ChatterBank3 mins ago
Home Costs?
5 Answers
I am looking to move out of my parents property and into a 2/3 bedroom property with my boyfriend, but before we give it some serious thought, i need to work out an idea of the costs, to see if we can actually afford it on our current wages,. as we are both currently living at home, we do not have any idea about the costs of owning our own home. can anyone who lives in this kind of property with just 2 living there please give an estimation of these running costs per month so we can get a rough average idea?
things i'm after include: water, gas, electricity ,phoneline rental, and also what would be the rough insurance buildings and contents costs?
thanks, any help would be greatly appreciated
things i'm after include: water, gas, electricity ,phoneline rental, and also what would be the rough insurance buildings and contents costs?
thanks, any help would be greatly appreciated
Answers
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The most expensive item will be your mortgage.
As a rough guide, your current mortgage will be around £600 a month per £100k of loan – so if you have a £150k mortgage you will be paying £900 per month. To stand a chance of getting that mortgage, you will need a 10% deposit (£15k on a £150k property).
And the killer requirement (on getting the mortgage), multiply the higher earners salary by 3 and add the lower salary – you might be lucky to find a mortgage provider willing to lend this much. i.e if one of you earns £20k and the other £15k, that works out at £75k.
Best stay on friendly terms with your parents for the foreseeable future.
As a rough guide, your current mortgage will be around £600 a month per £100k of loan – so if you have a £150k mortgage you will be paying £900 per month. To stand a chance of getting that mortgage, you will need a 10% deposit (£15k on a £150k property).
And the killer requirement (on getting the mortgage), multiply the higher earners salary by 3 and add the lower salary – you might be lucky to find a mortgage provider willing to lend this much. i.e if one of you earns £20k and the other £15k, that works out at £75k.
Best stay on friendly terms with your parents for the foreseeable future.
We live in a 3 bedroom (2 and a box room) townhouse, and our costs are as follows:
Electricity - varies, we pay it by DD and it goes up and down like a yoyo, has been £14pm, has been £55pm!
Phoneline - £10.50pm
Buildings and contents insurance - £21pm
We don't pay water or council tax as i live in NI but we pay "rates" instead and this is £60pm.
Other outgoings we have are internet (£5pm) Sky TV (£17pm)
Electricity - varies, we pay it by DD and it goes up and down like a yoyo, has been £14pm, has been £55pm!
Phoneline - £10.50pm
Buildings and contents insurance - £21pm
We don't pay water or council tax as i live in NI but we pay "rates" instead and this is £60pm.
Other outgoings we have are internet (£5pm) Sky TV (£17pm)
1 to 5 of 5
