u/CremePleasant5800

I know a baker who I would say is very intelligent, he never had the chance to go to university or study much but I would say that I would not be surprised if he would be a doctor or something extremely prestigious if he had the chance, but on the surface he does seem like a normal person.

do you guys know of any highly intelligent people who are live lives that do not correspond?

the worst question I get asked is the Monday morning “how was your weekend?” I do nothi ng on my weekends and tbh I don’t enjoy it either. I live by myself and I have only a few friends who don’t live near me / are busy so I’m often doing nothing and by myself. any ideas what I can do on the weekend?

Hi guys,

 

I'm in my late 20's. I am a single person who no dependants. I own a 1 bed flat outright in Manchester which is worth around £90,000 (I didn't have much of a life during my formative years so just worked and saved). I rent it out at £750 a month, and I rent in London as I work here. I don't have much in savings, and I currently do an apprenticeship, so my salary isn't the best.

 

I make £25,000 a year, which isn't much especially at my age, but as I'm doing an apprenticeship I suppose it's the best choice I have. I have the rental income of £676 (after estate agent management fees).

 

So I make around £34,000 a year, minus taxes and service charge it's more like £30k.

 

I don't like renting at all, it feels like money is just being burnt and would like a place. I actually found a really small 1 bed flat in an areathat I really like (I also like the area quite a lot). The issue is, it's £200,000 for a 33 sq m flat.

 

It's a really cheap flat but….. I don’t know what to do in terms of affordability. I could sell the Manchester flat and buy the flat in London. I could move back to Manchester and work a normal job, and not have to worry about bills barring utilities.

 

The other thing I'd like to ask is this: If I put a deposit down of £25,000, could I ask for a mortgage of £175,000 using my flat as collateral?

 

I hope this isn't too confusing.

 

TLDR: 

 

1. I make £34,000 per year (my contract expires in December 2026), have £30k in saving, and I'm looking to buy a property that is worth £200,000
2. The property is fairly small, it is 33 square metres and 1 bedroom.
3. I have a flat in Manchester, worth around £100,000, I could sell this and then possibly mortgage the rest?
4. Alternatively, I would put down a deposit of £25,000 and mortgage the rest, using my flat as collateral in Manchester? Would this be possible?
5. Forget the property altogether and just focus on saving money whilst renting and buy a bigger property altogether?

 

Sorry if I sound a bit lost, I am.