Would this be over stretching or safe enough?

Brinkster

evuliuxb wrote: »

We are in a very similar situation! We are in late 20s, earn similar salaries and have similar outgoings and are taking similar mortgage. We think we will be fine and hoping to save some money as well each month;) Also, as you've done your sums already, shows that you will be fine, some people take mortgages out without any though of how are they going to afford it :eek: have some friends, who nearly took a mortgage out without any thinking about their monthly budget and actually when we prompted them to add the figures up, worked out that they would be overspending by about 300-400 per month :eek:

Thanks, I've always tried to be careful with money and plan ahead too, but the size of this mortgage does seem quite daunting to me.

Starting

Brinkster wrote: »

Our parents have helped in so far as paying for our wedding, plus a bit of money when trusts matured when we were younger.

Yeah, it's alright for some!:cool:

evuliuxb

Starting wrote: »

How do two young people have so much cash laying around? How are you able to put down a £55k deposit and still have £35k or more to stash away plus able to pay outright for two new cars and been able to clear your student loans. It doesn't feel that believable to me un

Possible, if you know how to save;) not all of us party hard and shop till we drop in our 20s, not all of us max our credit cards out. Work hard, save and you'll find that it is possible to save and have a house, car etc.

C_Mababejive

This discussion isnt really about envy or questioning peoples source of income. The op simply asked for advice and may or may not be aware of their apparent good fortune. Fairs fair..

evuliuxb

Brinkster wrote: »

Thanks, I've always tried to be careful with money and plan ahead too, but the size of this mortgage does seem quite daunting to me.

We are on 600 mortgage now, will be about 1000, painful, but I'm sure will be fine once we get used to that amount coming out of our bank accounts each month:) when we first got a mortgage, 600 seemed a lot as well;)

Cara79

Starting wrote: »

evuliuxb wrote: »

Yeah and not all of us get hand-outs from our parents or are allowed to live rent-free or on minimum rent in our parents' gaffe so that we can accumulate savings. In fact some of us have parents who try to sponge off us rather than ever helping us out in any way financially.

That may be so but the op was asking for advice not a slagging off cos he's better off than u might be!

Brinkster

C_Mababejive wrote: »

This discussion isnt really about envy or questioning peoples source of income. The op simply asked for advice and may or may not be aware of their apparent good fortune. Fairs fair..

Thanks for reminding people, I don't know why some have resorted to that, I didn't mean to evoke such a response, of course there are people much less fortunate and also people much more fortunate too.

The simple fact is, we're about to spend a quarter of a million pounds and I find it scary, so wanted some reassurance it would be ok, or some words of wisdom pointing out that we'd be stretching too far. Just writing out "quarter of a million pounds" fills me with fear!

C_Mababejive

Brinkster wrote: »

Thanks for reminding people, I don't know why some have resorted to that, I didn't mean to evoke such a response, of course there are people much less fortunate and also people much more fortunate too.

The simple fact is, we're about to spend a quarter of a million pounds and I find it scary, so wanted some reassurance it would be ok, or some words of wisdom pointing out that we'd be stretching too far. Just writing out "quarter of a million pounds" fills me with fear!

It would scare me too and I am fortunate to be even more fortunate than you are your partner so dont worry about it. Your quite right to sense check your situation. Far better to do that than to bite off more than you can chew. Having said that,one can be too careful and there is a balance to be struck.

olly300

Starting wrote: »

evuliuxb wrote: »

Yeah and not all of us get hand-outs from our parents or are allowed to live rent-free or on minimum rent in our parents' gaffe so that we can accumulate savings. In fact some of us have parents who try to sponge off us rather than ever helping us out in any way financially.

Life is unfair.

You should know that by now as you aren't 7.

jimjames

evuliuxb wrote: »

Starting wrote: »

How do two young people have so much cash laying around? How are you able to put down a £55k deposit and still have £35k or more to stash away plus able to pay outright for two new cars and been able to clear your student loans. It doesn't feel that believable to me un

Possible, if you know how to save;) not all of us party hard and shop till we drop in our 20s, not all of us max our credit cards out. Work hard, save and you'll find that it is possible to save and have a house, car etc.

Rather than finding it surprising that the OP can save that amount, I find it surprising the number of posters who claim to earn £60k+ pa yet are unable to save anything. I think it is to be commended that the OP has been able to save that deposit and proves it can be done despite all the doom & gloom mongers around.

To the OP, your calculations seem on track, if you are currently paying £800 rent then increase to £1000 is no massive. I'd do a double check on your expenses per month to be sure that they really will be under £1000 as you may find that is an underestimate but with savings as well you should have no problems.