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First Time Buyer - In London
Comments
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Let's break it down.
She will get £6,048 as a maintenance loan for the first year. Her remaining years the fees are paid for and she gets a bursary. Her tuition fees for the first year I think are £3,750. The rest of the money she will use for books/equipment etc.
Say my income is £3k net per month after travel and pension contributions - a conservative estimate. Currently I get £2,400.
My expenditure will be as follows (estimated):
- Utilities - £90
- Telephone - £14
- Broadband - £10
- Car Insurance - £60
- Gym - £25
- Council Tax - £110
- Mobile phone - £30
- Her travel - £80
- TV License - £11
- Food - £200
- Eating out - £50
- Petrol - £100
- Her spending money £150
Am I missing something?0 -
How about:
- Car Insurance - £60
- Gym - £25
- Mobile phone - £30
- Her travel - £80
- Eating out - £50
- Petrol - £100
- spending money £150
subtotal - £495
- rent / utilities / food paid to parents - £1000
subtotal £1495
Savings - £1500 per month, or £18,000 a year....much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0 -
Ok if we were thinking of renting, we would want to be no more than 30 mins commute to London Bridge and Baker St. Paying no more than £1,000 pcm for a nice one bed, furnished and in a nice area. Is this realistic?0
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No, I don't think it is. Can you think of anywhere you could rent for £250 a week with that commuting-time? I can't. Why only 30 mins maximum travelling time? Most journeys often take an hour door-to-door and many who live outside London have a 90-minute commute.0
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Yes - of course you can. Just depends on what you expect, there are always options.
LondonFlat800-900
Can probably get a nice garden flat if you are happy to look east, but even in town you can get something ok for £1000.0 -
How about looking in South East London. You could rent somewhere for 1,000pcm close to the station & within the 30min commute. It may not be as nice as West Hampstead, but I think somethings got to give really. You may need to comprimise in order to get on the property ladder or alternatively how about living at home?0
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East Dulwich might have one or flats for rent close to the station for 1000pcm. Takes 14min to get to London Bridge0
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I lived in Kennington and I could WALK to the Strand in 30 minutes.
Our one bed flat cost us £780 a month (three years ago). Nothing fancy but furnished and in a nice, if not exciting, area.0 -
BitterAndTwisted wrote: »No, I don't think it is. Can you think of anywhere you could rent for £250 a week with that commuting-time? I can't. Why only 30 mins maximum travelling time? Most journeys often take an hour door-to-door and many who live outside London have a 90-minute commute.
I sometimes forget how fortunate I am to have a six minute walk to work.
Back to the OP, I fail to see any benefit in trying to 'get on the property ladder' when they either can't afford to save for a deposit. If they can then in my opinion they should.0 -
Is Pimilico any good?0
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