Graduate on 18500 with 97k mortgage!!
adiwood
Posts: 211 Forumite
Hi all!
Well im soon to get my mortgage and new flat. More expensive than renting but it will be nice to have my own place.
Im on 18500 (about 1200 a month) and will be making monthly payments of roughly £495. Its alot, but I currently only spend £550 a month including my £300 rent (which is only for a room).
Im in a good job, where my pay is expected to increase, and can increase on a yearly basis.
I have produced a budget and feel confident that along with my other methods of income I will be ok.
I wish to make overpayments, so hoping I will be able to, or at least keep the £2500 savings I have in the ISA for the next 3 years, when I will be able to make a lump sum payment.
I will document everything i do here.... :j
Well im soon to get my mortgage and new flat. More expensive than renting but it will be nice to have my own place.
Im on 18500 (about 1200 a month) and will be making monthly payments of roughly £495. Its alot, but I currently only spend £550 a month including my £300 rent (which is only for a room).
Im in a good job, where my pay is expected to increase, and can increase on a yearly basis.
I have produced a budget and feel confident that along with my other methods of income I will be ok.
I wish to make overpayments, so hoping I will be able to, or at least keep the £2500 savings I have in the ISA for the next 3 years, when I will be able to make a lump sum payment.
I will document everything i do here.... :j
£4000 in 2011 - £48.88/£4000
0
Comments
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Good luck!
Your mortgage isn't the highest multiple of salary ever, and you sound like you're budgeting, so you should be just fine
:beer:Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery0 -
Just one thing to bear in mind....do you have any student loan repayments that may kick-in after you reach a certain earnings threshold?
If so, they can be quite a monthly burden.
But you sound like you're in control and I'm sure that if you do have student loans then you've probably considered them already. Just thought I'd bring it up.0 -
£495 a month on a 97k mortgage seems a pretty low monthly repayment- is this interest only or >30 years?0
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Its interest only for 3 years, and a 30 year mortgage - gets me on the ladder so not to worried about it as will change when i can in a few years.
Yes I have already factored my student loan into my budget - will be £50 a month starting in April.£4000 in 2011 - £48.88/£40000 -
hi adiwodd, i just wanted to say well done for getting on the rung of the property ladder asap.
you sound as if you have your head screwed on, and know where youre at. i presume after 3 years the monthly payments will increase when you go onto repayment mortgage, perhaps it might be an idea to set your dd to overpay a little each month from the start? also, its not such a sting in the tail then if the interest rates do rise.
i got on the property ladder when i was 18. best thing i ever did.
good luck
xx"It is not uncommon for slight acquaintances to get married, but a couple really have to know each other to get divorced." - Anonymous0
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