Want to move - where to start?

steampowered

I entered your income and debts into a mortgage calculator and it looks to me like 180k is in your price range, assuming you get the deposit.

I noticed that your car costs are very expensive compared to your income. While buying expensive cars might be a decision you want to make, make sure that you understand the true cost.

By the time you and your wife get to the end of your car finance plans you will have paid another £16,095 for your cars. Plus whatever you paid before you posted.

To put it another way, you've spent as much on cars over 3 years as your entire deposit. If you bought say a £3,000 second hand Golf rather than a BMW, you'd have another £10k or so to stick on your deposit.

Is there any way to save money by running cheaper cars? Perhaps not if you are already locked into expensive finance plans, but definitely think twice before entering doing that again.

getmore4less

hufc2002 wrote: »

After all bills have been paid including mortgage, how much expenditure/what percentage of take home pay should you have remaining?

% is a very bad way to look at it.

make forward looking plans/goals.

make sure you have the money to achieve the goals.

if you save for things you don't commit future income through borrowing.

hufc2002

steampowered wrote: »

I entered your income and debts into a mortgage calculator and it looks to me like 180k is in your price range, assuming you get the deposit.

I noticed that your car costs are very expensive compared to your income. While buying expensive cars might be a decision you want to make, make sure that you understand the true cost.

By the time you and your wife get to the end of your car finance plans you will have paid another £16,095 for your cars. Plus whatever you paid before you posted.

To put it another way, you've spent as much on cars over 3 years as your entire deposit. If you bought say a £3,000 second hand Golf rather than a BMW, you'd have another £10k or so to stick on your deposit.

Is there any way to save money by running cheaper cars? Perhaps not if you are already locked into expensive finance plans, but definitely think twice before entering doing that again.

I do understand the true cost of the car finance however in hindsight I shouldn't have got the car I have but I have and there is little I can do about it. In 30 months time (at end of PCP) or even prior depending on what car is worth against what I owe, I will be in a position to either hand it back and walk away not owing another penny or change it for a cheaper model to reduce my outgoings.


Wife's car will be ours in 2 years time. I could pay it off today if I wanted as we have enough money in savings (£11.5k).