I think you forgot to add on the interest :lol: I borrowed £35k & pay back £220 a month over 25yrs.

quote:

---

Originally posted by whitter45
not saying that

But no point in putting my point across if all your going to do is shout it down
As always its my opinion and I never state its the right opinion

---

not saying that

But no point in putting my point across if all your going to do is shout it down
As always its my opinion and I never state its the right opinion

quote:

---

Originally posted by whitter45
fair enough - i would not put all 80k

If he can't afford a more than 55k mortgage i would not buy a hosue personally

---

quote:

---

Originally posted by whitter45
I would put most of the 80k down and get a bigger mortgage and a better house

---

fair enough - i would not put all 80k

If he can't afford a more than 55k mortgage i would not buy a hosue personally

quote:

---

Originally posted by whitter45
I would put most of the 80k down and get a bigger mortgage and a better house

---

I would put most of the 80k down and get a bigger mortgage and a better house

quote:

---

Originally posted by Dean_W
As a rough guide, my mortgage was for 55K, that come out at £330 per month.

Extended to 30 years, it comes out at £303

---

As a rough guide, my mortgage was for 55K, that come out at £330 per month.

Extended to 30 years, it comes out at £303

You have left out Gas & Elec, and your house and life insurance which in total will set you back about another £100 a month

Here is a list I made...

Mortgage
Maintenance - if applicable
Ground Rent - if applicable
Council Tax
TV Licence
Building & Contents Insurance
Life Insurance
Sky
Southern Electric - Electric
Southern Electric - Gas
Portsmouth Water
Food/Grocery
Phone/BroadBand

+
mobile phone
gym
petrol
any subscriptions



[Edited on 20-02-2008 by BYRON]

oh right i see how it works now :)

http://www.bbc.co.uk/homes/property/mortgagecalculator.shtml

Its only a very rough guide, but comes out at around £200-300 a month depending on type.

I don't get your workings?

£50,000 / 25 = £2000

£2000/12monthly payments = £166.67 per month

You will not get a mortgage for £175 a month, you'd be paying only £8.33 a month interest.

You would get a more favourable rate going in with that level of "deposit" compared to the purchase price, but nowhere near that good!

Lets say you were on a 5% APR mortgage; The first year alone you would be looking at paying about £2500 in interest payments.

If you were paying £175 per month, You would miss the interest payment by about £400 in the first year alone.

I would imagine you're looking at more like £250-£350 per month for the mortgage


[Edited on 20-02-2008 by LiVe LeE]

Yeah suppose that would be a good idea keep 10 - 15k back aside for things :)

Im not ment to have it till im 25 but its all ready invested in shares and crap so i thought it would be better to buy soon while before the market goes up even more

If needs be you could always put down a slightly lower deposit and get a bigger mortgage, leaving you with some spare cash there to keep about for a rainy day if needed.

£120 for food a month though seems a bit low! And you havent got Eleccy in there also.

[Edited on 20-02-2008 by Cosmo]

Say you had an 80k deposit for a house and the house you were looking at was 130k so would need roughly a 50k morgage, Is it flexible on how long you can pay that 50k of for .. Cause ive worked out if i payed 50k off over 25 years it would be around 175 pounds a month including intrest, then i gather it would be another 300 - 400 a month for bills etc,... at the moment i spend silly amounts on insurance for the ibiza etc but in a years time ill have no loan to pay and insurance should go down a fair bit...

Im just thinking out loud really, i earn 1.1k at the moment after tax and my outgoings would be...

30 pound a week petrol (£120)
Insurance £70 a month
Morgage £175
Water - £32
TV License- £12
Broadband - £23
Sky - £30
Food - £120 a month
Council tax - £80 a month

Give or take that would be around 300 pounds left for whatever i want to do with it, so i would still be able to enjoy my self... Seem like a good plan ? Or am i leaving things out ?

Cheers Rob.:thumbs: