Can I afford to buy?

[FK1]

You are a human rather than a working machine. Take into account your emotional side and health.

It is a quite common for hard-working contractors to have good breaks and holidays.
What sense if you could not allow yourself spend 2-3 months in a year on a beach or place like that to enjoy your life?

I contracted non-stop for 5 years with the same profit as yours. Then I was so exhausted I got a break for a year. Would you afford your live with such binding mortgage?

[d000hg]

Oh yes, I have read what has been written. "I'd like lifestyle XYZ but my finances will be stretched to the limit to support that"


Financially I would consider it too high a risk, as I stated a couple of pages ago, hence I am offering a suggestion that leaves more money available each month.


Some suggestions have been made that might save <£100 per month. All I've done is made a suggestion that would save considerably more than that and while it might not achieve the long term goal immediately, it would be a stepping stone towards that.

But if he wants a flat, why suggest "buy a 3-bed semi 15 minutes out" rather than "buy a flat 15 minutes out"? You could presumably get something really nice.

[WTFH]

But if he wants a flat, why suggest "buy a 3-bed semi 15 minutes out" rather than "buy a flat 15 minutes out"? You could presumably get something really nice.

I was looking at price, rather than property type and I chose an area that I knew. As I said, it was a 2 minute search.


So, looking at flats...
2 bed flat for sale in Drakes Avenue, Leighton Buzzard LU7 - 39367724 - Zoopla
£170k


2 bed flat for sale in Johnson Drive, Leighton Buzzard LU7 - 39325520 - Zoopla
£190k


1 bed flat for sale in The Serpentine, Aylesbury, Buckinghamshire HP19 - 39252275 - Zoopla
£160k


1 bed flat for sale in Swan Court, Waterhouse Street, Hemel Hempstead HP1 - 39346901 - Zoopla
£180k


...so with those you are talking about getting a £100k mortgage, or <£420 per month on 25 years. In fact, do it properly and you could repay the mortgage in less than 6 years based on the original figures.

[pr1]

I was looking at price, rather than property type and I chose an area that I knew. As I said, it was a 2 minute search.


So, looking at flats...
2 bed flat for sale in Drakes Avenue, Leighton Buzzard LU7 - 39367724 - Zoopla
£170k


2 bed flat for sale in Johnson Drive, Leighton Buzzard LU7 - 39325520 - Zoopla
£190k


1 bed flat for sale in The Serpentine, Aylesbury, Buckinghamshire HP19 - 39252275 - Zoopla
£160k


1 bed flat for sale in Swan Court, Waterhouse Street, Hemel Hempstead HP1 - 39346901 - Zoopla
£180k


...so with those you are talking about getting a £100k mortgage, or <£420 per month on 25 years. In fact, do it properly and you could repay the mortgage in less than 6 years based on the original figures.

Are you ignoring that in 5 years the 450k flat in central london will be worth 900k? prices only go one way!

[PurpleGorilla]

Are you ignoring that in 5 years the 450k flat in central london will be worth 900k? prices only go one way!

Quite right. London is mega desirable and a global city. Just look at Sydney;

http://www.dailymail.co.uk/news/arti...op-record.html

[WTFH]

Are you ignoring that in 5 years the 450k flat in central london will be worth 900k? prices only go one way!

That's provided they stay in work for 5 years and can survive with no warchest, no holidays, no illnesses, etc.


If the bank has to repo it, they'll be happy.

[heyya99]

It's easy to forget that not buying a new place doesn't mean I'll have all this extra cash. I'll still have to pay a lot of money in rent. Last year, my rent in a 1 bed flat was 1400pm.

[FK1]

It's easy to forget that not buying a new place doesn't mean I'll have all this extra cash. I'll still have to pay a lot of money in rent. Last year, my rent in a 1 bed flat was 1400pm.

If you are do not bind yet with a school for your child or permanent place of work of your partner then that £1400pm might be spent much more well between contracts.
Somewhere under the sun

Investment? Nope. If you have to work instead of your money then that isn't it.

[heyya99]

If you are do not bind yet with a school for your child or permanent place of work of your partner then that £1400pm might be spent much more well between contracts.
Somewhere under the sun

Investment? Nope. If you have to work instead of your money then that isn't it.

I haven't a clue what you just said

[PurpleGorilla]

It's easy to forget that not buying a new place doesn't mean I'll have all this extra cash. I'll still have to pay a lot of money in rent. Last year, my rent in a 1 bed flat was 1400pm.

If you can afford 1400 rent you should be able to afford 1600 mortgage. If that's the answer you are looking for - buy the flat.