Mortgages - how do people do it?

PiKe · 21 Feb 2013 at 14:10

Really wanting to move out, turning 30 in just over a year now and I'd previously set myself a goal to move out by then.

I've worked out that I can get a mortgage of £120,000 based on a deposit of £47,500, problem being that's pretty much all the money I have.

I have sat down and thought about all my outgoings to realise it's going to be practically impossible (and boy is that depressing).

Monthly
Earnings £ 1,103.10

Car Tax £ 22.92
Car Insurance £ 25.00
Petrol £ 220.00 (40 miles round trip a day)
Electric £ 41.65
Gas £ 44.84
TV Licence £ 12.13
Phone & Internet £ 26.05
Council Tax £ 101.53
Food £ 240.00
Water £ 32.92
Mortgage £ 314.00
Car Maintenance £ 29.17
Mobile Phone £ 8.00

Disposable income -£ 15.09

That's without buying furniture! So, before I lose the will to live, who else is in this predicament?

My parents are as understanding as ever and simply said, well everything will be yours when we're gone. Not only is that morbid (I get a house but lose my parents? Great), but I'm going to be well into my 60's before they've passed on.

Living at home into my 60's scares the crap out of me.

PiKe · 21 Feb 2013 at 14:16

Solaris said:
Get a girlfriend, date for a while, and move in together.

Move in closer to work.

Share the mortgage on a 2 bed place with another first time buyer.

Get a better job.

Have a girlfriend but she's in education so isn't earning at the moment.

Closer to work is impossible for that budget, I live in the Lake District.

PiKe · 21 Feb 2013 at 14:18

Jez said:
Its not a take-home of £1100, its a take home of £880, or a salary of just under £12000 per annum. (He has £220 worth of fixed commuting business cost which presumably is not reimbursed).

The figures do not work for moving as this is a very low salary.

It is take home of £1100 actually.

The commuting is based on affordable property 20 miles away (I currently live 4 miles away).

So basically, I leave an already struggling business (my boss isn't paying himself) and drive the final nail into the coffin for them.

PiKe · 21 Feb 2013 at 14:23

PapaLazaru said:
You will not get £120k mortgage if you take home £1100.

What is that gross? £17K.

You will get a max of £75k.

With a deposit of £47,500 the actual mortgage will only be for £72,500 wont it? :confused:

PiKe · 21 Feb 2013 at 14:25

rotters said:
http://www.rightmove.co.uk/property...lats&oldDisplayPropertyType=flats&radius=10.0

Loads of flats for £70k within 10 miles of Lake District. Not sure why you need to spend the full amount you can get. You could live more comfortably in a cheaper property.

None of those are within 10 miles of where I work, more like 30 to 40 miles!

PiKe · 21 Feb 2013 at 14:28

PapaLazaru said:
Indeed, but you did say a mortgage of £120k.

I take it you mean a property valued at £120k.

Sorry, I did mean that!

PiKe · 21 Feb 2013 at 14:29

rotters said:
O well I'm trying to help, which town do you work in so we can search for you?

http://www.rightmove.co.uk/property...ryDisplayPropertyType=&newHome=&auction=false

PiKe · 21 Feb 2013 at 14:33

I have standards.

Also, a lot are retirement properties.

PiKe · 21 Feb 2013 at 14:38

Jez said:
Stop moaning about the situation, there are loads of properties which you can afford, some even outright.

The only thing that is stopping you is that you feel as though you are better than the properties which are at your level.

All of them are in retirement complexes!

PiKe · 21 Feb 2013 at 14:39

rotters said:
The chalet for 110k is quite nice and its rural...

http://www.rightmove.co.uk/property-for-sale/property-36822994.html

Or if you wanted to get on the ladder and then save up some more...

http://www.rightmove.co.uk/property-for-sale/property-33822124.html

Worlds apart in terms of decor and niceties...but realistically...it would be yours.

I believe the chalets require them to be vacated for 6 weeks of the year.

PiKe · 21 Feb 2013 at 14:44

I thought we were on buy outright within 10 miles... :confused:

PiKe · 21 Feb 2013 at 14:47

Jez said:
That property is within your 10 mile search link....

Well that's plain wrong.

PiKe · 21 Feb 2013 at 14:51

Jez said:
You provided the link

It's the sites fault not mine

PiKe · 21 Feb 2013 at 15:00

Quite happy to commute if it means I get something nicer.

PiKe · 21 Feb 2013 at 15:02

Basically there's myself and my boss and it's a SOHO so it's not some faceless business.

I leave, he has nobody to do the IT and I don't think he'd find anyone else prepared to work for a low wage such as what I'm on.