50k deposit 30k salary

theoretica

If you cut your budget to maximise the property you can afford and manage to get a place with two bedrooms you could then rent out the second room for a while to buy the car, gym etc.

Also, when you do buy, I suggest being very cautious to begin with about signing up for any long term commitments - like expensive contracts.  You can always increase them once your budget has settled in the new place and you know what you can afford and what matters most to you.

Murphybear

The council tax seems a bit high.  Have you included the 25% single persons discount?  

MovingForwards

FrancisBegbie said:

AFF8879 said:

You should be able to afford plenty in Liverpool. A quick search on houses with at least 2 bedrooms under £100k gives over 200 results… and putting aside legal fees, taxes etc you’d theoretically be able to afford properties up to £185k (salary x 4.5 plus deposit)

https://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=REGION%5E813&minBedrooms=2&maxPrice=100000&propertyTypes=detached%2Csemi-detached%2Cterraced&includeSSTC=false&mustHave=&dontShow=&furnishTypes=&keywords=

Mortgage - 400
council tax - 150
energy -300
sky and Wi-Fi - 100
credit cards - 100
phone - 35
gym - 50
food - 300
Petrol - 150
insurance - 30

£1615 and I need a new car

i get paid £1860

My mortgage is a bit more than yours potentially is.

Sole CT discount gives 25% off and you can pay over 12 months which brings the cost down.

I've just paid my December utilities and G&E was just over £215, November was £107, October £74. Total for 2022 £719 and that's with working at home and having an electric shower.

Internet is under £25 and I've a couple of streaming services; netflix is my staple and I got paramount 12 months for half price.

CC I pay in full when used.

Food I spend less than £200 and that includes pet food, cleaning products.

Petrol will vary but will you really be spending £150pm if you're living where you work, or will that be weekend use. Public transport might be cheaper.

Insurance varies, I pay about £200py as I run older small cars and save up for my next one.

I earned a lot less than you when buying and still earn about £10k less. Admittedly my outgoings are for a 2 bed flat in Scotland, but it provides you with an idea.

You can cut costs and you need to work out what your priority is, a property or a new car, assuming you mean brand new rather than older used. What's wrong with your existing car?

If you do head over to the debt free board you'll find a link to lemonfool with is an income / expenditure form and it lists a lot of things you've missed off eg car tax, vehicle maintenance, home insurance, entertainment, clothes, hair cuts. You can also read through what others have detailed and you'll get a better idea of what priority outgoings cost.

pinkshoes

FrancisBegbie said:

Mortgage - 400

council tax - 150
energy -300
sky and Wi-Fi - 100
credit cards - 100
phone - 35
gym - 50
food - 300
Petrol - 150
insurance - 30

£1615 and I need a new car

i get paid £1860

Ok... so if you have £50k savings and a credit card debt, then you need to start by paying off the credit card, as I assume the CC interest is more than the interest rate on your savings account?

£300 a month for food is a lot for one person.
£100 for sky/wifi is also a lot!
Once your phone contract expires, you can get a SIM only deal for £10 a month.

Don't forget, if you buy a 2 bed property, you can rent the second room out to a lodger for £400 to £500 per month depending on area. 

A "new" car? depends what you want to spend, but £6k will get you something to drive round in that is reliable. 

pinkteapot

FrancisBegbie said:

AFF8879 said:

You should be able to afford plenty in Liverpool. A quick search on houses with at least 2 bedrooms under £100k gives over 200 results… and putting aside legal fees, taxes etc you’d theoretically be able to afford properties up to £185k (salary x 4.5 plus deposit)

https://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=REGION%5E813&minBedrooms=2&maxPrice=100000&propertyTypes=detached%2Csemi-detached%2Cterraced&includeSSTC=false&mustHave=&dontShow=&furnishTypes=&keywords=

Mortgage - 400
council tax - 150
energy -300
sky and Wi-Fi - 100
credit cards - 100
phone - 35
gym - 50
food - 300
Petrol - 150
insurance - 30

£1615 and I need a new car

i get paid £1860

Council tax may well be less in a 1- or 2-bed, and if you live alone you get 25% discount. 

Energy is way off. We spend ~£150 a month in a 4-bed detached house. Get a modern, energy efficient 1- or 2-bed and you can't be talking more than £100. 

You don't need Sky! Broadband for £25 a month and Netflix, Amazon, or Disney if you really can't live with just Freeview. £8 a month. 

Gym - you don't NEED it. Take up running or cycling and get some weights till you can afford it again. 

Food - for one person this could be FAR less. 

It will be really tight for one person but it always has been. Can you stretch to 2-bed and get a lodger? 

Check out the Debt-Free Wannabe board for loads more tips. People post monthly budgets there all the time and there's excellent advice on how to trim them.

Credit card debt (balance owed) will go against you on the mortgage application. Clear it if you can. 

macman

Ditch the Sky sub and use Freeview/Freesat at zero cost. You can get a broadband and landline sub for under £20pm.
You've not allowed anything for water bills, building insurance (if required in a leasehold flat), and contents insurance.
Also you need to allow something like £100 per month for a maintenance fund.

MFWannabe

1) pay off credit card debt and don’t get any more 
2) decide which is priority, car or house
3) scale down what you think you need, definitely do not need Sky, any expensive mobiles, gym etc. 
4) Look around at house prices in area you wish to live and set yourself a realistic budget 

Theres no reason why you cant afford to buy a house, 50k deposit is an extremely good deposit (obviously less dependant on how much debts are) 

Noneforit999

Good advice above already.

Get the credit card paid off is the first step, if you don't owe much on it then get it cleared as it will improve your affordability with a lender, i.e. you will be able to borrow more if needed or will mean you are more likely to be approved for what you do actually want to borrow.

A 1 or 2 bed place is not going to cost £300pm in energy, even if that does include water/waste. We have a 3/4 bed semi and its about £250pm including water.

£300pm for food seems excessive for a single person also. Its obviously possible to spend that but you can probably get that down below £200pm if you wanted to, depends on how much and what you plan to eat. 

You don't need Sky, its a luxury. You can easily get by with Freeview and if you do watch TV a lot, perhaps Netflix which is under £20 a month. You could get Fibre broadband for £25 a month and just watch Freeview or even subscribe to both Netflix and Disney+ on top and still be £50 a month less than you have budgeted for. 

JReacher1

As others have said you can cut a lot from your current expenses. 

Now TV is a great alternative to sky. With deals you can get the entertainment package and sky sports bundled in for around £25 a month. 

I live in a three bed semi and now during winter my bills are £130 a month so your energy costs are too high. 

If you genuinely want to buy a house then with a £50k deposit and a £30k salary that is very achievable. Maybe also consider a second job in a pub in the evening. Working behind a bar would give you a few hundred extra a month. 

Also consider going two bed and getting a lodger in. I did that for the first two years of home ownership and it really helped. 

HampshireH

OP I would do that SOA so you know exactly what you are spending

Your £30 insurance is that buildings/contents/car? 

You must have other outgoings

Car tax/insurance if the above didn't cover it.

If buying a. Flat you will likely have service charge as well to think about. Not so with a freehold house in most cases (possible in new builds for estate costs)

So much more than what you have listed. But you do seem to be talking yourself out of it 

Don't compare to your friends and worry about that. They have have houses and kids but you don't know how they manage that financially. The too could be very pushed and struggling.