Can I afford to buy

Cakeguts

Mobile and broadband seem high to me. If you can reduce these you get more to save. You need to look at all the "it only costs x much a month to pay for this." These sums are often small but they all add up.

iantojones40

Have the mortgage calculators you've used also given you an idea of what amount you'd actually be able to borrow?

A few I've had a quick look at suggest on your single income they'd be willing to lend you approximately £25k

sheff6107

Get a 2 bed if you can, then you can have a housemate to pay half of everything.

marksoton

GINGE93 wrote: »

I would be hoping to save at least £50.00 towards a rainy day.

Not nearly enough.

What happens if say the boiler goes in the first few months? That could be £2000 straight away.

AdrianC

You have figures in there for car insurance, VED, MOT and petrol - but nothing at all for maintenance.

Your car expenses already amount to about one and a half full month's pay per year. £40/mo on fuel suggests you aren't using the car much - at 40mpg, that works out to about 3,500 miles/year - so your total cost is about 42p/mile before the maintenance costs you've omitted. Might that be a good source of savings?

Dird

It looks a bit tight as it stands (£250-300 spare with more accurate figures mentioned below). The problem with flats is the lease, any idea the renewal would cost and how long is remaining? If you can find a £60k flat with 2 bedrooms and rent the other room then you could fund it quite comfortably, whether a mortgage provider would authorise it is another matter as I think they won't factor in a roomlet on initial application

GINGE93 wrote: »

TV & Broadband: £30.00 -- too high. You can get £10/month when factoring cashback deals etc
Mobile: £16.00 -- too high unless it came with a phone, switch to SIM only when it runs out
Income Protection: £15.00 -- with no dependents and a little above NWM is this needed?
Life insurance: £7.50 -- not needed
AA Cover: £120.00 -- you can get return anywhere in country/house support etc for less than half that

pollyanna24

How much would renting cost you though? £300 for a mortgage is quite cheap. Would you be able to rent for that cheap? So you might be better of buying anyways.

bouicca21

Council tax and water estimate sound like it is a small property so £70 on electric seems way too high. I mostly work at home and pay far less than that for gas and electric combined in a 3 bed flat. You presumably will be out at work most of the day. Put something aside for a couple of thick cardigans!

If you are paying a service charge then presumably it's a flat? In which case buildings insurance won't be your responsibility. Up to you whether you get contents insurance or not.

IMHO very few people can afford their first home. It's always tough, but you just cut expenses and somehow manage - that is, if you really want to. How determined are you?

anotheruser

GINGE93 wrote: »

I was under the impression you had to have life insurance if you had a mortgage?

No.

Many people will say you do need some sort of insurance (like critical illness) to help if you get really sick - so sick that you can't work. The insurance will (in effect) pay for the mortgage.

I don't have any sort of insurance like that.
I'm happy to run the "risk" because I think about the probability. The risk is VERY low... low enough for me not to take out that particular insurance.

It's a personal choice. Don't let people bully you one way or another.

Mallotum_X

What are your career prospects like? How much could you ask family for help if you really needed it?

The figures look tight but do-able, if you have likely increases in income and a fall back of help from family then that would give a bit more comfort that it will work out.