Am I insane? Or just overstretching my budget?

eskbanker

MsPennyMinder said:

I almost have what I consider a basic mortgage deposit for a small house/flat in my area.

MsPennyMinder said:

I've price checked and while low, it is perfectly possible to get a mortgage at that price in my area.

Have you discussed the situation with one or more mortgage brokers?  If they took the view that your part-time wages were insufficient to sustain a mortgage then the cost of property and size of deposit could be entirely academic?

MsPennyMinder

@eskbanker hi that is something I am looking to do shortly once I have researched local mortgage brokers but not yet.

Zanderman

tacpot12 said:

Deleted_User said:

Don't pay road tax, it doesn't exist! Can defo save money there if you are currently paying a non-existent tax. I know it's not your fault as it's a template but man whoever created that needs to move on from 1937

VED is such an ugly acronym though. 

But it has the massive advantage of being accurate, not misleading.
'VED' is an excise duty on the vehicle - which is what the tax is. 
'Road Tax' implies, utterly incorrectly, that the tax is something to do with roads. Which it isn't. And hasn't been for a very very long time!
Carrying on calling it 'road tax' perpetuates a myth that it pays for road maintenance.
It gives rise to cyclist-bashing drivers letting off steam because 'cyclists don't pay road tax'.
When actually, of course, no-one pays road tax - as it doesn't exist.
But we do all - car-owners, cyclists and non-road users - pay income tax and council tax - which are what pay for roads.

MovingForwards

MsPennyMinder said:

@eskbanker hi that is something I am looking to do shortly once I have researched local mortgage brokers but not yet.

I would actually ask the question on the mortgage board to see what the resident brokers think.

Only keep it simple eg "£X is my income, I work part-time, property prices I'm looking at are £Y, I have Z% deposit, no loans / credit cards, is my income enough?"

kimwp

I'd also put what is currently down as rent in your SOA into the mortgage line - you are currently giving the impression this is an SOA for living in rented and some advice has been given accordingly.

moneyuser

Tight but not insane. You have a little wiggle room with the savings. If your job is in demand then surely it's a good time to find something else?

I would separate the car stuff out into the correct categories.It's easier to determine if something is too much or little and compare it when it comes to renewals.

- If you're getting a flat then you shouldn't require building insurance.

- Get a cheaper mobile deal

- Cheaper Internet deals around

- Move the £100 from Other Travel to Savings as that is what it is (assuming this is the new car amount).

- Is the Life Assurance for illness as well?

- Gym is very expensive. Cheaper ones around?

- Assuming you only stream tv as you've got no tv licence?

- Only £10pcm for entertainment. Probably not enough post covid

Emmia

Zanderman said:

tacpot12 said:

Deleted_User said:

Don't pay road tax, it doesn't exist! Can defo save money there if you are currently paying a non-existent tax. I know it's not your fault as it's a template but man whoever created that needs to move on from 1937

VED is such an ugly acronym though. 

But it has the massive advantage of being accurate, not misleading.
'VED' is an excise duty on the vehicle - which is what the tax is. 
'Road Tax' implies, utterly incorrectly, that the tax is something to do with roads. Which it isn't. And hasn't been for a very very long time!
Carrying on calling it 'road tax' perpetuates a myth that it pays for road maintenance.
It gives rise to cyclist-bashing drivers letting off steam because 'cyclists don't pay road tax'.
When actually, of course, no-one pays road tax - as it doesn't exist.
But we do all - car-owners, cyclists and non-road users - pay income tax and council tax - which are what pay for roads.

I agree that "Road Tax" hasn't existed since about 1936, roads are paid for out of general taxation - so cyclists contribute, and non drivers... in fact everyone who pays any sort of tax (VAT is probably paid to some degree by most people as part of daily life)