Budget Sanity Check: First-time sole buyer (34) on £70k salary
Hi ,
I'm looking into buying my first home as a sole occupant. I have plotted out my wealth, the upfront costs associated with buying, and my projected ongoing running costs.
I think I am in a good position to move forward. To give myself some breathing room, I deliberately moved an extra £42k into a GIA earlier this year. This is intended to give me a few years of respite from active investing should my monthly surplus (the "gap") reduce due to unforeseen circumstances.
Please see my financial breakdown below. I would really appreciate it if you could let me know if there are any issues, errors, or areas that could be optimized.
Profile
- Age: 34
- Salary: £70,000
- Bonus: £5,000 – £7,000 (Likely all to be paid into pension)
- Pension Contributions: 15% (plus 5% employer match)
- House Buying Status: First-time sole buyer and occupant
- Dependents: None
- Upcoming Commitments: £3,500 (planned to be funded largely by employer shares)
- Completion Timeline: Winter (meaning I should be able to save a minimum of £12k ahead of purchase while living with a parent)
Total Wealth
| Wealth Pot | Amount |
|---|---|
| Current Account | -£64 |
| Investment (ISA & GIA) | £100,602 |
| LISA | £15,387 |
| Pension | £66,289 |
| Savings | £80,722 |
| Employer Vested Shares | £2,911 |
| NS&I | £12,008 |
| Grand Total | £277,856 |
Savings Allocated to Property & Emergency Fund
| Property Allocation & Emergency Fund Pot | Amount |
|---|---|
| LISA | £15,387 |
| Savings | £80,722 |
| NS&I | £12,008 |
| Grand Total | £108,118 |
Property Purchase Costs
| Property Purchase | Item Price | Remaining Pot |
|---|---|---|
| Total Pot | £108,118 | |
| Excl. Deposit Amount | £28,168 | £79,950 |
| Excl. Stamp Duty, fees, searches etc. | £19,668 | £8,500 |
| Excl. Emergency Fund | £9,668 | £10,000 |
| Add 4 months of savings | £21,668 | £12,000 |
Property Upkeep
| Spend Item | Annual | Monthly |
|---|---|---|
| Gas and Electricity | £2,332 | £194 |
| Water | £900 | £75 |
| Alarms | £240 | £20 |
| TV Licence | £180 | £15 |
| Car Tax | £205 | £17 |
| Car Insurance | £580 | £48 |
| Council Tax | £2,636 | £220 |
| Broadband | £600 | £50 |
| Home Insurance | £360 | £30 |
| Mortgage | £17,892 | £1,491 |
| National Trust | £96 | £8 |
| Gym | £300 | £25 |
| Food and Drink | £8,400 | £700 |
| Total Outgoings | £34,720 | £2,893 |
| Salary (Take-home) | £45,612 | £3,801 |
| Pension (excl. bonus) | £14,107 | £1,176 |
| Gap (Surplus) | £10,892 | £908 |
Posted Jul 13, 2026, 10:37 AM UTC
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