We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Looking for advice while saving
DaB00m
Posts: 2 Newbie
I have been saving for a couple of years now (I'm on a £14.5K wage) and I'm at a stand still. I'm not sure how much I need to be earning for it to be financially viable to move out of my parents. I'm hoping to get a mortgage, I'll be moving out by myself and if possible I'd rather not rent out a second room. I'm hoping some users here could provide some figures of an average cost month.
0
Comments
-
There are tons of mortgage calculators online to tell you how much you can borrow. At minimum you will need 5% deposit. 10% is better, and lower rates often are available at 20% and 40%.I'm not sure how much I need to be earning for it to be financially viable to move out of my parents.
After you know what you're borrowing and how much deposit you will have, you can look on a comparison site to get an idea of what the repayments will be like.
It matters quite a lot which location you're in as many costs may vary. Here's some ideas off the top of my head based on a 1 bedroom flat in Feltham, near Heathrow:I'll be moving out by myself and if possible I'd rather not rent out a second room. I'm hoping some users here could provide some figures of an average cost month.- Gas: £30/mo
- Electricity: £60/mo (but I work from home doing computer stuff so quite heavy usage)
- Council tax: ~£120/mo
- Water: ~£24/mo
- TV Licence: ~£12/mo
- Home contents insurance: ~£6/mo (based on yearly prepay)
- BT phone rental: ~£12/mo
- Internet: £30/mo (but again, more expensive one chosen because of work from home)
There are also tons of self budget calculators online as well though.
Don't forget all the other costs of buying.
There are one-time costs involved in renting too, but they're much less.0 -
Where do you live? Cany you afford to live in that area?
Assuming that you can borrow 3.5 times your salary, that is only £43,500 so unless you've got a massive deposit, it isn't going to buy you much.
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.4K Banking & Borrowing
- 254.1K Reduce Debt & Boost Income
- 455K Spending & Discounts
- 246.5K Work, Benefits & Business
- 602.8K Mortgages, Homes & Bills
- 178K Life & Family
- 260.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards