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Leah Said:

Does anybody have an idea how much a mortgage of £21,000 should cost?

We Answered:

Over what period of time is the mortgage for?

A 25 year mortgage with the Coventry BS will cost you £124 a month for a £21000 mortgage.

Gordon Said:

How much does it cost to move out?

We Answered:

Woh thats a big question.. and its going to need a lot of thorough research from you. Best thing to do would be to break things down into bite sized chunks. Here is a link to an excel spreadsheet where you can do your budget planning. There are quite a few others on the web if you want to have a surf.
http://www.free-financial-advice.net/cre…

House
Firstly, with the credit crunch, banks are being very tight with their money. You will need to put down approximately 15%-25% of the total cost of the house. Work out how much you both earn, and they normally work on a ratio of 3 times that figure is the cost of the house that can afford. I would start by looking at www.moneysupermarket.com and getting some information off there. Then I would speak to your bank, don't do this over the phone, make an appointment to go in and see them and discuss the options that they have. You don't have to go with them, but they will tell you how much they are willing to lend you and any other information you may need as a first time buyer. Bear in mind, there isn't only the cost of purchasing the house, there is also the solicitors fees, and the cost of a survey (and you defintely want a survey done!) these should be more than £1500 tops, but it's better to know about these things in advance, and in some cases, these costs can be bundled up into the cost of the actual mortgage.

Utilities etc
Depends on the size of the house, number of rooms etc. I have a 3 bedroom house and currently I pay £75pm Electricity, £75pm Gas, I am on a water meter so I only pay for what I use, BT line rental is approx £11pm, but i get free weekend and evening calls and use free minutes during the day on mymobile. Council tax depends on your area and your band. My house is a Band C which is £124 per month (when you look at your houses, it will tell you the band and you can just look on councils website)

When purchasing a house you need life insurance to cover the mortage, I would budget for approx £60pm for your both.. you will also need building and contents insurance, I have found esure to be the best and you are probs looking at tops £30pm.

Once you have your place.. you will be welcomed with open arms to IKEA, a place you will spend many fine afternoon! In terms of washing machines etc, you can purchase these on interest free credit from places like comet or curry's they do 9 months interest free if you qualify. You don't have to buy new though, speak to friends and family and see if they have any unwanted furniture, take a look on ebay or in loot you can get some cracking bargains.

I know that this might sound daunting, but better to have all the facts to budget effecitvely and not get into a mess later on.

I wish you all the very best.