I recently made the decision to buy alone (became single in February and have struggled to get my confidence back and control in my life). I am 28.
I have worked out that if I go ahead with this plan, for the first year, I will be left with about 110 pounds a month after paying out for everything - mortgage, food, bills, car, travel to work etc. After the first year, my salary is due to increase, meaning I should be left with around 350-400 a month. If I carry on renting between now and then, (ie to wait until the pay increase before I buy), I will be spending the same on rent, but will obviously not have the pressure of home-owning and having the liability for it. If I were to buy and then lose my job in the next year and not get the pay rise, I would take a job in the area and would be able to pay the mortgage which ironically is low (around 450 a month), even on a small salary.
I am just worried about the initial time frame where I will be left with very little month to month. Is this a silly thing to do, or do people do it to get on the ladder and then things settle down?
Thanks.
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New home, but is this living too close to the edge financially?
massiopler · 03/06/2015 10:45
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