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New Mortgage will leave me skint

I have just been accepted for a shared ownership 2 bed room property.

I am really freaked out at the moment because when I calculate my monthly income and expenses I will only have around £50 left over for savings per month.

At the moment I am renting in a shared house and on average I save £450 per month.

I know that I won't have any savings left by the time I pay my solicitor, stamp duty, deposit etc

Is it just me or common sense telling me to play it safe :confused:
Asda card - £220, Halifax Card- £2200
Halifax Loan - £3300, Capital Card - £500
Total owing = £6220
Debt Free on 01/10/2008 :j

Comments

  • Noz
    Noz Posts: 3,869 Forumite
    Part of the Furniture Combo Breaker
    can you afford a mortgage if there are further interest rate increases?
  • firesidemaid
    firesidemaid Posts: 2,136 Forumite
    Part of the Furniture Name Dropper Combo Breaker Bake Off Boss!
    it depends what you mean by expenses - have you included absolutely everything from insurances and maintenance to christmas and going out? all at mse best rates?

    some people never get to save any money.....

    you could get a part time job, become a mystery shopper, sell on ebay etc to improve your circumstances.
  • firesidemaid
    firesidemaid Posts: 2,136 Forumite
    Part of the Furniture Name Dropper Combo Breaker Bake Off Boss!
    also, don't know your circumstances, but you can rent a room out tax free for up to approx. £4500 a year.
  • MortgageMamma
    MortgageMamma Posts: 6,686 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    If you feel you can't afford it then I would seriously suggest you rethink about whether you are doing the right thing buying the property
    I am a Mortgage Adviser

    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • dmg24
    dmg24 Posts: 33,920 Forumite
    10,000 Posts
    Am with MortgageMamma on this one (again!), I think you have answered your own question.
    Gone ... or have I?
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