mortgage on a low wage possible?

HampshireH

Please ignore the winking emoji. No idea where he came from:rotfl:

bigbluehouse

HampshireH wrote: »

Sounds like you have thought of most things.



Zoopla usually covers a very low insurance premium, gas, electricity and mortgage.

You will need to factor in either all or some of the following;) which Zoopla sometimes ignore

* Income protection insurance (for the mortgage)
* Broadband/phone/Tv (all optional)
* Water
* Service charge
* TV licence (optional)

Do you rent currently?

I personally wouldn't plough everything in. I've been there. Thankfully i also save quickly. But it's scary having nothing. We were really worried we would be left without a boiler working or something drastic. So definately keep a small amount back as an emergency fund.

Based on the figures you have given for salary I genuinely admire anyone who can afford to buy & maintain a property on it.:T

But I live in an expensive area so cheaper properties are but a dream here

Would a mortgage advisor help to give me a realistic idea of what is actually possible? If you think Zoopla is slightly unrealistic. Also I believe some of them are free? Will some of them also talk to you online? Thank you

bigbluehouse

And yes renting currently.

Samsung_Note2

You need to think long and hard why a property is cheap...could well be down to lack of work or the high crime rate.

Id highly recommend Home under the hammer on Iplayer...no help on finding a place as all programmes seem years out of date.

But quite entertaining..;);)

bigbluehouse

Would a mortgage advisor help to give me a realistic idea of what is actually possible? If you think Zoopla is slightly unrealistic. Also I believe some of them are free? Will some of them also talk to you online? I would appreciate your advice on this. Thank you

AnotherJoe

How much are you paying on rent currentiy and does that include utilities ? If I do the maths I don't see how you could have saved £8k unless you earn substantially more than minimum wage, worked much more than 35 hours, or have extremely low outgoings because they are included in your rent that is unlikely to be the case when you are in your own property.
The other issue is, what is the likelihood that your hours may be cut down to the minimum hours contracted ? Can you get a longer guaranteed hours contract ?

ACG

bigbluehouse wrote: »

Would a mortgage advisor help to give me a realistic idea of what is actually possible? I

Ive done that earlier in the thread.

You can sit down with a broker and they will give you something more accurate but the figures I ave given are about right.

bigbluehouse

>How much are you paying on rent currentiy and does that include utilities ?

370permonth (inc utilitities).

>If I do the maths I don't see how you could have saved £8k unless you earn substantially more than minimum wage, worked much more than 35 hours, or have extremely low outgoings because they are included in your rent that is unlikely to be the case when you are in your own property.

I was just looking at the Zoopla figures provided which I know may not be totally accurate. I just wondered if there was somebody I could talk to...

>The other issue is, what is the likelihood that your hours may be cut down to the minimum hours contracted ? Can you get a longer guaranteed hours contract?

Maybe... will look into that.

bigbluehouse

advice so far much appreciated... thank you...

AnotherJoe

Does your £370 in utilities include council tax?
Council tax for my mums two bed flat in Bristol is £180/month.
If you buy a flat there will be service charges could be anywhere from £50 to £100 month maybe more.