Looking for advice while saving

DaB00m

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.

grifferz

DaB00m wrote: »

I'm not sure how much I need to be earning for it to be financially viable to move out of my parents.

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%.

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.

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.

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:

• 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)

Add on your rent or mortgage and obviously alter for your own estimated costs.

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.

~Beanie~

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.