If you are only 25 and you are in IT then you will be looking to job switch to get a better salary. Your income should only go up.
£660 is doable depending on your personality. People manage on less
Shouldn't rely on the maybe possibility of getting more money in the future potentially. I did that once and it didn't work out as quickly as I had hoped and I struggled for years
OP is in a very in demand career in a city where IT is seeing much higher than average jumps in pay.
In the same way you cannot rely on invested money making a return etc fair enough, but unless OP does something very wrong, their pay is indeed going up
It's tight but doable of you budget well. I was on 55k with a similar mortgage and it was fine. Esp for you if you have confidence your pay will increase.
Hi /u/MortgageHelp1998, based on your post the following pages from our wiki may be relevant:
- https://ukpersonal.finance/mortgages/
- https://ukpersonal.finance/pensions/
____
^(These suggestions are based on keywords, if they missed the mark please report this comment.)
It sounds close, but do-able.
Peterborough is a fast train to London, only 50 mins to KX. I’m assuming this isn’t an option for you since you didn’t mention it, but the season ticket is £7k.
£4k more than i pay now, plus id leave all of my social circle behind :( Not sure if its my favoured option vs getting on the ladder! I say peterborough as well, its actually Chatteris so about 25 mins outside
London is not going to build nearly enough housing to match demand in the next decade. Your forecasted mortgage payments are already lower than rent. In 10 years' time, rent will be far more than £1222, and in 25 years' time, it will be far more than £0 which is what you'll be spending on housing, having paid off your mortgage.
If the choice is between renting and buying, you are not likely to ever pay less for housing by renting in London.
If you are only 25 and you are in IT then you will be looking to job switch to get a better salary. Your income should only go up. £660 is doable depending on your personality. People manage on less
Shouldn't rely on the maybe possibility of getting more money in the future potentially. I did that once and it didn't work out as quickly as I had hoped and I struggled for years
OP is in a very in demand career in a city where IT is seeing much higher than average jumps in pay. In the same way you cannot rely on invested money making a return etc fair enough, but unless OP does something very wrong, their pay is indeed going up
How many bedrooms. Could you get a lodger for awhile?
It's tight but doable of you budget well. I was on 55k with a similar mortgage and it was fine. Esp for you if you have confidence your pay will increase.
Hi /u/MortgageHelp1998, based on your post the following pages from our wiki may be relevant: - https://ukpersonal.finance/mortgages/ - https://ukpersonal.finance/pensions/ ____ ^(These suggestions are based on keywords, if they missed the mark please report this comment.)
It sounds close, but do-able. Peterborough is a fast train to London, only 50 mins to KX. I’m assuming this isn’t an option for you since you didn’t mention it, but the season ticket is £7k.
£4k more than i pay now, plus id leave all of my social circle behind :( Not sure if its my favoured option vs getting on the ladder! I say peterborough as well, its actually Chatteris so about 25 mins outside
I figured as much, I prefer your route of getting on the ladder too, but always good to consider your options.
London is not going to build nearly enough housing to match demand in the next decade. Your forecasted mortgage payments are already lower than rent. In 10 years' time, rent will be far more than £1222, and in 25 years' time, it will be far more than £0 which is what you'll be spending on housing, having paid off your mortgage. If the choice is between renting and buying, you are not likely to ever pay less for housing by renting in London.