Mortgages - how do people do it?

PiKe said:
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.
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Then why should you be prepared to work for it? It's as simple as that.
 
PiKe said:
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.
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While you might not want to put that final nail in the coffin if its already a struggling business and theres no financial incentive for you to stay then perhaps your better off looking for another job now on your terms than waiting for the nail to come in on its own and screw you over and you not having a say in it..

Also, what car are you driving, any chance of getting a bike or something a bit more frugal, perhaps bus or something that'll cut your overall costs?
 
Buy a crappier/wreck house to do up?

Take lodgers.

Interest only mortgage? With that deposit don't see why not.

Buying a house is hard for everyone (well most people) you have to make big sacrifices to get by.
 
Food £ 240.00
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You can easily half that and still eat well.
Electric £ 41.65
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That's slightly over for a single person imo

I spend around £1 a day on electric and that's leaving my pc on for almost 12 hours each day It's likely your electric a month will be around £31
unless you are jobless and spend your day watching jeremy kyle
TV Licence £ 12.13
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Do you actually watch live tv? if not you do not need a license.

I don't know about
GAS
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My heating is all electric and costs me around £7 each week(leaving the hot water on 24/7 so it's possible your gas cost is slightly higher than what it could actually be
 
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Op seems to have the opposite problem to most people looking for a mortgage. He has the decent deposit but not the high salary to match it. Most people these days struggle to find the large deposits required by the banks (min 25%)
On a brighter note if he did lose his job - he should be able to find another that matched the salary no problem.
£60 per week on food is nothing these days.
 
PiKe said:
...So basically, I leave an already struggling business (my boss isn't paying himself) and drive the final nail into the coffin for them.
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This sounds harsh but if the business is struggling then your best getting out now anyway, It's not really your problem. Even if you did manage to get a mortgage and then the business went under and you lost your job (and put all your savings on the house) then you really would have a problem!

As already stated, You need a higher income.

edit: just noticed that what I've said has already been said by a number of others. This is your problem though mate. Get out of there and look after Numero Uno.
 
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rG-tom said:
a) how have you saved £47k when you earn so little
b) why do you earn so little at 30?
c) people do it by earning more
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What I thought too!
I am currently saving for a house deposit.

Some comments:
1) Buy a smaller house, or the same house in a cheaper area
2) Up your salary
3) I feel lowing your outgoings will only help so much as it isn't as though you currently have major monthly costs.

A mortgage of £314 is extremely small and it is fantastic that you have a deposit like this to put down on a house!

My strongest comment would be that you really need up increase your income by a minimum of £2000 before deductions, or £1000 and drop your monthly food spend to £150-200 (do you eat out a lot?) and get a car that is cheaper to run (very few people can afford a house on their own with a sports car too). Or get a lodger.

I am 24 years old and live with my parents still. When my probation period is up at work I want to get a mortgage agreed in principle so I can leave whenever I choose to.

EDIT: Genuine laughs at loud at those (in real life, not just this thread) complaining that the rent is too high and they have saved £0, then go on to reveal they have an M3 on finance, £2000 holidays every year, an Iphone 5 and a snazzy sofa on finance. Very few people can afford the high life and a house too.
 
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EddScott said:
If your employer is struggling the very last thing you should do is stuff yourself into a mortgage. Your lender is unlikely to be particularly sympathetic if you roll up to work one morning and the door is locked.

Job first, then mortgage.
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Agreed, you shouldn't even be considering buying a property when you have an insecure job.

Get a better paid job, and then you will be able to afford somewhere semi-decent. Simple.
 
PiKe said:
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.
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Perhaps the point being made is that you have a windfall coming when you are older so you can afford to spend all your savings now, which you describe as a 'problem'. Also it opens up the possibility of taking out a longer term mortgage e.g. 35-40 years.
 
krooton said:
A thousand times this!

My dad spent his ENTIRE working life for a company, from 18 to his 50s.

In doing so, he amassed a hell of a pension, and was looking to retire early (this is in SA, not here).

The company looked over the figures, and realised they would save a huge amount of pension payout if they made him redundant before he could retire. So they did, and he only ended up getting 20% of what he would have if he stayed there for 2 more years.

So looking out for number 1 is the single biggest employment lesson I have learned from my parents.
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Yeah 1000000x this,

Employers can blow my totem.

They won't have any worry about cutting you down for themselves. (Unless boss is OP's friend or something then obviously harder... i'm talking some random big company)

Gilly said:
Why does that get a grin?
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Humouring my situation cause it sucks.
 
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hyperst said:
girlfriend?

buy a house when there is 2 of you to contribute, no point moving out if you are single and cannot afford it anyway, plus how you managed to save £47,500? try doing that again and buying a house outright.
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be gay and get a boy friend, the chances are he will be a better earner and you dont hacve to worry about kids...
 
arknor said:
You can easily half that and still eat well.

That's slightly over for a single person imo

I spend around £1 a day on electric and that's leaving my pc on for almost 12 hours each day It's likely your electric a month will be around £31
unless you are jobless and spend your day watching jeremy kyle
Do you actually watch live tv? if not you do not need a license.

I don't know about

My heating is all electric and costs me around £7 each week(leaving the hot water on 24/7 so it's possible your gas cost is slightly higher than what it could actually be
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Yeah side note,

OP How is food bill so high? are you only paying for your own food? I live on 20 quid a week. I eat pretty good... but damn basic. Veggies and rice every day. Sometimes fish rice or turkey meat / rice. Fruit. But lots of veg mostly. Oh and pasta. If i'm feeling lucky and want to treat myself some healthy Greek yoghurt. YEAH BUDDY!!

Pretty much my diet. Extremely basic, but nutritious and healthy. Don't eat takeaways don't drink alcohol.
 
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