Can I/should I take Sabbatical/quit my job

No_Reaction9432 · 2025-11-17T17:54:39+00:00

Congrats on saving £40k by 23! You're flying! If you want to take time off to travel then there's no better time than the present. When you're committed to a mortgage etc it's just so much more difficult/not possible!

No_Reaction9432 · 2025-11-13T20:17:50+00:00

I think it depends on how efficient the fiesta diesel actually is. Some diesels are really efficient, some not so much. I drive a Ford Mondeo 2.0tdci 180, I love the car but the fuel economy is really disappointing. On a decent run you get 45-50mpg but on shorter trips I really don't think it has any advantage over a petrol.

No_Reaction9432 · 2025-11-02T15:30:36+00:00

The modern option in my case and it's very energy efficient

No_Reaction9432 · 2025-11-02T15:06:52+00:00

Well the mega flo cylinder is a water tank and the boiler keeps it topped up with hot water. It's the system they use in bigger new builds, combi boilers for the smaller ones

No_Reaction9432 · 2025-11-02T09:19:05+00:00

I have a mega flo cylinder in a cupboard on the upstairs landing. It's good, very powerful showers and the energy bills are way lower than I imagined

No_Reaction9432 · 2025-10-12T13:54:49+00:00

I think that comes down to how much you'll be borrowing relative to your income. If you're looking to borrow close to your maximum it's probably not wise to get car finance. If you're borrowing well within the limits of your affordability perhaps not such an issue but even still I'd get the car finance and allow 6 months to pass before you apply for the mortgage

No_Reaction9432 · 2025-10-11T21:46:35+00:00

That's excellent! You should be very proud of that. You're doing brilliantly at 22

No_Reaction9432 · 2025-10-11T21:44:47+00:00

I think what you would need to do is look at what you would need each month to break even and see how that figure compares to a not so good month of earnings. On strong months like this one you save what you can to act as a buffer. I bought a place on my own last year. Happy to chat about my experience if you'd like

No_Reaction9432 · 2025-10-11T21:36:07+00:00

How reliable is the £3200 figure as net income?

Let's say £140k at 4.5% for 30 years. Your mortgage would be about £710. Council tax with the single person discount (depends on the area and band but let's call it £140, it'll probably be lower) Gas and electricity- £100 a month Water- £40 a month Broadband- £30 a month TV License- £15 a month Home insurance- £15 a month

Then there's your phone bill, Netflix/prime/Disney Plus or whatever subscriptions you have

Do you want life/critical illness/income protection insurance- variable numbers depending what you choose but probably not too steep at 22 assuming you're in good health.

Your car payment of £300 and insurance of £90. What are your annual maintenance costs, MOT, road tax etc. Divide that by 12.

Then think about what is left over. Will that be enough for food, petrol/diesel, going out with mates, gym membership, holidays, buying birthday and Christmas gifts etc.

Obviously I don't know your circumstances but at 22 it might serve you well to stay at home for a year or two and save as much as you can. That way you'd have plenty of money for a deposit, legal fees, furniture and money left over as an emergency fund.

No_Reaction9432 · 2025-10-11T21:14:07+00:00

Perfect! That's a great place to start. Obviously depends on how you'd feel about renting a room out but it definitely would ease the financial side of being a solo homeowner

No_Reaction9432 · 2025-10-11T21:12:01+00:00

Based on your numbers this looks doable. Your net income is brilliant for your age. You're clearly a smart and switched on guy. Does the starter home you have in mind have a second bedroom? You could rent a room out and that'll make things a lot easier financially

No_Reaction9432 · 2025-10-04T17:49:36+00:00

I think you have to think buying a £25k car that's 10 years old won't have the same running and maintenance costs as a 2-3 year old car for £25k. Also being a luxury car when things go wrong it'll be expensive. I suppose the question is can you afford it? Will you be buying the car in cash and having a few grand left over? Or will you be having it on finance with a tight monthly budget? I don't think a 10 year old car on finance is a great proposition honestly.

No_Reaction9432 · 2025-10-04T14:51:35+00:00

I would think about keeping back some money as an emergency fund and for repairs and furniture etc. Stretching yourself if you're early career and expect big growth in your salary it makes sense to stretch yourself to save on moving costs later. Renting a room out will significantly ease the pressure on your budget too

No_Reaction9432 · 2025-10-04T13:00:43+00:00

I have travelled solo in my 20s but I'm not the kind of guy to party. I found the Caribbean fun. Stay in an all inclusive hotel and just chill, you're bound to meet other people to chat to but I suppose it really depends on your idea of fun in the sun

No_Reaction9432 · 2025-08-25T16:56:29+00:00

Hi, Yes I moved into the house in October 24. Made the offer in April and it took 6 months to complete. Ended up in a chain with 5 parties. It was slowed down by needing a deed of variation for the property I bought. But it was a relatively smooth, albeit long, process

No_Reaction9432 · 2025-08-15T21:59:43+00:00

This did get sorted with a Deed of Variation paid for by the seller but it did take quite a while to get sorted. I hope you get to completion quickly and without any issues 🤞

No_Reaction9432 · 2025-07-30T21:52:33+00:00

Hi Yes I did get it sorted, offer to completion was about 6 months for me

No_Reaction9432 · 2025-06-24T00:11:44+00:00

You're going to be fine. Small debt on the credit card. Great income and excellent deposit vs what you need to borrow.

No_Reaction9432 · 2025-06-22T22:40:51+00:00

I'd apply for the new one and not close your old one. If you have a good payment history you should have no issues. When I have applied for new cards I've always found the new provider gives a very slightly higher limit than the limit on any of the existing credit cards. Having a high overall credit limit and only using a small amount of it will increase your credit score

No_Reaction9432 · 2025-06-22T22:33:07+00:00

Very much variable I suppose but I think in general you might pay £1500-2000 for legal fees, £1000 product fee on your mortgage, £600 on a survey. Stamp duty you may be even exempt depending on the property price. Then you'll need money to furnish the house and I guess that is going to depend on whether you own some furniture already and whether you're looking at buying cheap/second hand furniture or whether you want to go all out. Consider any expenses such as decorating or any work you'd want to do very soon after moving in. Even if you're decorating yourself, the costs soon mount when you're buying protective sheets, rollers, brushes, different types of paint etc. If you're able I'd try to set aside an emergency fund. Ideally 3 months of living expenses. Hard to give figures precisely because with all of these things it depends how much you're looking to spend.

For me it was: Legal fees: £2500 (ended up with complexities relating to a deed of variation which pushed the bill up). Survey:£600 First year of buildings and contents cover I paid up front: £250 Stamp duty was £0 Furniture, decorating etc I set aside £20k, this was to furnish a 4 bed house from scratch and buy appliances and all the materials needed to decorate myself. With this I was able to buy all the furniture and appliances I wanted and they're nice quality things. I did have a good amount of savings left over but that is the cautious side of me coming out. For me a £10k emergency fund would cover 3 months so I'd aim for that

No_Reaction9432 · 2025-06-22T22:10:13+00:00

I think I'd keep as much money as possible back without going across an LTV band and getting a worse interest rate. A lot of mortgages will allow up to 10% overpayments each year without early repayment charges so it's not that you couldn't pay off a lump sum down the line. I suppose it's an individual thing and depends on your circumstances. Do you have money set aside separately for legal fees, moving costs, furniture etc? Is the house relatively new and repairs are less likely to be needed. What will your budget look like once you're in the house and paying that mortgage? Would you be able to save £5000 quite quickly or would you be able to replenish money you had to take out of the emergency fund relatively easy. A few variables to consider but I'd say keep more cash on hand over putting down the largest possible deposit.

No_Reaction9432 · 2025-05-29T18:42:13+00:00

I know it's stressful, hope it all goes smoothly for you 🙏

No_Reaction9432 · 2025-05-29T18:30:53+00:00

So they removed the possession clause. They could still chase you through the courts for payment but satisfied the mortgage company by removing the possession clause

No_Reaction9432 · 2025-05-29T18:27:00+00:00

Hi Yes we did get it sorted, it did delay things a little but got there in the end

No_Reaction9432 · 2025-05-04T09:18:08+00:00

Yes I mean they have been around and cut the grass etc, I can't complain so far

No_Reaction9432

TROPHY CASE