Time to stop sponging and start renting.

xylophone

If you really can't continue to live at home then you would be wise to cut your coat according to your cloth and look for something you can comfortably afford.

Do you perhaps have a relation or family friend who would allow you to lodge under the " rent a room" scheme until you are in a better financial position? http://www.nidirect.gov.uk/the-rent-a-room-scheme

If you must leave home, could you find a job with a charity that allowed you to live in?

19lottie82

ebee1 wrote: »

there are still furnishing costs and legal fees and monthly payments will still be high for renting.

my comment isnt meant to get on anyones nerves, but he already has 6.5 k saved, so is obviously good at saving. if he saved for a while longer then he would be in a better position ? there are also shared ownership schemes.

OK ebee I understand your point, but how much of a mortgage (or property) do you think the OP is likely to get on a 13k salary?

PS I apologise about slagging off your statement, I read it to be that "everyone" should just buy, rather than just the OP and this just isn't an option for a lot of people.

BUT

ebee1 wrote: »

there are still furnishing costs and legal fees and monthly payments will still be high for renting.

Not if you rent a furnished property. No legal fees for renting just admin / credit check fees which are nowhere near the costs fo the fees involved when buying a property.

Mortgage payments are not always lower than monthly rents, it is dependant on many factors.

Li0nhead

19lottie82 wrote: »

OK ebee I understand your point, but how much of a mortgage (or property) do you think the OP is likely to get on a 13k salary?

PS I apologise about slagging off your statement, I read it to be that "everyone" should just buy, rather than just the OP and this just isn't an option for a lot of people.

BUT



Not if you rent a furnished property. No legal fees for renting just admin / credit check fees which are nowhere near the costs fo the fees involved when buying a property.

Mortgage payments are not always lower than monthly rents, it is dependant on many factors.

Exactly, even if he got 4X income thats still only 52k, does not get much pretty much anywhere.

pioneer22

If the op gets another job and earns gross 50p/w they could afford the lifestyle they want.

grey_lady

Jees what's with all the negativity? OP has at least an outline of a budget, is roughly £X a month short but has plenty of savings and a medium-long term plan to get someone in to share.

Sorry OP, no-one wants you to leave home, or have fun or be independant and if you do - they expect you to live off baked beans via candle light and crawl home with your tail between your legs until your in your 40's and can just about afford a deposit on a house.

Take a chance, I left home at 17 and struggled on and off and got into debt but that's life - you could always get overtime or a second job if you need extra money or start your own business. I ended up doing ok :-)

Yorkie1

That's absolute rubbish grey-lady.

Nobody wants to be a killjoy; but nobody wants the OP to end up seriously out of pocket, which is what his original short-sighted plan would have left him with.

Just because you ended up OK after getting into debt, who's to say that the OP would? And the financial climate has changed so radically over the last few years that any suggestion of debt will have long-lasting ramifications on the OP.

Anyway, OP didn't like the candid responses he got, and hasn't been back since.

J_i_m

Also releying on what "might" happen some months down the line is a bad idea because things of this financial nature rarely work out the way you think they will when you're sitting down writing figures on a bit of paper.

The OP is releying on being able to move in with a friend in 4 or 5 months time. But what of this friends situation changes or they change their mind etc? The OP would have already used up most of their savings and hence starting out on their own again properly is much harder.

Also if the landlord/letting agent is doing their job properly it isn't just wage-slips they're ask to look at for proof of income but bank statements for proof of money management. If they see big several big commitments like loans for instance then they're going to want to know where the money for rent is coming from.

In my view without wishing to tramp all over their enthusiasm the OP would be a least far better waiting at least until their friend is in the the position to move in with them.

I have experience of living on my own with my outgoings consistently out weighing my incomings. And I can report that it's not fun. It also gets harder because you can't reley on your income to increase but you can reley on electricity, gas, water, food costs etc going up.

The people who've rubbished his plans here aren't being nasty, they're simply trying to convince him not to put himself in a corner which he has a very high chance of getting trapped in with little hope of escape.

It's good advice.