Can I afford to buy?

[stek]

I swear I thought you were going to say LA.

My money was on Bongo-bongo-land....

[heyya99]

My money was on Bongo-bongo-land....

That's racial prejudicism

[PurpleGorilla]

That's racial prejudicism

Yeah it's not cool Stek.

[SueEllen]

Scotland. None of those appeal to me. If I have to do that I'll rent centrally.

There was me thinking you were from somewhere interesting not another bloody country in the UK.

[heyya99]

There was me thinking you were from somewhere interesting not another bloody country in the UK.

Surely my country of birth is irrelevant to my ability to afford mortgage repayments.

[heyya99]

Disregarding the insanity of the costs, do you think I can afford it? Or are there hidden costs I haven't factored in?

[WTFH]

Part of your calculation was that you had £300 per month left over. That, to me at least, is cutting it too fine for a single person living in London.

While you might detest the idea of commuting, you could build in more financial security by moving out of the congested noisy hipster-ridden metropolis.

[stek]

Yeah it's not cool Stek.

Sorry, I was under the influence and not drinking much these days it went to me 'ead. I've been apologising all over the place......

[SueEllen]

Surely my country of birth is irrelevant to my ability to afford mortgage repayments.

It's relevant to how much you know about the UK.

Anyway £300 a month left isn't enough.

Service charges have a habit of rising, white goods breakdown and more importantly if your boiler breaks down you could be screwed. It also doesn't matter how new or old these things are they will just randomly break.

Also have you included council tax and bills in your living costs? That's most of your £300 gone.

If you were buying a 2 bed then you could get a lodger in.

[heyya99]

Part of your calculation was that you had £300 per month left over. That, to me at least, is cutting it too fine for a single person living in London.

While you might detest the idea of commuting, you could build in more financial security by moving out of the congested noisy hipster-ridden metropolis.

Yes, it's tight. But the annoying thing is that even if I move further out and cut the price of my place, it won't significantly reduce my mortgage repayments. For example, a 450k purchase is about 1500 pm but a 400k purchase is roughly the same.