want to get out of parents

tiger135

so i am trying to be less fussy with rentals. my last 6 months take home pay averages over 2250 per month. my absolute basic pay is 1800 per month.
the advice i need now is what price can i go up to? bills council tax etc is something i havent had to worry about for some time but im a light user generally.
thanks for any advice on what i can go up to per month for a rental?

MFWannabe

I have to agree, there’s no way this can be a genuine post
OP if you genuinely have savings of approx 170k then Mortgage of 100k over 20 years at 4.5% interest is £632 per month = it’s a no brainer 🤷‍♀️

[Deleted User]

tiger135 said:

so i am trying to be less fussy with rentals. my last 6 months take home pay averages over 2250 per month. my absolute basic pay is 1800 per month.
the advice i need now is what price can i go up to? bills council tax etc is something i havent had to worry about for some time but im a light user generally.
thanks for any advice on what i can go up to per month for a rental?

So what you are saying is that you don't know how much you are costing your parents?!  If indeed you are an adult and capable of earning what you say you are,  I would expect you to have at least some idea of your food bill, your share of the electric/broadband/ council tax etc). 

tiger135

i just want to know what my income allows for a rental budget? i hear 30 or 40% mentioned but is that of gross or net pay?

tiger135

i will buy eventually but the whole buying process is too time consuming and stressful and i cant find what i want at the moment so renting makes sense. why would i buy something i dont really like just to get back on a ladder?

strawb_shortcake

With a basic salary of £1800 depending where in the country you are renting how likely are you going to find yourself dipping into your savings to make ends meet? 

I'd definitely be looking to buy to make sure I'm not moving back in with my parents in 5 years time to save another house deposit.

Sarah1Mitty2

tiger135 said:

i will buy eventually but the whole buying process is too time consuming and stressful and i cant find what i want at the moment so renting makes sense. why would i buy something i dont really like just to get back on a ladder?

Well exactly, and with rising mortgage rates it can only be a debt ladder at today`s prices? People who stretched themselves onto this imaginary "ladder" in the last few years are wide open to financial shocks now, by luck or design you have managed to dodge a very tricky situation by not having any mortgage debt to worry about.

tiger135

i want to leave my savings alone which is earning 500 interest a month.
so  1800-2200 would need to cover rent plus all other bills.
im thinking 800-1200 is the range? 

jonnydeppiwish!

Sarah1Mitty2 said:

tiger135 said:

i will buy eventually but the whole buying process is too time consuming and stressful and i cant find what i want at the moment so renting makes sense. why would i buy something i dont really like just to get back on a ladder?

Well exactly, and with rising mortgage rates it can only be a debt ladder at today`s prices? People who stretched themselves onto this imaginary "ladder" in the last few years are wide open to financial shocks now, by luck or design you have managed to dodge a very tricky situation by not having any mortgage debt to worry about.

Not entirely sure that’s correctly - you always need to pay for where you live (unless you’re in the unenviable position of not being able to work). Historically, mortgages have always been cheaper than rent. There are the obvious downfalls of maintenance of your own place, but very few statistically end up with a ‘debt ladder’ if they remain in the same place for a period of time.

The rental market has already shown there are issues with significant rent increases.

Op, you sound like a person who will never find a property that will fill all the boxes. As the ‘lovely’ couple on TV always say, compromise on something. What’s your rental criteria v buying criteria?  

I’d love to but a new car, a VW Tiguan, but it’s very expensive and not sure I want to spend that much. However, I can buy a 3 or 4 year Skoda for over half that price and it still does all the things Tiguan does. Compromise is key here.

MultiFuelBurner

tiger135 said:

so i am trying to be less fussy with rentals. my last 6 months take home pay averages over 2250 per month. my absolute basic pay is 1800 per month.
the advice i need now is what price can i go up to? bills council tax etc is something i havent had to worry about for some time but im a light user generally.
thanks for any advice on what i can go up to per month for a rental?

You must know living costs you state here about having a mortgage again (mortgage again so you have had a mortgage before and must know the costs involved)

https://forums.moneysavingexpert.com/discussion/6442921/compromise-to-have-no-mortgage/p1

In that same thread you even set your own bills and spending budget of £1000

This post is another one with good.input from.members. I still dont think anyone knows the huge sum this friend owes you 

https://forums.moneysavingexpert.com/discussion/6437812/long-term-loan-to-friend/p1