INCOME: £49000 / year. £2900 per month. Not going up in the next year, and I’ve only just started this job.
I’m hoping to put an offer in on a flat costing £230000 at 5.37% for a 2 year term. 5 year term doesn’t make much of a difference.
OUTGOINGS
Mortgage: £1208
Council tax: £130
Home insurance: £35
Service charge: £85
Ground rent: peppercorn
Gas: £60
Electric: £70
Water: £40
Broadband: £35
Phone: £25
Public transport: £200 (London)
Groceries: £225 (breakfast and lunch provided at work)
TV licence and Netflix: £20
Eating out: £80
TOTAL: £2213
This leaves £700 for emergencies, savings, home maintenance, clothes, grooming…
I’m feeling nervous about making an offer because it’ll be tight. But I think interest rates and property prices will go up quicker than my wage can catch up.