Advice

scottish_lass

Looking for re-assurance really as I dont want to get into debt our monthly income is around 2500 no debt just basic living costs, gas, electricity etc would using 1000 a month for a mortgage leave us enough to live on 2 adults 2 teenagers terrified of taking on such a big debt like this are we just been apprehensive does anyone have advice thanks. everyone is willing to lend us money.

ckerrd

work out what you spend now on everything, including saving for Xmas, holidays etc

If that comes to a lot less than £1500 then a £1k mortgage is fine.

That is very simplistic, as there are things like rate rises (or even falls) to consider, the age of the teenagers, will they be going on to further education and need supported, or are they about to go out to work and bring in some money.

What would happen if your income fell dramatically etc etc

hypno06

On the right hand side of these pages is a "free tools" box. Have a look at that and click on the "budget" bit.

Then have a play with it - put in as many figures as you know and see what it says - it might give you a good idea as to whether you can afford a mortgage etc.

Good luck xx

In_Search_Of_Me

Just wanted to say hi & welcome! YOu need to sit & work out what comes in & what goes out & ascertain where you are and work from there. Some post an SOA (see post at top of page) and some (like me!) dont! The main thing is to ut back on non essential spending to tackl the dents. Its incredible what you can do when you put your mind to it and even if the in is worse than the out you can still make inroads by ebaying, selling books, surveys etc. If you're ok with it post your SOA & people wil suggest ways to cut back bit the main thing is that you save where you can! Also get familliar with the site and look at old stye boards, way to cut bills etc (see tabe at the top) ad away you go!!