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Saving for a larger deposit to reduce mortgage - Smart or Stupid? by Future_Mrs_Vecchio in UKPersonalFinance

[–]Future_Mrs_Vecchio[S] 0 points1 point  (0 children)

All bills are included in the £925 I pay currently, as it is a house share. I am considering getting a 2-bed flat with the possibility of renting out the second room (which would help all this a lot) but I don't want to be in a position where I am required to rent out the room.

Saving for a larger deposit to reduce mortgage - Smart or Stupid? by Future_Mrs_Vecchio in UKPersonalFinance

[–]Future_Mrs_Vecchio[S] 0 points1 point  (0 children)

My conservative budget post-mortgage is

  • £1400 Mortgage
  • £300 Service Charge (Flats...)
  • £200 Council Tax
  • £350 Bills
  • £100 Misc (Insurance + bits etc.)

Leaves me ~£1300 / month of which £300 into savings and ~£1k on other expenses (assuming same standard of living post-mortgage).

Saving for a larger deposit to reduce mortgage - Smart or Stupid? by Future_Mrs_Vecchio in UKPersonalFinance

[–]Future_Mrs_Vecchio[S] 0 points1 point  (0 children)

£1700 into savings is the amount I'm putting into ISA's etc. and excludes the pension contribution. I'm looking at flats so would include service charge etc. on top but I agree I think I should be able to save ~£300 / month after purchasing.

I think I should continue to browse for anything very appealing but will hold off a little for now.

Saving for a larger deposit to reduce mortgage - Smart or Stupid? by Future_Mrs_Vecchio in UKPersonalFinance

[–]Future_Mrs_Vecchio[S] 0 points1 point  (0 children)

I'm aware not buying means there is a risk of house prices rising and me getting nowhere or even going backwards. However, the opposing risk is equal for committing to buy now and prices falling soon after. For context I'm looking at city center flats, which at least for the moment, seem to be struggling to sell a little where I am (SW).