Bills - how much?

Martico

I've no idea about your work situation, obviously, but if it's precarious then a house purchase with mortgage might not be best. If you think it's stable, then I'd say best not catastrophise - prepare for the worst, but the worst is rare.

Miranda25

Martico said:

The mortgage payment is an absolute priority - if you fall behind on that, you'll be in trouble. If you fall behind for too long, your mortgage company could take possession of the property. I don't know the reality of that process, so I'll leave it to others to explain

Would be nice to know what is considered to be "for too long"? If anybody can comment please.

As I can just sell the property and leave the UK if I am in trouble (depends on how much time I have).

Martico

Miranda25 said:

Thank you, I should think about emergency fund too. 
Oh my god, sounds like I would not have any money left for nice holidays if I become a property owner.

Would I have a time to sell the house if I want to leave the UK in an unexpected situation? Or the house would be reposessed very quickly?

All depends on how much you commit to spending on a property really. Without being intrusive, if you want to share your salary and monthly spending estimates, you might get some good advice about what kind of property you could afford, while also allowing you holidays etc

Miranda25

Martico said:

I've no idea about your work situation, obviously, but if it's precarious then a house purchase with mortgage might not be best. If you think it's stable, then I'd say best not catastrophise - prepare for the worst, but the worst is rare.

You never can think that your job is stable for 10-15 years ahead.
You need to consider different situations before going into such a big debt.

Martico

Lots of questions to ask yourself, and only you can answer, I'll just pose two for you - how safe is your current job? How quickly would you be able to get another job if you lost this one? 

Miranda25

Martico said:

Lots of questions to ask yourself, and only you can answer, I'll just pose two for you - how safe is your current job? How quickly would you be able to get another job if you lost this one? 

Safe.
Like I said you can never predict what would be in 10 years time. You are not going into debt for one year only.

Martico

Safe is good👍 

Miranda25

Plus I have the options to work in other countries too.
Any discussions on this forum similar to - do I need to go into debt in the UK (buying a property) or I would rather go into debt in XYZ country?

[Deleted User]

This is an odd thread.
Why so much emphasis on getting into debt ?
Why would you need to leave the country quickly ?
It almost reads like a fantasy thread.

Once you're a home-owner your priorities are the house, luxuries aren't (holidays, non essentials etc) a priority and they'll not be giving you a financial return at the end of 5/10/15/whatever years.

Bricks and mortar are what you should be investing your hard earned money in, after all, you've worked hard and earned it, paid it into your 'investment' (your house), focus on that 'return' that you're earning and not on the other factors.

As a tenant you have some figures to work on, keep doing your due diligence.

markin

Council tax can go up after a being re-assessed after a sale.


You can look up the expected energy use by reading the EPC.  (energy certificate) And also asking the seller what the yearly bills are.
https://find-energy-certificate.service.gov.uk/find-a-certificate/search-by-postcode?lang=en&property_type=domestic


The type of heating system will be a large part of if a house/flat is expensive to heat for its size, A modern Gas boiler cheapest then night storage heaters on an E7 tariff, the worst being simple electric panel heaters, oil filled radiators, or clay heaters in a poorly rated property. 


If you get a 2 double bedroom house/flat you can take in a lodger if you need.

You can usually take a 6 month repayment holiday if you have a job loss before they start trying to reposes the house/flat.