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Rob B

Member

Registered: 8th Jan 04
Location: Area Motorsport Drives: Race EP3
User status: Offline

20th Feb 08 at 11:10

Say you had an 80k deposit for a house and the house you were looking at was 130k so would need roughly a 50k morgage, Is it flexible on how long you can pay that 50k of for .. Cause ive worked out if i payed 50k off over 25 years it would be around 175 pounds a month including intrest, then i gather it would be another 300 - 400 a month for bills etc,... at the moment i spend silly amounts on insurance for the ibiza etc but in a years time ill have no loan to pay and insurance should go down a fair bit...

Im just thinking out loud really, i earn 1.1k at the moment after tax and my outgoings would be...

30 pound a week petrol (£120)
Insurance £70 a month
Morgage £175
Water - £32
TV License- £12
Broadband - £23
Sky - £30
Food - £120 a month
Council tax - £80 a month

Give or take that would be around 300 pounds left for whatever i want to do with it, so i would still be able to enjoy my self... Seem like a good plan ? Or am i leaving things out ?

Cheers Rob.

Cosmo

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Registered: 29th Mar 01
Location: Im the real one!
User status: Offline

20th Feb 08 at 11:17

If needs be you could always put down a slightly lower deposit and get a bigger mortgage, leaving you with some spare cash there to keep about for a rainy day if needed.

£120 for food a month though seems a bit low! And you havent got Eleccy in there also.

[Edited on 20-02-2008 by Cosmo]

Rob B

Member

Registered: 8th Jan 04
Location: Area Motorsport Drives: Race EP3
User status: Offline

20th Feb 08 at 11:19

Yeah suppose that would be a good idea keep 10 - 15k back aside for things

Im not ment to have it till im 25 but its all ready invested in shares and crap so i thought it would be better to buy soon while before the market goes up even more

RichR

Premium Member

Registered: 17th Oct 01
Location: Waterhouses, Staffordshire
User status: Offline

20th Feb 08 at 11:27

I don't get your workings?

£50,000 / 25 = £2000

£2000/12monthly payments = £166.67 per month

You will not get a mortgage for £175 a month, you'd be paying only £8.33 a month interest.

You would get a more favourable rate going in with that level of "deposit" compared to the purchase price, but nowhere near that good!

Lets say you were on a 5% APR mortgage; The first year alone you would be looking at paying about £2500 in interest payments.

If you were paying £175 per month, You would miss the interest payment by about £400 in the first year alone.

I would imagine you're looking at more like £250-£350 per month for the mortgage

[Edited on 20-02-2008 by LiVe LeE]

Cosmo

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Registered: 29th Mar 01
Location: Im the real one!
User status: Offline

20th Feb 08 at 11:30

http://www.bbc.co.uk/homes/property/mortgagecalculator.shtml

Its only a very rough guide, but comes out at around £200-300 a month depending on type.

Rob B

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Registered: 8th Jan 04
Location: Area Motorsport Drives: Race EP3
User status: Offline

20th Feb 08 at 11:39

oh right i see how it works now

BYRON

Member

Registered: 1st Jun 04
User status: Offline

20th Feb 08 at 11:44

Here is a list I made...

Mortgage
Maintenance - if applicable
Ground Rent - if applicable
Council Tax
TV Licence
Building & Contents Insurance
Life Insurance
Sky
Southern Electric - Electric
Southern Electric - Gas
Portsmouth Water
Food/Grocery
Phone/BroadBand

+
mobile phone
gym
petrol
any subscriptions

[Edited on 20-02-2008 by BYRON]

BigSte

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Registered: 27th Aug 02
Location: Sheffield
User status: Offline

20th Feb 08 at 14:28

You have left out Gas & Elec, and your house and life insurance which in total will set you back about another £100 a month

Dean_W

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Registered: 13th Dec 05
Location: Downham Market, Norfolk
User status: Offline

21st Feb 08 at 11:17

As a rough guide, my mortgage was for 55K, that come out at £330 per month.

Extended to 30 years, it comes out at £303

Dean_W

Member

Registered: 13th Dec 05
Location: Downham Market, Norfolk
User status: Offline

21st Feb 08 at 12:10

quote:
Originally posted by Dean_W
As a rough guide, my mortgage was for 55K, that come out at £330 per month.

Extended to 30 years, it comes out at £303

Also, excluding food it costs me £800 per month to run my house.

whitter45

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Registered: 15th Nov 02
Location: Norton
User status: Offline

21st Feb 08 at 13:07

I would put most of the 80k down and get a bigger mortgage and a better house

Cosmo

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Registered: 29th Mar 01
Location: Im the real one!
User status: Offline

21st Feb 08 at 13:09

quote:
Originally posted by whitter45
I would put most of the 80k down and get a bigger mortgage and a better house

He cant afford a bigger mortgage - thats the point

whitter45

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Registered: 15th Nov 02
Location: Norton
User status: Offline

21st Feb 08 at 13:13

fair enough - i would not put all 80k

If he can't afford a more than 55k mortgage i would not buy a hosue personally

Dean_W

Member

Registered: 13th Dec 05
Location: Downham Market, Norfolk
User status: Offline

21st Feb 08 at 13:15

quote:
Originally posted by whitter45
I would put most of the 80k down and get a bigger mortgage and a better house

Bigger mortgage, generally = bigger house. Bigger house = bigger bills.

Cosmo

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Registered: 29th Mar 01
Location: Im the real one!
User status: Offline

21st Feb 08 at 13:17

quote:
Originally posted by whitter45
fair enough - i would not put all 80k

If he can't afford a more than 55k mortgage i would not buy a hosue personally

Why?

He has to get on the ladder at some point. Not everyone can jump into paying £500+ a month on a mortgage then have the extra bills associated with a bigger house.

whitter45

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Registered: 15th Nov 02
Location: Norton
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21st Feb 08 at 13:51

not saying that

But no point in putting my point across if all your going to do is shout it down
As always its my opinion and I never state its the right opinion

Cosmo

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Registered: 29th Mar 01
Location: Im the real one!
User status: Offline

21st Feb 08 at 13:52

quote:
Originally posted by whitter45
not saying that

But no point in putting my point across if all your going to do is shout it down
As always its my opinion and I never state its the right opinion

FFS Im not having a go, I asked Why?

Which kind of indicates that I dont understand your point so was asking for further info behind you making said point.

Colin

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Registered: 4th Apr 02
User status: Offline

21st Feb 08 at 17:12

I think you forgot to add on the interest

I borrowed £35k & pay back £220 a month over 25yrs.