life

Will I ever own my own place?

sold key - Will I ever own my own place?

I have plans for the future, probably not realistic plans, but plans none the less. I like renting and not having to worry about maintenance but I don’t like the uncertainty of not knowing how long I have to live here.

I start nurse training  in September and for 3 years will struggle with money but once I am out the other side (July 2020) I shall have a starting salary of around 22800 (currently 21909) and can start to do some real savings. I unfortunatly worked out that my Natwest loan will still have to be paid for a year or so. I plan to start saving £400 a month till I’m 45.

Right at that point my partner will be set to retire or maybe cut down to only doing bank shifts a few times a month. My wage+ partners share will just about cover the budget up till this point at which time I’m not sure if my partner will receive a pension or it will all be down to my wage + savings.

Projected future mortgage info:

Property price: £100,000
Deposit: £25,000
LTV: 80%
Monthly cost: £444

Property price: £120,000
Deposit: £25,000
LTV: 83.33%
Monthly cost: £555

I am looking at studio-1 bed flats as that is all that fits the above prices in my area. I actually wouldn’t mind a studio, we don’t need much space, but there are nothing like what you can get in places like America & Canada. Here they are usually very small and run down but I would gladly do one up and sell when I retire.

It is all up in the air right now as I am unsure of how the government will view me in regards to my partner getting his pension. If I was to support him, we wouldn’t get housing benefit so I’m thinking buy is the only way to go, what with the cost of renting going up.

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