Larger Deposit, Larger Mortgage?

Guerillatoker

Lou92 wrote: »

To keep it simple, I don't spend much, but I'll errr in the side of caution. So I pocket around £1,200 on pay day each month. Around £400 goes to bills and rent and following that I only have a phone bill, Spotify, food and bits. Say £400 a month, though I don't even think its that much, that leaves me with £400 left over. I don't have any overdrafts or debt.

I'm 26 and have no health issues I'd be grateful if you were to run my numbers for me! I'm also here to learn everything I need to know about this process too however, so I'll be taking a look at the main site! Much obliged!

To be honest, having looked at your income and the advice from other posters, I think you've already arrived at the correct figures (~£70k loan, monthly payments will be £3-400 probs). Your housing costs shouldn't increase too much and seeing as you're quite frugal I would say you're in a good place to plant your roots. I've been looking in South Yorkshire and there is plenty around that price so shouldn't be too different around Leeds, I've just had an offer of £96k accepted on a 3-bed semi in good condition.

Thrugelmir

Lou92 wrote: »

To keep it simple, I don't spend much, but I'll errr in the side of caution. So I pocket around £1,200 on pay day each month. Around £400 goes to bills and rent and following that I only have a phone bill, Spotify, food and bits. Say £400 a month, though I don't even think its that much, that leaves me with £400 left over. I don't have any overdrafts or debt.

I'm 26 and have no health issues I'd be grateful if you were to run my numbers for me! I'm also here to learn everything I need to know about this process too however, so I'll be taking a look at the main site! Much obliged!

Prepare a budget based on home ownership. Not the same as paying rent. Where the landlord covers all the maintenance costs etc.

Lou92

Thrugelmir wrote: »

Prepare a budget based on home ownership. Not the same as paying rent. Where the landlord covers all the maintenance costs etc.

After the risk of finding myself out of a job, this is my biggest fear! However my parents rent out a couple of places so I've got the advantage of being able to take advice directly from them on additional costs I'm not currently anticipating.