How much do you have left a month after paying mortgage and bills and food? Is this not sensible...

[Sundayfunday]

Thinking of buying a property. The mortgage is sorted, but I will be faced with a heavy commute (personal reasons, financially I should earn more in 12 months when this won't matter). It will however leave me with around 100 pounds 'spare' cash a month after bills, travel, food, etc.

Is this ok? Is it usual to live like this? In a year, I should have 3-400 spare a month. I want to buy now simply to get on the property ladder.

Thanks.

£100 isn't much when something goes wrong. Washing machine breaks or car needs new tyres type situation. Will you have any savings to cover this sort of scenario?

How much do you spend now on coffee, magazines, bits and bobs? Will it be bit of a shock or are you normally a low spender? Agree about wanting get on ladder rather than rent argument.
What if interest rates go up they are not going to stay low for ever is your job going to get an increase or possibility for lodger? Not that I'm expert but I know if rates do go up can mean big jump per month on your payments and you don't have a lot of room

My salary is due to go up by a significant amount after 12 months. If it didn't, I would take a job in the area, thereby cutting any travel costs and just sticking with my mortgage and associated costs (mortgage payment is approx 450 a month).

I'm just worried about risking it for 12 months when I will literally be living month to month. It's not something I have done before. However, if I was renting, due to rent prices in the area where I work, I would be paying out even more (without the pressure of owning the place, though which is a factor I suppose...)

Have you done a really detailed budget? Including, TV liciences, insurances and all the other little bits that add up but are easily forgotten?

If it is truely 100, what MIGHT you want to spend it on? What happens if something goes wrong? What happens if (when) interest rates go up? Can you still live?

My hubby and I did this when we were in our early 20s and really didn't leave much left in the pot at the end of the month. We moved in and the oven broke, the boiler broke more than once and was then replaced, we then needed an electrician to do work this was all in the space of a year. we ended up in a pile of debt so if it was me I'd say wait until your circumstances are better first if you can wait. I wish someone had given me a bit more advice back then as we were so desperate to have our own place we probably didn't think it through enough! What's another year if it means you are in a better position financially?

Can you get a lodger for a year?

Another year in the current property market could mean that OP is completely priced out, unfortunately.

I would second the lodger suggestion. Also, think of all the realistic ways you could make/save money.

Yes - what does the £100pcm actually have to cover?

If you've budgeted for infrequent expenses like car tax, gifts, Xmas etc then it could be fine, but otherwise like a pp said you might just get ruined by one car breakdown (or some other problem) in month one.

It will be tricky. Do you go out? Enjoy a drink? Where abouts do you live?
If your travel costs are car related have you budgeted for MOT and repairs?

The lodger idea using the rent a room scheme is a good one. You can get around £350 pcm for this tax free which would really help you out.
Do you have children?