Owning a home comes with several monthly financial commitments. So just what are the financial commitments when owning your own home? Here’s a detailed list of these regular expenses:
- Mortgage Payments: Monthly repayments including capital and interest.
- Council Tax: Monthly or yearly local tax payment based on the property’s valuation band.
- Home Insurance: Monthly premiums for buildings and contents insurance to cover potential damages and losses.
- Utilities: Electricity, gas, water, sewage, oil.
- TV Licence: Monthly or yearly fee for watching or recording live TV and using BBC iPlayer.
- Broadband and Phone: Monthly payments for internet and telephone services.
- Home Maintenance and Repairs: Regular contributions to a savings fund for ongoing maintenance and unexpected repairs.
- Ground Rent: If the property is leasehold, a monthly or annual fee paid to the freeholder.
- Service Charges: Applicable for flats and leasehold properties, covering maintenance of communal areas and services.
- Homeowners Association (HOA) Fees: If applicable, for properties in managed estates, covering communal services and amenities.
- Security Systems: Monthly fees for home security monitoring and maintenance.
- Life Insurance: Monthly premiums for policies that cover mortgage repayment in case of death.
- Appliance Maintenance Plans: Monthly costs for extended warranties or service plans for major home appliances.
- Subscription Services: Regular payments for TV streaming services, magazine subscriptions, etc.
- Savings for Major Home Improvements: Regular contributions to a savings account for future home improvement projects.
There are a number of financial commitments when owning your own home and managing these monthly commitments effectively is crucial for financial stability and maintaining your home in good condition. It is also a good idea to set a household budget so you can see clearly what the outgoings are. There are plenty of household budget templates available online which can assist with your budgeting.
At 3mc, we have a team of expert advisers who can discuss all your mortgage requirements. If you would like to discuss your options, give the 3mc team a call on 0161 962 7800.
All calls are recorded for training and monitoring purposes. 3mc for intermediaries only.
*Your home may be repossessed if you do not keep up repayments on your mortgage. 3mc (UK) Ltd is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register https://register.fca.org.uk/s/ under reference 302992. Please note: The FCA do not regulate Business Buy to Let Mortgages.
