Financial/Mortgage Advice please

Doozergirl

You're buying at £150,000, can expect to spend £20,000 on an extension and next door is on the market (unsold) at £180,000.

There's little if any profit there - let alone £25,000.

mircea

Doozergirl wrote: »

You're buying at £150,000, can expect to spend £20,000 on an extension and next door is on the market (unsold) at £180,000.

There's little if any profit there - let alone £25,000.

Think you got a bit confused there - my post says:

"Owner occupiers, house is worth £150k mortgage is £132k."

Doozergirl

mircea wrote: »

Think you got a bit confused there - my post says:

"Owner occupiers, house is worth £150k mortgage is £132k."

I think you got a bit confused! I'm still talking about adding an extra bedroom. Your house is worth £150,000 without the extension, next door is being marketed at £180,000 with one? There isn't £25,000 profit to be made unless you can extend a house entirely on your own without any labour costs (even then I'd be surprised) and your neighbour manages to sell for that price.

PasturesNew

A £60k income is a take home of about £3660/month.
Guessing, a £162k mortgage, over 25 years repayment, at 6% is £1056

Therefore you would appear to start the month with £2600 to live on.

You must have very high expectations and outgoings for entertainment if you can't overpay the mortgage by £1500/month.

£1500/month saved is £18k/year.
Save that for 3 years and you've knocked nearly £60k off your debt.