you might have to pay Council Tax, also Water rates (although some rented places include this). But I think you should look around because you might find you could actually be no worse off than if you stayed at home if your parents are taking the loan and rent off you

You have missed out the point that the OP is only in employment for 1 year. If the finance goes back to education, after 1 year, they'll both be in education and living off loans.

Fair enough with you, you have someone working full time to support. The OP may not in a years time.

scottishblondie

From reading what the OP said I understand it as they take the loan to pay the digs money? Not that they take digs on top of the loan. Correct me if I'm wrong there OP.

In order to decide if you can afford to move out and live with your fiance you need to cost it out properly - head over to the Debt Free Wanabee board and follow the link to do the "Statement of Affairs". It lists pretty much all of the costs associated with living. Obviously do your research on how much everything will cost when filling it out - look about and find a place you think you'd want to live and then calculate the probable costs, remembering that if it isn't close to uni then you'll have to pay to commute, and likewise for travelling to your placement. Bills will obviously vary, especially on a new build versus a tenement flat for example, so budget for the worst case.

Find out for sure whether or not you and your fiance will qualify for CT exemptions. Most councils don't recognise students on year-long placements as exempt, and part time students definitely don't qualify, so you need to be sure when creating your budget. Just for information - in Scotland water rates are included in the council tax, so you don't need to worry about those separately.

You'll also have to save up for the initial move out costs, such as a referencing fee if you go thru an agent, a deposit and a month's rent, which around here (Glasgow uni) will set you back at least £900 on a decent 1 bed flat. You have to be sure that you'll still be able to afford to live there after your placement is finished, as if you think it's hard living at home now just imagine how much worse it would feel to be forced to go back after living independently for a year. It may well be that you'll need to save up during your placement year in order to have enough for your final year at uni.

If you really want to learn to drive you'll need to factor that in to the budget as well. The average cost is around £16-£20 a lesson, most people take at least 20 to pass the test, plus the costs of the theory test and the driving test itself - it would probably be a minimum of £500 to learn to drive. If you can't practice outside of lessons then it will probably take a lot more hours.

One last question - is the wage that you quoted before or after income tax? If you don't know then you will need to check, as if it's £15,000 before tax then your actual income would be more like £13,000.

Oldernotwiser

scottishblondie wrote: »

From reading what the OP said I understand it as they take the loan to pay the digs money? Not that they take digs on top of the loan. Correct me if I'm wrong there OP.

That was certainly how I read it; he pays £250 pcm for his keep which is most of his loan.

jennifernil

Bakeress wrote: »

More like £24 :S
Most retail places will opt for shifts which do not entitle their staff to a break, hence a 4 hour shift at minimum wage.

Well, in my book a Saturday is 8 hours, so even at minimum wage it is more like £50.

scottishblondie

jennifernil wrote: »

Well, in my book a Saturday is 8 hours, so even at minimum wage it is more like £50.

I would agree - I used to earn about that on a Saturday shift.

jennifernil

While I do not think the OP is really financially in a position to move out, I do think that £250 pm is quite a lot for his parents to take.

Looking at it realistically.....what is it costing them to have him there?

Food, yes, what, maybe an extra £100 pm (and I think that is generous).

Electricity/gas....yes, extra showers, lights, clothes washing/drying......maybe £20 - 30 pm.

What else?

Oldernotwiser

jennifernil wrote: »

While I do not think the OP is really financially in a position to move out, I do think that £250 pm is quite a lot for his parents to take.

Looking at it realistically.....what is it costing them to have him there?

Food, yes, what, maybe an extra £100 pm (and I think that is generous).

Electricity/gas....yes, extra showers, lights, clothes washing/drying......maybe £20 - 30 pm.

What else?

I think you vastly underestimate the cost of utilities. When our teenager left home we saved an enormous amount of money as he had 2 showers a day, put the washing machine on for a couple of items and also used extra heating.

Although many people do spend less than £25 per week for food, lots of people spend rather more. There may also be extra charges for internet, telephone etc. £57 per week seems pretty reasonable to me.

Lokolo

If I were living at home I would pay £300 a month to cover everything. Although I doubt my mum would accept it, thats what I would "expect" to pay as family rates if I got into that situation.