help me get a mortgage

AndrewSmith

Blinko, don't do it.

£100 pm of food is a gross underestimation, you have to consider all the other consumables involved when carrying out the monthly shop. Unserestimate this by a mere £25 pm and you are up the creek.

Travel I cannot comment on however again £100 pm seems very low.

£100 pm on bills again I think may be too low. Gas, electricity, phone, water rates, service charges, maintenence charges, TV licence.

You are leaving yourself just over £25 pw spare. What about things like general maintenance, clothing, social spending etc?

Walk away or you will regret it. It has been announced today that reposessions are at a current record high, don't make yourself one of those statistics.

Andy

blinko

its in zone 2 in london so thats 23.2x52/12 which is about 100 a month
its all electricity so no gas

i only have a mobile phone which is £30 a month

anyway my original calculations still hold true

£90 council tax a month
£100 on water, electricity a month (dont have TV, comp and out all day)
£110 on travel
£150 on food!! and thats a total of £440 a month which still leaves £50 and thats conservative

Your budgeting is way out - what will you eat for lunch, <<--- packed lunch

waht about shoe polish <--- use tissue and water
sun cream <-- already tanned,
wrapping paper <-- cant afford presnets,
batteries <-- dont have TV and charge fone at work
car tyres, breakdowns 9there will be many <-- dont drive
toothbrush <-- already got one, zit cream <-- dont get zits,
hair gunk <-- hair too short to gel,
weekends away <-- cant afford it,
your mums anniversary<-- mum is spereated and doesnt celebrate it,
cling film <-- have lunch box,
cleaning fluids<-- u have a point +£5 a month,
light bulbs <--£1 plus a month ,
pens<-- get them free from work, car wash<<-- dont own car
, new iron<--get it free from internet,
dvds<-- no TV,
swimming<-- dont swim,
magazines<-- read metro its free,
hobbies<-- havent got any ,
dentistry<-- sorry teath,
parking tickets<-- dont drive !!!

so as you can see all has been answered and i will have at least £50 amonth to spare so it is possible no one is saying its going to be easy its just a case of working hard and being disciplined it can be done !!!

pioneer

blinko wrote:

so as you can see all has been answered and i will have at least £50 amonth to spare so it is possible no one is saying its going to be easy its just a case of working hard and being disciplined it can be done !!!

Until "Sods Law" interviens, how does half a percent interest rate hike fit in with your plans, going without a holiday for 10 yrs not even a little one, getting sick, getting sacked, getting married or divorced. Life has its way of getting even DON'T DO IT !

blinko

i will change after 3 years to a better rate and hopefuly i will have had a payrise by then !! as i am studying.

i know it sounds bad but you gotta take a risk if you want achieve anything and i think i can do it !

but thanks for your advice

Conrad

blinko wrote:

its in zone 2 in london so thats 23.2x52/12 which is about 100 a month
its all electricity so no gas

i only have a mobile phone which is £30 a month

anyway my original calculations still hold true

£90 council tax a month
£100 on water, electricity a month (dont have TV, comp and out all day)
£110 on travel
£150 on food!! and thats a total of £440 a month which still leaves £50 and thats conservative

Your budgeting is way out - what will you eat for lunch, <<--- packed lunch

waht about shoe polish <--- use tissue and water
sun cream <-- already tanned,
wrapping paper <-- cant afford presnets,
batteries <-- dont have TV and charge fone at work
car tyres, breakdowns 9there will be many <-- dont drive
toothbrush <-- already got one, zit cream <-- dont get zits,
hair gunk <-- hair too short to gel,
weekends away <-- cant afford it,
your mums anniversary<-- mum is spereated and doesnt celebrate it,
cling film <-- have lunch box,
cleaning fluids<-- u have a point +£5 a month,
light bulbs <--£1 plus a month ,
pens<-- get them free from work, car wash<<-- dont own car
, new iron<--get it free from internet,
dvds<-- no TV,
swimming<-- dont swim,
magazines<-- read metro its free,
hobbies<-- havent got any ,
dentistry<-- sorry teath,
parking tickets<-- dont drive !!!

so as you can see all has been answered and i will have at least £50 amonth to spare so it is possible no one is saying its going to be easy its just a case of working hard and being disciplined it can be done !!!

So no money on hobbies, interests, weekends, hols, mmmm. So think about each of the last 180 days - you are telling me you just sat in a room and read Metro. Yeah right

blinko

i know it sounds bad but its gotta be possible !! theres always extra income to take on and i could get another job eg weekend work or somehing that would boost my income massively

danjberry

how much has travel costs gone up in the last year. i remember when an adult bus fare was 80p, and now its £2 without an oyster. and what if interest rates are not as favourable in 3 years and the rate will be even higher?

blinko

danjberry wrote:

how much has travel costs gone up in the last year. i remember when an adult bus fare was 80p, and now its £2 without an oyster. and what if interest rates are not as favourable in 3 years and the rate will be even higher?

i know what you mean but that would only be a £52 rise a year which is £4 only a month.

well 3 year stime i should be on alot more than i am once i have completed my studies

dmg24

Blinko,

Have you actually had an agreement in principle on this mortgage? You only appear to have an illustration?

I am not a mortgage professional, but even I can see that what you are planning is going to leave you in an absolute mess.

Please take the advice of people that know what they are talking about.

blinko

your all saying im not going to be able to make it but i will they are doing the credit checks now and im going to be able to survive you have all got it wrong and are ignoring the facts which are the calculations !!!

the maths proves its possible