Surplus income

jennim

My husband and I are on the verge of buying our first home. I'm just wondering what's a normal amount to have as your "leftover" income? I have recently been looking at our income and spendings in quite specific detail. Most spendings are quite specific amount, I have included all bills, contracts, food shopping, healthcare costs, and I've estimated our monthly eating out bill etc. The only things not included are bigger spends, such as holidays and home improvements.

The calculations come out as we will have £1050 spare. 

There is not lots to do on the house but a few odd things. We like to go on holiday, and want to continue to save to have a bigger budget on our next house. 

We also worry that once we come to the end of our fixed term, the insurance premium will go up as the interest rate will inevitably increase in that time!

Is it enough or should we get a cheaper house?

Zanderman

£1050 spare over what time period?  Per month?  Per year?

Not sure what you mean by "the insurance premium will go up" either.  You mean the mortgage payments?