Ojc
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Registered: 14th Nov 00
Location: Reading: Drives : Clio 197
User status: Offline
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Just trying to get an idea of the general cost of living once we move out, obviously you have monthly mortgage repayments to make, but what else?
This would be on a 2 bed house value £140,000 in Reading.
Mortgage - 100% mortgage borrowing 140k on fixed rate repayment mortgage on a intial rate of 5.09% is £825.78 a month
Council Tax - ?
Gas - ?
Electric - ?
Water - ?
Internet connection - ?
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Cosmo
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Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
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£825 a month  seems a bit high for that amount.
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Ally
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Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
User status: Offline
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Coucil tax - better off ringing them Ollie as it varies region to region, mine is £50 single, £90 for 2 ppl
Gas - I am metered at about £30 a month winter, £15 a month summer, but they average it our annual and u pay a fixed price
Water - £33
Internet - £25 8 meg
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Ally
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Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
User status: Offline
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PS -
Council tax
Car insurance
life assurance
mortgage
internet
home phone
mobile phone
water
Electric
loans/credit cards
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Ally
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Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
User status: Offline
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i have a 3 bed terraced, probably similar size to a 2 bed as my bathroom is downstairs
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Ojc
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Registered: 14th Nov 00
Location: Reading: Drives : Clio 197
User status: Offline
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quote:
Originally posted by Ally
PS -
Council tax - Yes
Car insurance - Pay it off straight away
life assurance - No get it with work
mortgage - Yes
internet - Yes
home phone - Yes
mobile phone - No PAYG 
water - Yes
Electric - Yes
loans/credit cards - this is my next question
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Ojc
Member
Registered: 14th Nov 00
Location: Reading: Drives : Clio 197
User status: Offline
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quote:
Originally posted by Cosmo
£825 a month seems a bit high for that amount.
Thats the highest we are likely to pay, always good when you are working these things out to start with the highest possible figure then if it works out cheaper its a bonus.
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Ally
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Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
User status: Offline
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whats ur next question ol?
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Ally
Member
Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
User status: Offline
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I'd say that was about right cosmo, im on £300 a month interest only on a 67k mortgage, so double that to £600 interest only, £825 seems right for repayment
Mine is 5% i think
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Ally
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Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
User status: Offline
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over 25 or 30 years ollie?
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Cosmo
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Registered: 29th Mar 01
Location: Im the real one!
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I *think* my sister has just got a 110k mortgage with Halifax for about £400 a month, that with a deposit of about 100k on the house aswell though.
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Ally
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Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
User status: Offline
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 10k deposit?
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Cosmo
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Registered: 29th Mar 01
Location: Im the real one!
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quote:
Originally posted by Ally
10k deposit?
100k paid off already, then mortgage the rest which is around £110k.
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Ally
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Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
User status: Offline
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ah right, i would say £800 right on 100% mortgage
Have u used the mortgage calculator?
http://www.bbc.co.uk/homes/property/mortgagecalculator.shtml
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Ojc
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Registered: 14th Nov 00
Location: Reading: Drives : Clio 197
User status: Offline
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30 years Ally.
Next question is, both me and Rach have a car loan, now we are going to want to keep one of the cars so it will mean one of the loans won't be getting paid off.
Now is it likely that because we will still have a loan that it will reduce the amount we can borrow? If it came to it we would sell both cars and get a cheap runabout but don't really want to sell Rach GSi until late next year.
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Ojc
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Registered: 14th Nov 00
Location: Reading: Drives : Clio 197
User status: Offline
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quote:
Originally posted by Ally
ah right, i would say £800 right on 100% mortgage
Have u used the mortgage calculator?
http://www.bbc.co.uk/homes/property/mortgagecalculator.shtml
I'm using Alexander Hall as we deal with them at work and they seem to be quite good.
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Ally
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Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
User status: Offline
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You could do, or borrow extra on the mortgage and clear the loan.
If its done on affordability then yes, it will lower your borrowing capability
Best bet is to see a few independent advisors and go over everything with them
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Ojc
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Registered: 14th Nov 00
Location: Reading: Drives : Clio 197
User status: Offline
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But then Ally you would be tipping the mortgage over the 100% mark? You would be getting a mortgage for 150k for a house worth 140k? So you would immediatly be in negative equity which isn't something we really want to do.
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a_j_mair
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Registered: 23rd Jan 04
Location: Scotland
User status: Offline
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food
drink
fuel
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Daimo B
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Registered: 20th Mar 00
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£800 EACH..
Covers all bills, mortgage, shopping, buying extra bits, tables, rabbit stuff, internet, sky etc etc.
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Ally
Member
Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
User status: Offline
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quote:
Originally posted by Ojc
But then Ally you would be tipping the mortgage over the 100% mark? You would be getting a mortgage for 150k for a house worth 140k? So you would immediatly be in negative equity which isn't something we really want to do.
True, i would sell one of the cars and clear as much of the loan as i could now, and get it cleared before i bought my house
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Ojc
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Registered: 14th Nov 00
Location: Reading: Drives : Clio 197
User status: Offline
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Thats what I said fanny ann, but if we would still need one car.
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Jules S
Premium Member
Registered: 24th Dec 03
User status: Offline
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quote:
Originally posted by Ojc
quote:
Originally posted by Ally
PS -
Council tax - Yes
Car insurance - Pay it off straight away
life assurance - No get it with work
mortgage - Yes
internet - Yes
home phone - Yes
mobile phone - No PAYG
water - Yes
Electric - Yes
loans/credit cards - this is my next question
House insurance
Contents insurance
Tv licence/cable/sky
Ground rent?
Budget/save for repair costs on car
Budget/save for emergencies
JINKY's 
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Cosmo
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Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
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quote:
Originally posted by Jules S
Budget/save for repair costs on car
Budget/save for emergencies
 something a lot of people forget about then are fucked when something goes wrong they need fixing!
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Ally
Member
Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
User status: Offline
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Whats ground rent Jules?
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