Hi Lynn
Thank you for your reply.
My mortgage broker has told us we can afford this mortgage and we would be paying as much in rent after August but I thought I would post an SOA on here for advice, is this the best place? As I said the idea of such a large debt terrifies me.
We have chosen a house that needs nothing doing to it apart from an oven housing unit, we have an oven, and hob in the kitchen as the vendor is taking their oven with them. The property is a shared ownership house that is being staircased by the vendor and then we are buying 100% from them, it will be freehold. Our old furniture is coming with us, we will not be buying new stuff. We still have one child at Uni hat we need to support and who lives with us during holidays etc.
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 3
Number of children in household.........
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1537
Partners monthly income after tax....... 2400
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 3937
Monthly Expense Details
Mortgage................................ 1190
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 146
Electricity............................. 50
Gas..................................... 50
Oil..................................... 0
Water rates............................. 44
Telephone (land line)................... 0
Mobile phone............................ 90
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 25
Groceries etc. ......................... 670
Clothing................................ 150
Petrol/diesel........................... 120
Road tax................................ 26
Car Insurance........................... 70
Car maintenance (including MOT)......... 80
Car parking............................. 5
Other travel............................ 25
Childcare/nursery....................... 0
Other child related expenses............ 60
Medical (prescriptions, dentist etc).... 50
Pet insurance/vet bills................. 43
Buildings insurance..................... 55
Contents insurance...................... 20
Life assurance ......................... 50
Other insurance......................... 0
Presents (birthday, christmas etc)...... 70
Haircuts................................ 18
Entertainment........................... 80
Holiday................................. 75
Emergency fund.......................... 150
Routine pet care........................ 10
Other................................... 11
pet food................................ 60
Total monthly expenses.................. 3493
Assets
Cash.................................... 0
House value (Gross)..................... 250000
Shares and bonds........................ 0
Car(s).................................. 8000
Other assets............................ 0
Total Assets............................ 258000
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 225000...(1190).....2.74
Total secured & HP debts...... 225000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-
Monthly Budget Summary
Total monthly income.................... 3,937
Expenses (including HP & secured debts). 3,493
Available for debt repayments........... 444
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 444
Personal Balance Sheet Summary
Total assets (things you own)........... 258,000
Total HP & Secured debt................. -225,000
Total Unsecured debt.................... -0
Net Assets.............................. 33,000
Created using the SOA calculator at
http://www.stoozing.com.
Thank you
Lizzy