Found a one bedroom flat for sale, is it worth getting

elsien

House share is renting with other people.

You still haven’t said whether you’ve viewed any properties yet? 

sim2335

Yes I have viewed two properties so far.

markin

Saving for another year would seem to be prudent, Even if you got help the 10k, Paying that back seems to be stretching the budget.

How close are you to this "The 28 percent rule, which specifies that no more than 28 percent of your gross income should be spent on your monthly mortgage payment"

t1redmonkey

sim2335 said:

The reason I don’t do a house share if you mean shared ownership, is there all leasehold houses, and no point renting just for e prince May is well move out for experience., after amount of money I wasted in past and lose of money by not earning as I couldn’t find or keep a job, I don’t want to waste anymore.

t1redmonkey what other options, other the. Two mentions I would be intrested.

it’s so expensive, moving out, I wish I released earlier, I thought it wouldn’t be that expensive otheriwse how do so many people afford and I live with prnets and don’t pay rent so I quickly save and thought bank would offer lot more.

I'm just saying that you can do a house share or rent a small flat instead rather than going straight for a mortgage.  There's no shame in either of those things.  I rented for a couple of years with some other people before I got my own mortgage.  That way you still get the advantage of living more independently but in most cases you can also continue to save a decent amount each month to put towards a deposit in the future.  It depends on how badly you want to move out from your family of course.  If you're fine living with them for a bit longer then just do that and save more money I guess.

You sound like you are stretching yourself too much to get this flat which you don't even seem sure of whether you want it or not anyway.  You need to think if something happened early on (like if you needed to replace a boiler) then that's £1500-£2000 you have to spend, which you're not going to have and will take you a while to save up for if you can only save £100-£200 per month.

Sarah1Mitty2

markin said:

Saving for another year would seem to be prudent, Even if you got help the 10k, Paying that back seems to be stretching the budget.

How close are you to this "The 28 percent rule, which specifies that no more than 28 percent of your gross income should be spent on your monthly mortgage payment"

I think a few people will be breaking that soon if interest rates keep rising, but who invented that rule?

Gycraig

markin said:

Saving for another year would seem to be prudent, Even if you got help the 10k, Paying that back seems to be stretching the budget.

How close are you to this "The 28 percent rule, which specifies that no more than 28 percent of your gross income should be spent on your monthly mortgage payment"

When was this rule created ? Doesn’t really seem relative to single people in the modern age 

Sarah1Mitty2

Gycraig said:

markin said:

Saving for another year would seem to be prudent, Even if you got help the 10k, Paying that back seems to be stretching the budget.

How close are you to this "The 28 percent rule, which specifies that no more than 28 percent of your gross income should be spent on your monthly mortgage payment"

When was this rule created ? Doesn’t really seem relative to single people in the modern age 

 I heard of a "rule" that said no more than 35% of your take home pay should go on a mortgage payment, not sure who said it though.