Advice need please! What monthly rent/mortgage would be affordable for me?

DayTripper1984

elsien said:

The amount you have left over after the mortgage is similar to what I have and I live in my own in a 3 bed house perfectly comfortably.
However I’m not in a stupidly expensive part of the country, and I’m not a big spender on clothes, socialising etc, although I do like my holidays. 

As a previous poster said, it does very much depend on your lifestyle so you need to work it out on your current known spending and what you’d have to compromise on if you needed to. 

How much do you have left over after deducting your mortgage roughly, if you don't mind me asking?

Missy79

If you're taking home 2100 then you'll be left with around 1300 (assuming a generous 800 mortgage payment), costs are rising but unless you have anything exceptional it seems likely you could manage. 

DayTripper1984

theoretica said:

Where is your money currently going?  Are you currently putting aside savings or have spending you can cut? 

Biggest expense (aside from Mortgage and bills) is my car, which is £260pm and then £130-£150pm in fuel. I don't have any other large expenses.

DayTripper1984

Missy79 said:

If you're taking home 2100 then you'll be left with around 1300 (assuming a generous 800 mortgage payment), costs are rising but unless you have anything exceptional it seems likely you could manage. 

My monthly expenses are:

• Car lease £260pm
• Petrol £130-£150pm
• TV/phone/broadband is currently £60
• Mobile phone £26
• Estimate of Gas/Electric £70pm
• Estimate of water for single occupier £30
• Council tax for single occupier £144
• Home insurance £15
• Netflix & Spotify £20 combined
• 2 different lottery entries £20 combined 
• TV Licence £13.37

Annual payments

• Car parking (£420)
• Car Insurance (£200)

DayTripper1984

DayTripper1984 said:

theoretica said:

Where is your money currently going?  Are you currently putting aside savings or have spending you can cut? 

Biggest expense (aside from Mortgage and bills) is my car, which is £260pm and then £130-£150pm in fuel. I don't have any other large expenses.

@theoretica

My monthly expenses are:

• Car lease £260pm
• Petrol £130-£150pm
• TV/phone/broadband is currently £60
• Mobile phone £26
• Estimate of Gas/Electric £70pm
• Estimate of water for single occupier £30
• Council tax for single occupier £144
• Home insurance £15
• Netflix & Spotify £20 combined
• 2 different lottery entries £20 combined 
• TV Licence £13.37

Annual payments

• Car parking (£420)
• Car Insurance (£200)

theoretica

DayTripper1984 said:

theoretica said:

Where is your money currently going?  Are you currently putting aside savings or have spending you can cut? 

Biggest expense (aside from Mortgage and bills) is my car, which is £260pm and then £130-£150pm in fuel. I don't have any other large expenses.

So are you at present putting money into savings?  Or is it just happening to get spent and you will need to change your habits?

DayTripper1984

theoretica said:

DayTripper1984 said:

theoretica said:

Where is your money currently going?  Are you currently putting aside savings or have spending you can cut? 

Biggest expense (aside from Mortgage and bills) is my car, which is £260pm and then £130-£150pm in fuel. I don't have any other large expenses.

So are you at present putting money into savings?  Or is it just happening to get spent and you will need to change your habits?

I have been able to save around £300pm, but that was while myself and my (ex) partner are splitting bills and mortgage payments.

elsien

DayTripper1984 said:

elsien said:

The amount you have left over after the mortgage is similar to what I have and I live in my own in a 3 bed house perfectly comfortably.
However I’m not in a stupidly expensive part of the country, and I’m not a big spender on clothes, socialising etc, although I do like my holidays. 

As a previous poster said, it does very much depend on your lifestyle so you need to work it out on your current known spending and what you’d have to compromise on if you needed to. 

How much do you have left over after deducting your mortgage roughly, if you don't mind me asking?

£1600, give or take. 
The biggest difference in budgets seems to be the car expenses - mine is now paid off, and I am on a  work from home contract so my commute is covered by my company's travel expense.

DayTripper1984

elsien said:

DayTripper1984 said:

elsien said:

The amount you have left over after the mortgage is similar to what I have and I live in my own in a 3 bed house perfectly comfortably.
However I’m not in a stupidly expensive part of the country, and I’m not a big spender on clothes, socialising etc, although I do like my holidays. 

As a previous poster said, it does very much depend on your lifestyle so you need to work it out on your current known spending and what you’d have to compromise on if you needed to. 

How much do you have left over after deducting your mortgage roughly, if you don't mind me asking?

£1600, give or take. 
The biggest difference in budgets seems to be the car expenses - mine is now paid off, and I am on a  work from home contract so my commute is covered by my company's travel expense.

My remaining balance will be around £1300-1400 based on my salary take home of £2100, the additional £200-£250 that I get is not guaranteed each month, but it is fairly consistent.

gozaimasu

I was confused as to why you found £2100-£750 worrying - it seems perfectly affordable to me, but I suppose you've been used to the comfy life of sharing living costs with a partner. A lot of people are paying 50% salary on rent and are of course not allowed to get a mortgage because they can't "afford" it. Yours is 35% which is very reasonable in comparison to others.