'So we can now conclude that we can have our mortgage at just under £7000 in our own financing and should make this the target for our deposit saving.

So now lets try to calculate what our mortgage payments will look like.We needed a total of £35,625 in financing,minus our deposit of £5343 plus change leaves the remainder of £30282 of the lenders money to be borrowed.

Now lets imagine we got a mortgage deal for first time buyers at a 30 year term fixed rate of 5.74% for 2 years.With this information in mind we can use any online mortgage calculator to find that we will be paying around £170-180 a month on the  mortgage.Lets also say that the remainder of the rent due is 3 times the latter end of the mortgage payment (£180) which means we would have to come up with £540 for renting the Housing Associations remainder of ownership (who will also cover the buildings insurance so we wont have to).For this area an estimation of £100 for council tax (you can check an statistic of this on upmystreet.com)and water rates is fair.Gas & electric at
£35 each totalling £70 for an apartment of this size.

Mortgage - £180
Rent - £540
Council tax - £80
Water rates - £20
Gas - £35
Electricity - £35
TV license - £22

Total : £912 a month

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