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Borrowing as much as you possibly can is not always a good idea. The higher the proportion of your monthly income you are borrowing, the more exposed you will be should interest rates rise suddenly. Ask yourself the following questions:
It can be worth going over your old bank accounts to see how much you spend over time on the items below. Please feel free to print this checklist out and use it to help you work out your own circumstances.
If you would prefer to use our interactive 'affordability' calculator, which will help you decide how much disposable income you have left each month for mortgage repayments, please click here to visit our calculators section.
Monthly net income after tax and national insurance:
1st salary | __________ |
2nd salary | __________ |
Other income | __________ |
(including regular overtime, fixed or guaranteed commission, other regular earnings from investments etc.) |
Total net income available | __________ |
Estimate your regular monthly expenses, which should include an approximate monthly equivalent for anything that is paid for annually or quarterly.
Money matters | |
Ground rent | __________ |
Maintenance charges | __________ |
Credit cards and other loans | __________ |
Other rental/HP agreements | __________ |
Contribution to pension fund | __________ |
Rainy day savings contributions | __________ |
Other financial expenditures | __________ |
Subtotal | __________ |
Household expenses | |
Food | __________ |
Household goods | __________ |
Toiletries | __________ |
Home improvements | __________ |
Clothes | __________ |
Dry cleaning and laundry | __________ |
Heating | __________ |
Lighting | __________ |
Water | __________ |
Telephone | __________ |
Council tax | __________ |
Subtotal | __________ |
Health | |
Prescriptions | __________ |
Eye care products | __________ |
Health insurance | __________ |
life assurance and protection products | __________ |
Subtotal | __________ |
Travel | |
Public transport | __________ |
Car tax | __________ |
Car insurance | __________ |
Car maintenance | __________ |
Petrol/diesel | __________ |
Subtotal | __________ |
Children's education | |
School fees, uniform and equipment | __________ |
School meals | __________ |
School trips | __________ |
Baby-sitter/nursery | __________ |
Subtotal | __________ |
Leisure, hobbies and interests | |
Holidays | __________ |
Gym or club membership | __________ |
TV rental and license | __________ |
Theatre, cinema, restaurants | __________ |
Garden, sports and hobbies | __________ |
Pets - food, vets fees, kennels | __________ |
Smoking | __________ |
Drinking | __________ |
Computer equipment | __________ |
Subtotal | __________ |
Total expenses | __________ |
Total net income available | __________ |
This figure roughly equates to the amount of money you have each month to spend on your mortgage repayments.
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