What kind of advisor?
Discussion
Looking to purchase a house in the not too distant future. It's causing stress in the house over what our budget should be, I am pushing for the slightly higher end of things, and partner is being very conservative, and, in my mind, not really giving any reasons as to why - I'm suggesting around 25-30% of net basic salary (excluding bonus, which in theory almost doubles the basic salary, but is down to performance) - and I'm being told its too high.
To give some context, currently we live in a property which is owned by her, approx costs of basic salaries right now are 15% per month for all things house related.
Possible that somewhere in the middle is about right, but I feel that no matter what I say, it falls on deaf ears, I am thinking that potentially finding someone who does it for a living would be a good idea - does such a thing exist? I.e. someone we can sit with, lay out finances, and get some advice on what would be sensible, scenario planning etc, so we can come out with a figure that is sensible, achievable, and crucially will be trusted because it has the working to prove it?
To give some context, currently we live in a property which is owned by her, approx costs of basic salaries right now are 15% per month for all things house related.
Possible that somewhere in the middle is about right, but I feel that no matter what I say, it falls on deaf ears, I am thinking that potentially finding someone who does it for a living would be a good idea - does such a thing exist? I.e. someone we can sit with, lay out finances, and get some advice on what would be sensible, scenario planning etc, so we can come out with a figure that is sensible, achievable, and crucially will be trusted because it has the working to prove it?
It's the sort of discussion that a proper IFA should have with you - going over your finances & aims in the short medium & long term. One thing you could start doing is drawing up an accurate budget plan with a full account of your income & expenses, right down to how much you spend on haircuts. That will be a starting point to working out how much you can afford to allocate to a mortgage.
There are loads of online planners, have a try to see which one you get on with:
https://www.vertex42.com/ExcelTemplates/budgets.ht...
https://www.moneysavingexpert.com/banking/Budget-p...
There are loads of online planners, have a try to see which one you get on with:
https://www.vertex42.com/ExcelTemplates/budgets.ht...
https://www.moneysavingexpert.com/banking/Budget-p...
Speak with Sarnie for anything mortgage related and Nik on the IM sitcky for free financial planning.
I say this as Sarnie and Nik are brilliant and will do this for free - i.e. just provide professional input at no charge for PHers.
All the very best, but it does (at this stage) sound like more of a everyday domestic problem than a financial one!
I say this as Sarnie and Nik are brilliant and will do this for free - i.e. just provide professional input at no charge for PHers.
All the very best, but it does (at this stage) sound like more of a everyday domestic problem than a financial one!
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