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First time buyer in London with 160k deposit

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  • Mark1987
    Mark1987 Posts: 101 Forumite
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    Bluebirdman_of_Alcathays wrote: »
    Just move to Bristol, if you're half decent in IT you'll earn 40k, and that sort of deposit will get you a place in Clifton. And no need to consider getting a lodger!

    I was considering to move out of London but I am scared of the idea that probably I would be bored after a while. So I am not sure to buy a property anywhere else.
    Bristol is lovely and there are many IT jobs, it could be an idea...

    Is it really worth to buy a flat above 400k in my situation?
    I mean, there is the risk to pay a very long mortgage + maintenance costs for something that it will never be 100% yours.
    What is a reasonable amount of years for the leasehold to buy a flat? Is there a risk that when you are still paying the mortgage you won't be allowed anymore to renew the leasehold so at some point when you will pay all the mortgage you will have something that is going to expire and it won't be yours anymore?

    To me, flats are a good option if you are going to pay them in a reasonable short time and possible resell them, otherwise I would go for a house. What do you think?
    I would like to avoid to live in a small flats with kids when I am 40-50yo and still paying that mortgage.
  • ap1985
    ap1985 Posts: 325 Forumite
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    I lived in London for 11 years and moved out in May this year as I realised that I wouldn't be able to get a nice enough property on my budget....I now live in the Midlands and I don't miss London at all. I managed to get a good job albeit a slight pay cut but do not regret my decision at all.
    :jFinally going to be a homeowner:T
  • bownyboy
    bownyboy Posts: 406 Forumite
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    I echo what others have said. With that much savings I would move to Bristol. Its a great city, vibrant, young, lots going on, IT / Media jobs. Housing stock is much cheaper, you get a house and then a lodger to help with mortgage.

    You will get so much more for your money and quality of life will be streets ahead of London (no 1 hour commuting!).

    I know London can be seductive, I know as I did it, however it was much cheaper when I did it!
    early retirement wannabe
  • bownyboy
    bownyboy Posts: 406 Forumite
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    Mark1987 wrote: »
    Is it really worth to buy a flat above 400k in my situation?.

    I think you are answering your own question. You are realising that 400k is a ridiculous amount for a flat. You will not get bored outside London, what do you think everyone else does? Bristol, Leeds, Manchester, Edinburgh, life goes on. London is not the be all and end all of the world.

    I say this as someone who graduated and went straight to London in 1997, but it was much cheaper then. I am hiring graduates now on £35k who can't afford to live as they are paying £1200 per month each for a flat share.
    early retirement wannabe
  • Mgman1965
    Mgman1965 Posts: 249 Forumite
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    If you buy a leasehold flat don't forget to factor into your outgoings ground rent and service charges which can be eye-wateringly expensive.

    Funny how these get left off EA's details and if you don't ask they forget to tell you about them !!!!!!!
  • Mark1987
    Mark1987 Posts: 101 Forumite
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    bownyboy wrote: »
    I echo what others have said. With that much savings I would move to Bristol. Its a great city, vibrant, young, lots going on, IT / Media jobs. Housing stock is much cheaper, you get a house and then a lodger to help with mortgage.

    You will get so much more for your money and quality of life will be streets ahead of London (no 1 hour commuting!).

    I know London can be seductive, I know as I did it, however it was much cheaper when I did it!

    I am considering Bristol but no way that I will share my new house with someone. :) I'd rather eat plain rice all the time to save money. :D

    I am not sure about moving out of London because I am used to change job very often and in London this is very easy. Somewhere else probably I need to stay in the same company for many years and I wouldn't have many opportunities to change or progress in my career.
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