I'm getting a mortgage

**Rhyfelwyr** · 11-24-2011, 03:29

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**Husar** · 11-24-2011, 03:42

Are you sure you can pay it back? Have you considered all the costs that will come up with your own house in addition to the mortgage payments?
Electricity, water, taxes, etc.

I don't know what the minimum wage is in the UK but if it's anywhere near my wage I wouldn't dare think about all this.

And a house for 50k? I'm not sure what you'll get on the market for that.

I don't want to completely discourage you, just hope you really thought about this.

**Fragony** · 11-24-2011, 05:16

50k muhahaha you can get your very own cardboard box and two daisy's to put on top of it as a garden. Here at least :SWEATDROP:

**Crazed Rabbit** · 11-24-2011, 06:35

I don't think there's anything wrong with renting for a while. Cheaper than a mortgage, and it lets you find out what you like.

Edit - Congrats on basically getting a mortgage with nothing but confidence though.

CR

**d'Arthez** · 11-24-2011, 09:29

Nothing wrong with renting. Especially when the housing bubble is due to burst in a few years time ...

But congrats nonetheless.

**Andres** · 11-24-2011, 09:45

I have no idea what the prizes are in the UK, but you won't find anything decent for 50k.

Also, allthough the law here says banks cannot give you more money than you can pay back with 1/3 of your income, banks here still give people way too big loans which they then have big difficulties with paying back.

Ignore the advice and the offers of your bank, make your own calculations. What's your salary. How much will you spend on basic costs: heating, electricity, food, taxes, clothes, water etc. You'll also want to live a bit, so make sure you have a budget for free time too. And of course, you need to be able to save something each month if you're going to stand on your own feet; to deal with unexpected stuff. You should be able to save at least 10 % of your income each month. Will you need a car (because a car is expensive)? If the answer is yes, you need to save an additional 10 % each month, because cars don't last forever and one day, you'll need to buy a new one. "Oh, but I can get a car loan too", I hear you coming. Sure, but know that the more you buy on credit or with loans, the higher the probability you'll end up miserable for the rest of your life before your 30th birthday.

What's left of your salary after all that, you can spend on paying rent/paying back a mortgage.

**caravel** · 11-24-2011, 11:46

Originally Posted by Crazed Rabbit

I don't think there's anything wrong with renting for a while. Cheaper than a mortgage, and it lets you find out what you like.

Not over here... renting here is actually very expensive compared to a mortgage, but just how expensive does depend heavily on the north/south divide. Rhy* is in Scotland if I recall correctly (?), so house prices and rents are generally much lower there than in e.g. the south east of England. I'm not sure what you'll get for fifty grand though...