Suggestions on where to buy in London? (£185k)

Name:_Lee

Huge thanks to everyone who has suggested areas for me to look at. The search starts now!

I'm hoping that in opening my search up to pretty much anywhere I should be able to find somewhere that suits.

Alibear

http://www.rightmove.co.uk/property-for-sale/property-27944869.html

http://www.rightmove.co.uk/property-for-sale/property-30751943.html (interior is much better).

The_Blue_Hatter

mr_fishbulb wrote: »

I've seen a few posts on here saying mortgage lenders might not be happy if the money is only borrowed from your parents.

Have also seen a few people say that and dont understand. For buying houses and remortgaging I have never ever been asked where my deposit came from and if I was asked surely you can just say you saved very hard for it or it was inheritance!

hazyjo

The_Blue_Hatter wrote: »

Have also seen a few people say that and dont understand. For buying houses and remortgaging I have never ever been asked where my deposit came from and if I was asked surely you can just say you saved very hard for it or it was inheritance!

If you've borrowed the money, you'll obviously have to pay it back. To say you have no loans or other outgoings in order to obtain the mortgage would (I think) be mortgage fraud. Not exactly advisable...

Also, it's likely you'd be overstretching yourself if you didn't take into account what the mortgage offer would be minus the amount owed (actually, the mortgage offer would probably come in way under what is actually owed as it takes into account interest and other variables).

Jx

princeofpounds

In theory mortgage companies always care about where you have your deposit from. If you borrowed it, then you have to pay it back and that means it is not a deposit in the true sense of 'skin in the game'. If you could borrow your deposit AND the rest of the value then you could essentially make a risk-free gamble - win and you get all the capital gains for your house, lose and you declare bankruptcy leaving the lenders with all the losses. This means you are less incentivised to make good co-investment decisions.

Pre-crisis, they didn't really care, because it was assumed that house as collateral would cover all losses. In fact, it got the the point where with 100% and 125% mortgages a single bank would actually help you do exactly this. They would also turn a blind eye to potentially false mortgage applications that did not explain the origin of deposit money. Nutty.

Now, again in theory, they do care. In reality they are not generally able to probe enough to distinguish between a parental gift and a parental loan, but if they do work it out they might not be so keen to lend.

The other thing that a borrowed deposit does not prove is ability to live within your means to a point where you can save one. In the good old bad old days (as my dad likes to say) you actually had to join a bank and show consistent actual saving into that bank before they would consider you for a mortgage. So it can also be as much about the character of the borrower as it can be about the real collateral in the house.

CLN1985

I live in Carshalton near Sutton, the station is in Zone 5 so not too long to get into central London... depends how close you want to be.

Example property: 1/2 bed, ~£150k see Paul Graham estate agents.

Running_Horse

CLN1985 wrote: »

see Paul Graham estate agents.

I imagine other estate agents are available in Carshalton.

http://www.rightmove.co.uk/property-for-sale/find.html?searchType=SALE&locationIdentifier=STATION%5E1832&insId=1&radius=0.5&displayPropertyType=&minBedrooms=&maxBedrooms=&minPrice=&maxPrice=200000&retirement=&partBuyPartRent=&maxDaysSinceAdded=&_includeSSTC=on&sortByPriceDescending=&primaryDisplayPropertyType=&secondaryDisplayPropertyType=&oldDisplayPropertyType=&oldPrimaryDisplayPropertyType=&newHome=&auction=false&x=11&y=9

How long have you been on the market?

botchjob

agree about the walthamstow suggestions. Check out the Lloyd Park area. There is some good Warner homes stock and it's easy to see how the area will come up in the mid-term. I gather the park itself is having a few quid spent on it in the next year or so. Brilliant transport links.