Good for you matey, hanging in there.

 

Definitely scary stuff starting on the ladder these days. As said on page 1 the missus and me are getting a 200k mortgage at around £1100, then on top of that council taxes, tv licences, insurances, food, car insurances etc etc... We've guesstimated around £2k a month to cover it all! Thats nearly half of our joint money and we havent even started to live properly!!! We're gonna be fooked when she wants kids and we need to live on just one, not sure how people cope!!

Chris

 

I'm gonna fall into the "un-average" catergory then, as nigh on 100% of mine monthly income will go on bills! Mortgage/rent (it's a part own, part buy, so I have to pay both ), council tax, water, leccy, gas, + TV licence, phone, internet - after that lot I am lucky if I have a couple hundred quid a month to buy supermarket stuff (house products, food, etc).

Gonna become a hermit cos I probably won't even have a tenner a week to go out with....

But I am told it's always hard at the beginning, and you have to ride it out for a couple of years - wait for interest rates to drop (unlikely) and wages to go up (equally unlikely in my job ) and it gets easier after that....

 

thrush people say its hard cause they loose the free income they have,,, NOT FUCKING ALL OF IT !!!!

thats MENTAL as if the interest rate EVER goes real high you will be bankrupt,,,,, property is nice ect but ffs dont kill yourself,,,,, maybe save a little longer mate,,,, your area aint gonna go that much up in value as its at its highest these days anyway

what happens if the boiler dies,,,, where you gonna be then ?

 

Mine is £2700 on £378000. aargh!

Rich

 

I know it's mad Ginge, but I need to get on the ladder before it goes silly - and the prices are rising - most have gone up at least 10k in the last year alone (in the area's I am looking)

But, unlike most, I am not stupid - if something goes wrong, I am covered as I do have some money behind me. If it all goes through as it should, after paying off the solictors, and the mortgage lender for their valuations, surveys, arrangement fees etc, and spending a grand or so getting furniture and appliances, I should still have about £10k behind me, which I am saving (and hopefully be adding to when I can afford to) for problems such as the boiler exploding etc..... Course, there is always contents insurance for that right?

Lastly, I am budgeting on my BASIC monthly wage after deductions (tax, NI, and the van "contribution") - it doesn't include any acrewed weekly bonus. So I could add another £50 to £80 on top of that (per week) in bonus, and when work picks up again in the summer, I could be looking at £120-£150 per week bonus (longer daylight hours means more/extra work can be done, plus it is always busier in the spring/summer months anyway for some reason)

So when I say I have a couple hundred left over per month, thats on "worst case scenario" like I earn zero bonus in a month (as a guid, last month I earned about £220, which is pretty low), so any bonus earned is actually bonus, and will allow for going out to the pub, buying stuff etc....

I am just gonna have to learn to cut back on unesacary(sp) spending, and cut back/give up smoking (as thats a complete waste of money, but the only "vice" I have left ) Was thinking about getting a cat, but might not be able to afford to feed it

 

Thrush can't you get a lodger?

So glad i'm an old codger and don't envy anyone trying to get on the property ladder these days My house has more than doubled in the 6 years i've owned it but of course that means nothing in real terms as so has every other house in my area.

 

did you get your new place Rich? £2700!!! fook me matey!!!!

 

144,400= 732 per month, 40 yrs though

 

I got a 30k mortgage 2n half years ago fixed rate paying £160 a month in the last 6 month scince the fixed rate expired its went up 4 times now paying £210 a month i dont want to get another mortgage with a fixed rate cause im going to be getting a house with the missus soon...On the bright side my flat is worth £55k now

 

thats why we have 3 people paying the mortage (even though its only me really)

i live in one house thats paid for
my brother lives in the other house we bougth last year
i run the house i live in
he runs the house he lives in
and i pay the mortgage on his house but he does give me £450 a month towards it
my mrs earns money but doens't spend any of it as i pay for her too, as well as juior and the old man and the old dear
so
her earning isn't taken into account but what she does earn earns us our nest egg for when times get tight, so if she doesn't work (she's been on maternity for a year withonly 6 months getting paid and 6 months being skint) i haven't needed to rely on this money
and then i've always got my folks to fall back on should times get really hard and i become the only person who's earning

there is no other way to do it but i'm looking to buy another house today with the view to buy to let it beacuse i've got a few quid stashed away doing nothing but making the banks pockets buldge

 

55K for a place is bloody good too BTW, anywhere in the UK!

 

£674 a month over 28 years I think (re-newed mortgage after 2 year fixed expired - that was a 30 year term originally) on £125,300

Z

 

in May last year we got our first house, 3 bed semi with garage etc £170k, paying £1007 per month <-- real tears

PS i hope you got remembered to think about the stamp duty rip off payment when you buy the house, its 1% of property value (£2000)... you'll also be glad to know you nothing out of paying it

 

Its a 1 bedroom flat tho but even still i will have made 25k on it in 2n half year but if i live in it 1 more year i could get more but sadly it wont be a fraction of what i need to spend to get another place so you never really see the money

 

I'm about to start my mortgage...

121k over 30 yrs @ £680 a month which is 5% fixed for 5 years.

 

thing is, you have to be able to afford the repayments for rent, you have to convince the bank you can afford it for a mortgage.

Im paying 520 a month out of an income of 7k a year, now obviously I cant convince the bank that that adds up at all! The only reason i got there is because its a student mortgage, and so long as your parents will guarantee some of it (13k in my case) they dont ask too many questions.

In real life Im paying 2.5k a year out of the 7, and taking the other half from my flatmate so its not too bad.

If I was renting it wouldnt be a problem, I CAN pay the payments, but convincing the bank I could manage it on such a low income would have been impossible, despite having deposit etc.

 

yeah your in a really bad position, i'd hate to have more than £2000 left over every month to spend on junk

 

i pay 548 a month, 140k house, 40k deposit, 100k mortgage

 

Ex-Finesse They dont get mortgages becuase they can't. Clued up landlords buy where they know within an area where they can atleast cover costs.

Buy a back to back terrace which has already been converted into bedsite, and fill them with people on,low incomes, people who have just entered the country, and before you know it you will have their mates, collegeues etc trying to rent a room of you.

Get a few of these in Leeds or where ever and you should be laughing.

Install electric meters where you sell tockens, and you make a little on these too. Find a niche in the market area, and do your home work, keep your sensible head on and you may make some decent money.

 

Similar to Dave - 270K mortgage = £1500 per month

 

If you dont mind me asking what kind of job do you do to be able to afford that kind of mortgage?

what you pay on a mortgage thats near my top line a month in wages I NEED A NEW JOB

 

£850 on a £120000 ...

 

too much..

To be honest its not too bad. Much better having your own gaff My monthly train fare of 260 quid plus 4 pounds a day parking fucks me off more

 

mine will be 499 a month over 40 years for £104,500 on repayment

 

Houses are sooo expensive thts what were all paying on our mortgages then you have gas elec tv licence sky house insurance the list is endless our cars this is depressing this thread when you tally everything up

 

Chartered Mechanical Engineer - currently working in energy managerment for a very large mobile phone company

 

I thought I had it bad but compared to what some are paying and over some long terms

Took out our mortgage on our second home feb 05 25 years repayment on 175k round about a grand a month, has gone up and down as we are on a variable tracker rate, also put 33k into this house, that was profit made from our first home,

Mrs Luciano asked me to include her comments which are, if a lot of us on this site didn't have these expensive toys (cars) we would be a lot better off, i have to agree with her there, my saph owes my 26k that would have been a chunk off of our milestone i mean mortgage,

It is scary getting loans of big magnatude but it is also an investment, as i said above we made 33k profit on our first home and we were only in that house 18 months, not too bad that, i've had worse days


Luciano

 

I pay £632 for a 117k secured on a 130k house.
35yr mortgage but only fixed for 2 years
not bad at all cus me and the gf earn average wages, alot of peeps pay the same renting yet we own a 3 bed house

 

Fancy an apprentice good on you mate
I need out the car trade

 

We're in the process of selling our house at the moment, as long as it all goes through OK I should be able to buy a 3-bed semi outright as we had tons of equity in this house. Had to get divorced to swing that one though

 

Deep breath............ I had 30k deposit and I borrowed 259k last year, costs just over £1600 a month but is shared with the inlaws too as they live at the same address ( not same building ) weve got the house, they have a 1 bed bugalow. My missus and her mum had always wanted there own place for the horses so we sold up, left essex and moved to sunny cambridgeshire. ( spent just under 40k since weve been here too! )

 

i have got 116000k left and 17 years to pay it house is worth 225k. monthly payments are 820 on a discounted tracker which keeps going up

 

I pay just over 500 a month for my apartment, thats 90k over 35 years. i had to as im on my own with no woman to help lol. Peopl talkin about deposits etc, are there no new houses etc round your ways, as everywhere up here pays 5% deposit? My apartment was 92950 last year, and i got 5% deposit paid, and 5k's worth of options (spotlights, uprated kitchen, 100% wool carpets etc) I only had to pay 100 uiqd deposit!

Although i did have to sell my es cos and BMW to fund , im glad i did cos im 25 now so was about time! Remener Porkie telling me best thing to do back then, deffo correct!