@jen9417 Yeah, that's something we should look at. We do use the car a lot, and someone else mentioned about how we would fund replacing it. It's 10 years old with just under a 90,000 miles. There's a 2 hour drive once a week(each way) that is essential. Not sure about the rest of it. Something to look at cheers.
That's explains it then. Just stuck out as a possible error.
With your savings, I'd say you've got it pretty much figured out in that you could replace it with a comparatively decent second-hand car within however long it takes to access your savings.
NI is going to be £60 a month less from next months. Negating your energy bill increases.
If you’re going for a 30 year mortgage. Just secure as long as you can get them choose to overpay. Keeps grantees monthlies down and assuming over payments, it costs no extra long term. While offering flexibility.
Likewise, if you can get the cash savings matching the mortgage rate. You could put less cash in now on the deposit, unless the LTV % changes the rates you get offered.
@kelbren Thanks. I'm hoping that we might able to get a 10 year fixed with a 20 percent deposit. Just depends on the provider. A fair few won't include my wifes wage until she has been employed for a year.
@proudpa2 I like to operate on the one income assumption. If my partner's income was to stop could we survive on one income? Circumstances change and perhaps it's too risk averse but for something like a mortgage I like to he sure I can cover our basic budget on our income alone.
Also as some one stayed I think your budget needs to be more specific and seems to be missing some things. Break things down individually.
@proudpa2 Hi Mate, I think my point is just a case of being as detailed as possible in the budget to avoid pulling cash out of savings each month or something like that. Personally I've split ours into two sections. Monthly essentials & then disposable income separately to account for in for things like car insurance, holidays etc that are once or twice a year expenses.
Honestly everyone is different but my thinking is that if we can keep Household basic costs to around one the level of one person's income that leaves the 2nd person's income as disposable income & can be put towards investments. We are a couple btw with one child and another on the way.
Best of luck, just trying to share ideas in these tough times we are living in
@proudpa2 Why are you paying the early exit fees ... time the move better if you have to change providers to get the funds you need ... just drop onto their standard rates for a month or two ... or for just a day ...
@proudpa2 OK ... expensive mistake ... but you should be able to port ... if they won't allow you to get the top up mortgage then something is wrong with your budget.
What is your gross salary and how much are you trying to borrow in total ?
@proudpa2 The answer to the question "can I afford to spend £x extra on something every month?" is generally this:
If your bank balance currently increases by £x or more every month (averaged over, say, a year) then yes you can afford it without changing your habits.
If your bank balance increases by less than £x a month (on average) then you cannot afford it without making changes elsewhere.
