Young couple moving out

scot86m

Hello,

I was just wondering if i gave you my circumstance at the moment it would be possible to tell me a few figures regards to costs that i am un aware of at the moment and if there is any ways to gain/save extra cash.

Me and my girlfriend are moving out. My girlfriend is pregnant ( 2months at the moment ). I have about 15k saved for a deposit depending on whether either of our folks help us out more than they have. So i am thinking if we get something around 70-80k worth the mortgage would be £300 ish. But what extra costs would be have to pay every month and what rate would these be. Im slightly scared that we aren't going to afford this but there is no other option as i can see it. I earn in the mid 20s a year with the chance of going towards the high end depending on bonuses but with all that i have to pay for me, her and the kid along with all the living costs... I assume it is do able as i cant see how it cant be when people must be in worse situations than myself at the moment even though it seems to me that im in a bad situation.

Any help of information would be useful.

The flats/terraced house i have been looking at are in central scotland. Im just unsure as to how much gas/electricity/food/general bills etc will add up to in a average month.



Thanks

crazycatlady1984

heya! best of luck to you and your wee family!

I have no idea how much babies cost, but a rough breakdown of living in your own home would be roughly as follows:

Mortgage: £300 (as you stated above)
Gas + elec - approx £75 (for a smallish home)
Other bills (Phone, tv licence etc) - approx £150
Food - £250 (not including baby stuff!)
Council tax - Impossible without knowing property, but budget approx £100
Transport - £?
Any loans/debt repayment?

If you earn apprx £1500 per month, the above looks do-able depending on what extras you have and the cost of babies!

RAS

And check www.turn2us.org.uk in case you are entitled to any benefits. You will get Child Benefit but may not get much more than that, and I think WTC now requires both parents to work, even if one is only 8 hours a week.

hazyjo

Don't forget all the costs incurred when buying. Solicitors, bank transfers, surveys (or however it works up there), mortgage fees, van hire, etc. Probably other stuff I'm forgetting too. Can be into the thousands.

Jx

Bullfighter

crazycatlady1984 wrote: »

heya! best of luck to you and your wee family!

I have no idea how much babies cost, but a rough breakdown of living in your own home would be roughly as follows:

Mortgage: £300 (as you stated above)
Gas + elec - approx £75 (for a smallish home)
Other bills (Phone, tv licence etc) - approx £150
Food - £250 (not including baby stuff!)
Council tax - Impossible without knowing property, but budget approx £100
Transport - £?
Any loans/debt repayment?

If you earn apprx £1500 per month, the above looks do-able depending on what extras you have and the cost of babies!

Plus you will need to budget for repairs and maintenance. £50/month is the minimum. If you buy a freehold then if the roof leaks or the sewers get blocked then you have to deal with it... For obvious reasons you will want to have a chunk of money in the bank to cover these if they occur.... no point saving £50 towards a £2000 roof bill while it leaks...

Personally you might want to consider renting. Do you honestly think house prices are going to rise in the near future?? If you kept saving hard you might be able to buy with a very small mortgage in a year or two.

PS Baby won't care about living in a rented house... but he/she will pick up on stressed parents who are struggling to pay the mortgage or put on the heating....

Think carefully.

hazyjo

Another vote for renting for now, btw! At least you know if anything (well, most things!) goes wrong in the property, it'll be dealt with at the LL's expense.

Jx

19lottie82

crazycatlady1984 wrote: »

Other bills (Phone, tv licence etc) - approx £150

this seems slightly high IMO. Perhaps if you have high end mobile contracts each and the full SKY package. But with a freeview box all you need if a tv licence @ £10 a month. Many people go without a landline these days as they have mobiles, which can easily be run @ £10 a month or less.

Even a basic virgin media package including landline, broadband and tv is only slightly over £30 a month.

Good luck with your new family and home, if you earn in the mid twenties salary wise, you should be ok. You won't be flush and have a lot of cash spare, but if you are sensible you will cope.

crazycatlady1984

19lottie82 wrote: »

this seems slightly high IMO. Perhaps if you have high end mobile contracts each and the full SKY package. But with a freeview box all you need if a tv licence @ £10 a month. Many people go without a landline these days as they have mobiles, which can easily be run @ £10 a month or less.

Even a basic virgin media package including landline, broadband and tv is only slightly over £30 a month.

Good luck with your new family and home, if you earn in the mid twenties salary wise, you should be ok. You won't be flush and have a lot of cash spare, but if you are sensible you will cope.

It is high; better to overestimate than underestimate! The £250 for monthly food bill for 2 (as above, I can't comment on how much baby food etc costs!) can also be cut down on a fair bit as necessary.

Personally I feel £300 out of a mid 20s salary is affordable and better spent on a mortgage than rent. (Also, waht kind of rental properties are available in the area youre looking at for £300 p/m?)

If you're careful with the property you buy, ensure you pay close attention to any issues raised in the survey, and have a good emergency fund in case of any repairs, I personally would go for it.

Swinstie73

Not much to add about expenses but got excited when you said you were looking in Central Scotland - my house is up for sale/rent , but it's only a one bedroom (suitable for a couple but maybe not with a baby), boo!

As for expenses, it's probably better to over-estimate which is what I've done for when I move, have actually got some things a bit cheaper anyway which is good.

scot86m

crazycatlady1984 wrote: »

It is high; better to overestimate than underestimate! The £250 for monthly food bill for 2 (as above, I can't comment on how much baby food etc costs!) can also be cut down on a fair bit as necessary.

Personally I feel £300 out of a mid 20s salary is affordable and better spent on a mortgage than rent. (Also, waht kind of rental properties are available in the area youre looking at for £300 p/m?)

If you're careful with the property you buy, ensure you pay close attention to any issues raised in the survey, and have a good emergency fund in case of any repairs, I personally would go for it.

The reason why im looking at buying is cause my folks will match my savings or more with a deposit with could be 15-20k deposit and the would in turn mean my mortgage for a decent enough starter place would be the low end £300 at worse case over 25 years. Whereas all the rented places i see are £400 and they are terrible! Unless im not looking hard enough.

Thanks for the the comments.

scot86m

hazyjo wrote: »

Don't forget all the costs incurred when buying. Solicitors, bank transfers, surveys (or however it works up there), mortgage fees, van hire, etc. Probably other stuff I'm forgetting too. Can be into the thousands.

Jx

Thankfully most of that i can cover for free or very little cost due to my work.