First time buyer - help! im a novice!

Iamdave

I've not long bought a house. Am a similar age to you and bought in the same price bracket as you too. Also earn about the same wage also.

I had a £50k deposit on a £180k house and my monthly payments are just over £700. So I'd imagine that's a pretty good idea.

So with a £25k deposit you'll be looking around the £160 mark. I always like to work off the 1 weeks wages for mortgage, 1 weeks for bills and 2 weeks left over for everything else.

Don't forget that you'll need money on top of the deposit for solicitors, surveys and furnture etc

falldown7timesgetup8

Iamdave wrote: »

I've not long bought a house. Am a similar age to you and bought in the same price bracket as you too. Also earn about the same wage also.

I had a £50k deposit on a £180k house and my monthly payments are just over £700. So I'd imagine that's a pretty good idea.

So with a £25k deposit you'll be looking around the £160 mark. I always like to work off the 1 weeks wages for mortgage, 1 weeks for bills and 2 weeks left over for everything else.

Don't forget that you'll need money on top of the deposit for solicitors, surveys and furnture etc

Thanks Iamdave - thats REALLY helpful - Good to know that Im at least in the right ballpark!!
I think im going to start saving a teeny bit more than i originally planned each month from my salary, and bolster this with additional sources of income, just to eek out a weeeny bit of a bigger deposit, as I think that will make life easier!!
**trundles off to relook at her budget spreadsheet**

Thank you!!! :beer: