Can I afford to buy?

[psychocandy]

Jeez £450K for a flat!

Makes me glad to live in Wales to be honest. Even if rates are slightly lower (but not 1/4 of london).

You could literally buy 4 houses for that in wales.

My house - 4 bed detached, conservatory etc. Semi-rural location, 4 miles to main line train station. £230K

[heyya99]

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.

I'm looking for opinions of those who may be in the same situation. My point of the 1400 rent was that I have been living on a similar budget in the past. The difference with buying is the lack of get out clause plus extra expenses (repairs, service charge, etc).

[northernladuk]

Jeez £450K for a flat!

Makes me glad to live in Wales to be honest. Even if rates are slightly lower (but not 1/4 of london).

You could literally buy 4 houses for that in wales.

My house - 4 bed detached, conservatory etc. Semi-rural location, 4 miles to main line train station. £230K

You could but you would be stuck in Wales......

[psychocandy]

You could but you would be stuck in Wales......

Plenty of sheep. Not so many English...

Of course, you do know you can live in Wales and work in England, don't you? :-)

[PurpleGorilla]

I'm looking for opinions of those who may be in the same situation. My point of the 1400 rent was that I have been living on a similar budget in the past. The difference with buying is the lack of get out clause plus extra expenses (repairs, service charge, etc).

OK, but it is starting to sound like you are waiting for the answer you want to hear. In which case it's all down to you.

[WTFH]

Plenty of sheep. Not so many English...

How do you know the nationality of the sheep?

Of course, you do know you can live in Wales and work in England, don't you? :-)

Hey, I got into enough trouble in this thread for suggesting the OP looked a few miles outside London and you're now suggesting he moves back in time a few decades?

[psychocandy]

How do you know the nationality of the sheep??

Good looking ones are welsh.

[chopper]

What happens if you end up on the bench? Your mortgage has almost emptied your rather substantial warchest. What about a prolonged benchtime? What if your next gig is out of London?

Are you sure you can shift your £450k flat quick enough?

Are you sure you want to spend the next umpty years living in central London?


I'm rather preferring working in Manchester, but living under 15 miles from the city centre (3 miles from the train station) with a £215k 4 bedroom detatched house and so lots more than £400 left over at the end of the month. But each to their own.

[PerfectStorm]

I'm looking to buy in London

Apart from the deposit (thanks contracting) the way I've budgeted is "could I afford it on my previous, permanent salary" - just about. If I rented a room out (needs must!), then certainly. If so, then buy.

Always have a plan B. The world got dicked over when too many people who couldn't afford mortgages took them out a few years ago.

[SueEllen]

I'm looking for opinions of those who may be in the same situation. My point of the 1400 rent was that I have been living on a similar budget in the past. The difference with buying is the lack of get out clause plus extra expenses (repairs, service charge, etc).

This is what people are pointing out to you.

You are leaving little leeway if things go wrong.

If for example you couldn't work for 6 months how would you pay your mortgage and the service charges?