I am looking to move out of my family home in the next 2/3 years but not really keen on the idea of renting long-term.
I’m planning on saving up a deposit & buying a small 2 bed flat OR a one bed in a city (all depends).
I just need some advice on whether this would be possible.
Income: £25k (rising £1k every year)
Currently live: North London - looking to move up north - whichever city I can find a job that pays similar in.
Job title: I’m a HR Assistant, will have 4 years experience by the time I’m looking to move and will be applying for HR Officer roles.
**Nationwide Flex Savers ** £1,750
**Santander 123 Graduate Account ** £2,000
Moneybox LISA £1,100
And then some bits and bobs in my Monzo/Nationwide Flex Plus account totally around £400
- I’m planning on maxing out the LISA allowance for this year - saving £500 a month until March payday and then moving the rest from the Nationwide account as the 5% ends in April.
Outgoings (this is a rough guesstimate)
Monzo Loan (for car) £172p/m
Car insurance £71p/m
Subscriptions around £15 (Netflix, Spotify, Amazon Prime, Audible occasionally)
Petrol £80-90 per month
**Pet insurance ** £9.76 per month
**Pet food ** £20 per month
**Mobile phone ** £10
The rest on spending/food etc. Don’t really go out much or buy a lot of things and don’t need to pay other bills.
I save at least £500 a month but sometimes try and push it to £750 when I can. Depends on the month.
Based on my salary and 20% deposit, I can buy a property for (according to calculators) £100,000.
My question is, is this doable?