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

DayTripper1984

I should have mentioned that my plan would be to remortgage and borrow an extra £15,000 and then hopefully receive £50,000 from my parents equity release (which I would then pay the interest on to keep the amount at £50k).

Emmia

I think the other thing to consider, is that if you sold the property and split the proceeds with your ex, how affordable is the type of property you'd want to buy - factoring in costs of removals, stamp duty (if applicable) different furniture (some of the stuff you have is bound not to fit)... there's also the uncertainty of different neighbours/area

Buying your ex out may be cheaper and less stressful all round.

[Deleted User]

I would suggest adding all the core costs and then adding at least 10% to that total to come out with a budget.
Also, consider what would be your alternative if you sold up?

enthusiasticsaver

If your normal income is around £2300 a month including your casual work and your outgoings are around £1600 including the £750 mortgage you will be left with £700 approximately.  From that you need to buy food and cover entertainment costs, presents, clothes, car repairs unless that is included in the lease costs and any essential household expenditure.  It is certainly doable but if you spend a lot on takeaways or going out and are looking to do a holiday every year or play golf every week it may be tight.  Depends on lifestyle. 

Thrugelmir

Say another £175 to cover the interest on the equity release. Now reduces to £525.