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I don't see how it'd be possible in Oxfordshire tbh
... there are houseboats... bout 70k ish I think
... there are houseboats... bout 70k ish I think
Can Single people with low wages afford a mortgage?
- Thread starter bakes0310
- Start date
Indeed.
But..
rental...
boiler needs fixing, call the agent
Oven dies, call the agent
etc etc
Own the house -
Boiler dies...well time to fork up 600quid+
Oven dies...off to argos with a few hundred quid
etc etc
You can't afford to own a house on minimum wage. Just affording the repayments isn't enough.
I got a 75k mortgage on a £14,500 salary at the point of applying for it.
£17,500 deposit.
The house needs a lot of work though, so if you want a habitable house straight away I'd say no, but it's my little project.
Christ how frugal must you have been to save that up?! I assume you had some assistance?
OP it's very difficult for most people to cough up the capital for a deposit. Don't be too disheartened about it.
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You clearly haven't tried renting in London then?
As said, the mortgage repayments wouldn't be the problem. At the moment repayments are probably less than renting the equivalent place. Certainly is the case around here. Its the deposit you'd need unfortunately..
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I'm single and only a few quid above minimum wage. It helps living in the midlands. I'm on about 22k and got at 68k mortgage with a 5% deposit.
I got a flat, minimum running costs, no house work and gardens to do. Ideal for single people. I'll say it's quite tough and you don't get much spare cash. I'm just busy trying to make money on the side to up the savings.
I got a flat, minimum running costs, no house work and gardens to do. Ideal for single people. I'll say it's quite tough and you don't get much spare cash. I'm just busy trying to make money on the side to up the savings.
Soldato
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22k is a lot more than minimum wage.
Soldato
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Yeah, my Dad had a heart attack and got a Critical Illness payout, so I got a good help from my parents.
Now my mortgage payments are £301pm, renting I was paying £575, for a 2 bed. I now own a 3 bed.
It's over 40 years, for now, problem with being single is that you often get shifted with a longer term so I'm paying a lot more back.
I will assess it in a few years though, much higher salary now.
This!
I can easily afford mortgage payments and running a house in the local area at just under a third of my net monthly wage with plenty of disposable left over, however...the long slog saving up the 20k I'm aiming to put down as a deposit is a different matter!!!
Never mind the mortgage.... amassing a suitably fat deposit is the kicker for most first time buyers.
Even with my ex living together and both working full-time and putting monies by for savings over nearly ten years, we couldn't save enough for a decent deposit. We didn't spend a lot on entertainment, booze or holidays and 'stuff'. All the money just seems to get syphoned off by living expenses.
Now as a single bloke, there's just no way of saving enough money for any kind of property, unless it's one of those sheds that thinks it's a summerhouse that you get from b&q, but that's sooo passe.
Having spent many years lining somebody else's pocket with renting, it does kind of annoy me, that even when in half decent work, putting that 500+ quid a month into a place that will eventually be mine is just so much of a pipe dream.
Ah well, better things to dwell on eh?
Even with my ex living together and both working full-time and putting monies by for savings over nearly ten years, we couldn't save enough for a decent deposit. We didn't spend a lot on entertainment, booze or holidays and 'stuff'. All the money just seems to get syphoned off by living expenses.
Now as a single bloke, there's just no way of saving enough money for any kind of property, unless it's one of those sheds that thinks it's a summerhouse that you get from b&q, but that's sooo passe.
Having spent many years lining somebody else's pocket with renting, it does kind of annoy me, that even when in half decent work, putting that 500+ quid a month into a place that will eventually be mine is just so much of a pipe dream.
Ah well, better things to dwell on eh?
i don't want to sound disrespectful, as i don't know your personal circumstances but you've done something wrong. even if you'd saved £50 each pm over that 10 yrs, you'd have a nice deposit.
Soldato
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£10 says it's an ex cause she spent it.
Pardon my own ignorance, but £12k isn't going to get you very far is it?
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£12k deposit with two incomes to go on the mortgage application isn't bad.
£6k?
Anyway, I suppose I was one of the lucky ones who got a 100% mortgage, legal fees and "home improvement loan" all chucked in aged 18 on the highstreet, having only ever had a mobile phone contract previous to that.
It certainly won't be that easy for my younger brother and sister that's for sure.
it'll get you further than anything less
Soldato
Makes no sense. I am though impressed that you paid cash for your house upfront....?
£22K and you think you are on minimum wage? Guessing your job does not involve numbers in any form
