So, today was the chosen one, the beginning of the rest of my life, the first stone on the path to forever. OK, so admittedly a little over dramatic. I’m really setting you up for a big disappointment here. Regardless, I’ll continue. At sunset the day began, it was all planned out.
Here came they day….. I was going to sort my finances out!
I can almost picture the excitement in your eyes. Nevertheless, with the proof in the planning I assembled my tools (calculator, pen, paper, bank statements) and sat myself in the resort which I call my desk. To start with I felt optimistic, a little smug I suppose. After all, I have landed myself my dream job! With this in mind, I calculated my budget, which I must be honest it didn’t look as appealing as I’d originally hoped. First downfall. Anyway, I proceeded with a sunny attitude, which looking back now I realised was slightly forced at the time.
Loading up a mortgage calculator, I popped the new details in. To my expectant surprise it came back with quite a healthy answer. I could borrow up to £237,000. Pretty happy with this I proceeded to open up the Right move app, which I realise now was probably the worst move of the day. Searching for properties within this price range I happily clicked away, mentally dressing fire places and undressing teal green and fusty orange wallpaper.
Still basking in my earlier glory, my attention turned back to my budget. Now be prepared folks, this is where it all starts to go down hill. My monthly disposable income amounts to £423 per month. Still pretty happy with this, I began to work out how long it would take me to save a standard 10% deposit for a mortgage. 4.1376 years wasn’t the answer that I was looking for. Setting my expectations more realistically, halfing the value I came up with just over 2 years. Defeated, I slumped, I was looking for nothing over a year. At an ideal time to buy a house with house prices at rock bottom compared to what they were last decade. Things are not going to happen as I hoped.
Considering the options, I realmed in the possibility of taking out an unsecured loan to fund this deposit. Immediately shunned this from my mind, the idea didn’t pass first base. Common sense kicked in; thanks, where were you ten minutes ago? The flashing memory of the farce of Northern Rock together loan further qualified my concerns. Banks don’t offer 100% mortgages for a reason.
Putting a dampner on my day, I realised the long road ahead. Saying that, I based the budget on my existing income, due to change in line with my promotion, although not reaching my full earning potential for some time. This may be a pick me up in months to come but right now, offers little consolation.
C’est la vie, I suppose. Up and onwards. You don’t get anywhere in life with a negative attitude. So, after a few more hours of wallowing in self pity, I will be back on the financial track. For now, I have clothes on my back, a roof over my head and food in my belly. A lot more than some people have on this earth. If my biggest worry is how to gather money to buy a pile of bricks and water, I’m doing pretty good.