We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide

How is a single graduate living in greater London expected to get a mortgage?

at11
at11 Posts: 81 Forumite
edited 26 October 2013 at 4:45PM in Mortgages & endowments
I am in a grad finance position paying £22k and have £25k cash for a deposit.

But looking around at mortgage providers providers products, the most i can get on a mortgage is £96k
with my deposit that equals only £121k for a property.

i am looking at 1 bed flats in south London for £175-200k

So for someone in my position, if i want to buy a property i have to get a dive?!

i have heard if the government help to buy scheme but i still have to find a bank that will lend me enough

is there any other way i can get a £175-200k property?

i am registered disabled, will this make any difference with my situation?
«13

Comments

  • kingstreet
    kingstreet Posts: 39,464 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    HTB - Mortgage Guarantee does not get you a bigger mortgage. It is designed only to increase the availability of 95% mortgages.

    You have to be able to afford the mortgage and be credit worthy.

    You do not have enough income, to justify the size of mortgage you appear to want, at this moment.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • matttye
    matttye Posts: 4,828 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker Debt-free and Proud!
    Save more / buy elsewhere / make use of help to buy are your options I think.
    What will your verse be?

    R.I.P Robin Williams.
  • ILW
    ILW Posts: 18,333 Forumite
    edited 26 October 2013 at 4:48PM
    If you wish to buy, set your sights a little lower.

    Quite a few similar to this
    http://www.zoopla.co.uk/for-sale/details/29878946?search_identifier=0f61f0945559af9140d407348d8e4c6a
  • AndyGuil
    AndyGuil Posts: 1,668 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    If you are unable to buy now either save more, earn more and/or buy as a couple.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Do what others have done for decades. Commute.
  • danielanthony
    danielanthony Posts: 517 Forumite
    Be either super rich and buy one or poor and get given a flat by the council.

    If you have a job then you'll have to move outside London and commute in, also paying the season ticket tax.
  • AndyGuil
    AndyGuil Posts: 1,668 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    edited 26 October 2013 at 4:59PM
    Well done on getting £25k together. One of the hardest parts.
  • opinions4u
    opinions4u Posts: 19,411 Forumite
    Keep saving.

    Work hard and get promoted.

    Isn't that what everybody has to do?

    There is no point getting a mortgage for seven times salary that cripples you when rates rise.
  • hcb42
    hcb42 Posts: 5,962 Forumite
    I dont think a single in most parts of the country on £22K can get a mortgage that easily.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    at11 wrote: »
    i am registered disabled, will this make any difference with my situation?
    Why would/should it? Genuine question.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 354.6K Banking & Borrowing
  • 254.5K Reduce Debt & Boost Income
  • 455.5K Spending & Discounts
  • 247.5K Work, Benefits & Business
  • 604.4K Mortgages, Homes & Bills
  • 178.6K Life & Family
  • 261.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture