Help with Housing, Buy or Rent?

[EssexGirl]

I only earn just over �13,000. I will live on my own but would like a 1 bed as this is suitable for my needs. I would be buying or renting myself. Do you think it would be possible to buy or just rent?
I am looking in the Essex Area around Benfleet ish.
There is only me and my cat!!
Many thanks

[CheekyChops]

Have you got a deposit to put down? Looking at the price of flats in Benfleet I would say you will struggle to buy anywhere unless you have a substantial deposit.

One bed flats seem to be �120,000 upwards. On a salary of �13,000 you are looking at borrowing 9 times your salary to afford this and no lender would give you that!

Also, a mortgage of �110,000 at 6% over 25 years would cost you �717.00 per month, if rates went up to 12% (which they have been in the past) it would be �1167 - do you even earn that much?

[pingping]

with the interest rates in a state of flux at the moment, I would hold off on buying anywhere until they stop going up every third month! With your salary you may not be able to buy a 1 bedroom anyway, perhaps a studio instead?

rent until the interest rates stabilise, and/or your earnings or deposit are more substantial.

[Rosie1974]

Sorry but on what you earn you haven't got a hope in hell of buying even a studio apartment as cheekychops says, look at the mortgage repayments, and you have bills, pension, insurance, food, travel and leisure to budget for on top of that!!
I would rent until either you earn more or the mortgage rates go down.