I was wondering if I could get some money advice from you clever hotukdealers...
My cheap rent is coming to an end and so I am wondering whether it is time (now that I have entered my thirties) to consider buying a house or flat.
I am trying to work out what the average costs will be or whether it makes sense to keep renting for the time being.
Ok, so I live in London, houses are not cheap here, but the area I live in, which I don't really want to move out of - monthly rent for a 1or (if you are lucky) 2 bed flat goes at £1200 for anywhere that isn't the size of a cupboard. I figure if myself and my wife are going to spend that much a month we might as well put it towards a mortgage.
Problem is that 1 bed flats where we want to live start at 250k minimum. And I don't quite have a 10% desposit yet. Let's assume we can scrape together 5% so £12,500 (I spend way too much money on stuff I don't really need because of this site!)
For the sake of argument I have copied this table of other up front costs from another site:
Mortgage arrangement fee £400
Bankruptcy Search £5
Stamp duty £2,500 (assuming we get a sub 250k property)
Transfer fee £25
Total = £4480
So far it is costing me 4480 + 12.5k = approx £17k
Does anyone now how much a mortgage is likely to cost me based on borrowing 95% of 250k? For calculation purposes myself and my wife's joint salary is £62k - is there an online calculator to help me work out what the monthly cost will be?
Does it make money sense for us to buy?
All advice appreciated.