Second time buyers looking for advice

stbers

Hi everyone, looking for a little advice - while I know that the decision is ultimately up to what we personally feel is acceptable/possible. I would like to see what you guys think.

We currently own a property which is worth 120,000. This is based on the sale of properties the same as ours, in our estate which have sold in the last few months.

We want to move around October this year, at which point we will owe about 91,000. Giving us a deposit of around 29,000. In addition to this we have about 7,000 in savings, no debt except car finance which is around 3,700, this will be around 2k when we want to move, so could pay it off if required before moving.

So, on to the question, between the 2 of us we earn 46,000. We are wondering what a (rough) safe amount would be for our next property. I have included an SOA below, it is pretty accurate, we have save around £1000 per month for the past 6 months, and over paid by about £250 a month on Mortgage, give or take.

This will be our 2nd house and we are in our mid twenties, if thats of any use to know (viable mortgage length etc.)

Thanks in advance.

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1627
Partners monthly income after tax....... 1350
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2977

Monthly Expense Details
Mortgage................................ 475
Secured/HP loan repayments.............. 240
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 104
Electricity............................. 44
Gas..................................... 44
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 12
Mobile phone............................ 10.5
TV Licence.............................. 14
Satellite/Cable TV...................... 22
Internet Services....................... 24
Groceries etc. ......................... 200
Clothing................................ 0
Petrol/diesel........................... 200
Road tax................................ 35
Car Insurance........................... 55
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 11
Buildings insurance..................... 12
Contents insurance...................... 12
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 100
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1639.5


Assets
Cash.................................... 7000
House value (Gross)..................... 120000
Shares and bonds........................ 0
Car(s).................................. 12000
Other assets............................ 4000
Total Assets............................ 143000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 91000....(475)......4
Hire Purchase (HP) debt ...... 2000.....(240)......7
Total secured & HP debts...... 93000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-


Monthly Budget Summary
Total monthly income.................... 2,977
Expenses (including HP & secured debts). 1,639.5
Available for debt repayments........... 1,337.5
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 1,337.5

Personal Balance Sheet Summary
Total assets (things you own)........... 143,000
Total HP & Secured debt................. -93,000
Total Unsecured debt.................... -0
Net Assets.............................. 50,000

HelenDaveKids

My first question would be are you planning on starting a family soon? and if so, would you be returning to work afterwards?

When we bought our second home we didnt buy the house we REALLY wanted because the house represented starting a family and me going part time after. Instead we compromised.

I suppose the other question is job security?

Have you looked and seen anything you like? have you put the numbers into a morgage calculator to see whether its doable?

Marie27lol

We found we wanted a kids, so that was part of what we looked for a new home - a 3rd bedroom.

The areas for compromise was a decent sized 3rd bedroom / a large garden / or a garage (e.g. for kids toys - and OH's too!)

It all depends on your your requirements.

M