Hi all,
I'm a first-time house buyer and would really appreciate any advice on:
1) Finances
2) Furnishings and maintenance
3) Other stuff I probably haven't thought of.
About
Me - 22, male, single, BA degree, I graduated last summer and started a surprisingly enjoyable management consulting job in September. I converted to Mustachianism about three months ago.
Income - £29k base salary + about 15% bonus. I expect my base to rise to £32k in June and for my total income to increase at 10-15% per year for the next five years. Once I have the house, I am planning on getting a lodger paying £350 per month (tax-free!).
Current spending - I rent a tiny room near work for £230 per month and stay with my parent rent-free most weekends. Other spending - car, food, gym and dates - comes to about £500 per month. I have £22k in student loans, towards which I pay £90 per month.
Savings - I've saved at least £1k every month since September and saved £2k in December and April (when parts of my bonus were paid). I currently have £32k in savings (including deposit).
Mortgage - £25k deposit, £132.5k mortgage. Fixed at 3.49% for the first five years, then to 3.49% + BBR. My goal here was to protect myself against any rate rises until my income has grown significantly.
House - three-bed semi-detached house in the South West, 25 years old and less than a mile from work. The previous owner did not take care of it so there is some work that needs doing e.g. broken guttering, leaky garage roof (plus it is filthy). I am paying £157.5k, which is very cheap for that size of house in my town but more in-line with prices on this particular street, which has a poor reputation. I am hoping to move in at the end of June.
Thanks!