Budget for buying a house- how much disposable income left

Kaybex

I am looking to take on a mortgage of about £744. Taking into consideration bills and insurance, tax etc I will be left with approx £560 per month for food and general living. As a newbie to taking on a mortgage I don't know what a realistic amount is to live on. Obviously I need to have enough for car tax, any problems that may crop up. I was wondering what others in the same situation live on.

F_Bear

going to need more info regarding ur income etc for any decent advice.

i earn £1800 a mnth take home. mortagae is £580 but including bills and other esstenials (internet, sky lol) it easy comes to £900. then youve food, etc etc.

katejo

Kaybex wrote: »

I am looking to take on a mortgage of about £744. Taking into consideration bills and insurance, tax etc I will be left with approx £560 per month for food and general living. As a newbie to taking on a mortgage I don't know what a realistic amount is to live on. Obviously I need to have enough for car tax, any problems that may crop up. I was wondering what others in the same situation live on.

Personally I would be very reluctant to have a monthly mortgage payment more than a third of my take home pay. Roughly a mortgage of 3 times your salary will result in a monthly payment of about a third of your monthly salary. I would be reluctant to exceed that. Your mortgage payment may be £744 but you have to allow for interest rises. could you afford the mortgage on 6-7% interest?

mintymoneysaver

I earn £1400, my mortgage is only £300, my food, petrol and all other bills easily add on another £500 a month but there are 3 of us.