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New Mortgage will leave me skint

terese
Posts: 40 Forumite
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
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

Asda card - £220, Halifax Card- £2200
Halifax Loan - £3300, Capital Card - £500
Total owing = £6220
Debt Free on 01/10/2008 :j
Halifax Loan - £3300, Capital Card - £500
Total owing = £6220
Debt Free on 01/10/2008 :j
0
Comments
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can you afford a mortgage if there are further interest rate increases?0
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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.0 -
also, don't know your circumstances, but you can rent a room out tax free for up to approx. £4500 a year.0
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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 propertyI 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.0 -
Am with MortgageMamma on this one (again!), I think you have answered your own question.Gone ... or have I?0
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