New Mortgage will leave me skint

terese

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

Noz

can you afford a mortgage if there are further interest rate increases?

firesidemaid

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

also, don't know your circumstances, but you can rent a room out tax free for up to approx. £4500 a year.

MortgageMamma

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

dmg24

Am with MortgageMamma on this one (again!), I think you have answered your own question.