Desperate

kriss_boy

spurs_nut wrote: »

Are you over estimating your costs?

Is your car/petrol/mobile really going to be less than a £100 a month.

That just leaves you £200 to play with which is generally the average cost of annual B&C insurance.

What if your car goes wrong or your hit with unexpected bills?

The mortgage is over estimated, calculators showed figures of 470 for the first couple of years then 550 for the remaining 33!! So it would give me 2 years to get a better job.

Secondly we will push for it cheaper than the asking price so repayments could possibly be 10% less than what Im budgeting at if we do get it.

Petrol is approx £40 a month, insurance £33 (but ill get it cheaper when i renew it) and phone is £16. So approx £90 on the breadline but i would literally start walking to the local snooker club and supermarket to lower petrol. I use my car too much!! Its a 2 litre bmw

Mr_helpful

This has all the hallmarks of a BTL without the deposit by the back door method. Advisers beware.

kriss_boy

Mr_helpful wrote: »

This has all the hallmarks of a BTL without the deposit by the back door method. Advisers beware.

Buy to Let? I dont want to rent the house! For a start its too dated to do that!

spurs_nut

Mr_helpful wrote: »

This has all the hallmarks of a BTL without the deposit by the back door method. Advisers beware.

What has man love and a sandwhich got to do with getting a mortgage?

Confused

kriss_boy

spurs_nut wrote: »

What has man love and a sandwhich got to do with getting a mortgage?

Confused

haha :P

Mortgage mama says my B n C will only be approx £26 per month.. thats good right? Leaves me with approx £200 on my crazy budget!

spurs_nut

kriss_boy wrote: »

haha :P

Mortgage mama says my B n C will only be approx £26 per month.. thats good right? Leaves me with approx £200 on my crazy budget!

If you think you can do it on £200 and are willing to make sacrifices when times are hard, which it sound like you are then go for it.

The only thing I would be concerned about is your utility bills coming out of that £200 but seeing as you won;t be living there for a while I don't know how it would work (cost etc).


All the best though.

kriss_boy

Yea i know it sounds mad but Im the sort of person who can live on nothing if need be.

I dont have expensive tastes, I dont go on holidays abraod. I just enjoy my snooker on a wednesday night (£3) and pool league on a monday (£1) and obviously a few drinks with makes on a friday (£20).

I dont spend a great deal on myself so i believe i could live on the breadline.

Plus like many people im no stranger to ebay so i can buy things cheap and sell things i own easy peasy. I was previously self employed on ebay and could start that again to make an extra couple of hundred a month.

kriss_boy

I just need to get my budget as accurate as i can then say right £150 left over each month for possibly repairs to car, increases in rates etc.

That figure of disposable income is the key. If its less than £200 then I dont know if Ill go for this house.

And of course depends on whether or not we get it for the asking or preferably slightly below!

spurs_nut

kriss_boy wrote: »

I just need to get my budget as accurate as i can then say right £150 left over each month for possibly repairs to car, increases in rates etc.

That figure of disposable income is the key. If its less than £200 then I dont know if Ill go for this house.

And of course depends on whether or not we get it for the asking or preferably slightly below!

I know exactly what you mean because I'm in the same position as you. The only difference is it sounds like I;vie got it a little easier as I'm not on my own.

Still, It's not going to be easy. It's surprising how expensive everything is but like you I will be willing to give up all the little luxuries just so I;ve got a place I can call my own.

It's amazing though how many people default on their mortgage because they can't give up going out on the lash 3 times a week and don't want to lose the Sky max package.

dmg24

That figure of disposable income is the key. If its less than £200 then I dont know if Ill go for this house.

... and yet again, Kriss decides to back out!