paceo

iTrader: (5)

really looking at buying a flat or maisonette with 3 bedrooms with a mortgage and not renting.

just wondering with the mortgage (£200,000 rough price), council tax and bills, how much woud i be looking at spending each month roughly?

i will be having 2 friends rent off me as well, thinking between £400-450 a month which sounds fair

Rab

200k mortgage will be WAAAAAAAAAAAAAAAAAAAAAY more than 500 quid a month. Thats an 80k mortgage mate.......

Reypayments will be around 1200 quid a month. Council tax will easily be 160 a month. Gas/electric budget about 80-90 a month................

95 fiesta si

as above i think too. are your mates paying that each or between them ?

paceo

iTrader: (5)

each mate

fuzzy

for 180000 loan with 20G down as a deposit your looking at £900+ a month just for the mortgage.

paceo

iTrader: (5)

jesus christ

95 fiesta si

not too bad then mate. do they get everything for that or are you sharing other bills like council tax, gas, electric, water, phone, internet etc etc..

fuzzy

heres an rbs mortgage calcularor to give you idea of costs to suit you....
http://www.rbs.co.uk/personal/mortga...ator&HBX_OU=50

Lambchop

iTrader: (1)

I think rab is spot on. Bit more on the repayments though!

Also depends on loan to value. In fact if ltv is less then payments might be lot more!

paceo

iTrader: (5)

£400-450 a month and i will be paying all bills and mortgage etc.......

fuzzy

whats an average rent for a room in your area? £450 seems a lot just to rent a room ? edinburghs not a cheap place and i used to pay £150 for a room in a house just like yours but that was 5 years ago at peak boom times.

95 fiesta si

i reckon you should be sound then mate. There helping to invest in something that eventually you'll own outright. i say go for it. if you can defo get the morgage, nows the right time to buy, houses being so cheap to what they was a year ago. heres your chance and i say go for it. Just calculate all your bills with the morgage, minus your lodgers rent and see what your monthly expenditure is and see if you earn enough to cope with it

paceo

iTrader: (5)

not really sure, its not cheap down here, well they will have the whole place to themselves really etc.... my mate just rents a tiny room down here and pays £400 a month for a room and ensuite and thats it.

bloody not cheap moving out, so prob £1400 a month with mortgage and bills.