Morden / Worcester Park One Bed New Build

richdeniro

Hi All,

I am thinking of putting an offer in for a one bed new build in the Worcester Park / Morden area (North of Cheam) around 10-15 mins by bus to the tube station.

I have around 40k deposit and the price I would be looking to pay is around 225k so would have around 18% LTV. I earn 35k so my take home pay is around 2k a month - the mortgage repayments on a 30 year deal are around 700 per month which is manageable.

Just wondered if anyone had any thoughts on the area and my situation before I move forward and take the plunge?

Thanks in advance.

fashionvictim

richdeniro wrote: »

I have around 40k deposit and the price I would be looking to pay is around 225k so would have around 18% LTV.

Is it a flat ? I think generally you need a bigger LTV for a new build flat. Research but I think they like you to have 75% for flats and 80-85% for new build house (i'm generalising)

If it's ready to move in to that will be easier as they can do an actual valuation.

The LTV is the mortgage to value so for you 207 mortgage to 225 value so your LTV is 92%

Is help to buy on offer?

Out,_Vile_Jelly

Do you actually like the area or are just buying whatever you can afford for the sake of it? I bought in Morden because I couldn't afford Wimbledon, but the transport connections are good where I am and it's just walkable to the tube. You're a bit further out and the buses towards Morden get very busy.

You should also think about how long you want to live in a one bed, and how easy they'll be to sell/rent in future.

AnnieO1234

Not meaning to derail but bl@@dy hell. That much for a one bed apartment! A one bed! I know it's local to London don't get me wrong but wowzers. xxx

dandan6666

Worcester Park is near to my work and where I went to school and its an ok area with some nice restaurants and shops. You have the train line which goes into Waterloo and you can get a bus to Morden to get the underground. You can get quite a bit of traffic though down the high street.

piggeh

Is this the printwork apartments? There was a thread on here before about it if you do a search.

Richard_Webster

General point that when buying a new build anywhere you should compare the price with the prices of similar 5-20 year proeprties int he same area. In a few years time when you wnat to sell your proeprty won't be worth any more bedcauswe it is a little bit newer. So try to resist the premium builders always try to ask for - quote comparables down the road and say you will buy one of them if the builder doesn't reduce his price.

Can't comment on the market and transport in Morden now although when newly quialified many years ago I worked at a solicitor's office in Morden. I came down to Hampshire and have been there ever since. So I wonder what the attraction is of living in London - all that rush and tiring commuting. I guess OP has a job and couldn't easily move out - but there's my pennyworth for what it is worth. Round our way you can buy a 3 bed semi for £225K.

fashionvictim

AnnieO1234 wrote: »

Not meaning to derail but bl@@dy hell. That much for a one bed apartment! A one bed! I know it's local to London don't get me wrong but wowzers. xxx

:T Wowzers indeed... One beds aren't that flexible either, I cannot dare imagine what a 2 bed in Morden costs !