Buying flat or house in the UK
As the title says is it worth buying a flat in london considering the market and also the additional fees that come with it ? I feel is just not a good financial decision. My wife keeps saying we have to buy a flat as it's cheaper but considering the additional fees that come with owning a flat it makes no sense . I rather move out of London and look for a house .
I earn 37,000 and my wife earns 29,000.
As I know owning a flat comes with a service tax that it's sometimes half of the mortgage payment ,depending on the area so financialy makes no sense .
For example If we pay around 1,200 a month for a 300,000k flat and then service tax is another 400-500 a month then is just nonsense .
We have some savings but not enough to support additional payments on top of mortgage, bills and so on.