First time buyer: one bedroom in London

lisyloo

redefinr wrote: »

I registred with Habito and apparently the max I can lend is 111k which doesn't cut of. I'm looking for 200k.
I don't have a huge income and I guess everyone is a bit skeptical when I mention I'm an Self-Employed artist :S

How many years books do you have?


So you want a place for £300K but have £211K available including costs e.g. removals, stamp duty, legal fees, mortgage fees, furnishings??
which means more like £200k max?


You're going to have to move out a few zones.

redefinr

I had a conversation with my bank in Italy (I'm Italian) early on this year and I could actually borrow 230k Euros there if I mortgage my family's home - which is an option I would prefer to avoid.
I will seek help with some other broker...

meanwhile, I went to see this property today:



(rightmove)


property-for-sale/property-72540922.html


Sweet property, all brand new and no need of work. Also a quite new building in excellent location. The only thing is a Studio (which I can probably can swallow) but the price is a bit off my budget. 325k is way too much for me...I can try and offer 300k maybe

jimbog

https://www.rightmove.co.uk/property-for-sale/property-72540922.html

muhandis

I wish you the best with your flat-hunting but in your place would not make any offers until I had my finances sorted.

redefinr wrote: »

I can try and offer 300k maybe

lisyloo

A few downsides I found with studios

Can be hot (fridge packs out heat), Same is tru of small flat but depends which floor.
Fridges can make a buzz and clicks going on and off with thermostat, so do some dont (I stayed in multiple studios). I’m a good sleeper but if I was in the light sleeping part of the cycle it was disturbing and then you start listening out and anticipating and it keeps you awake.
Rubbish for 2 people (future needs). If one of you has a migraine or wants to go to bed early then the other is sat on the dark. We have a one bed flat and we usually go to bed at different times, but no issue with separate bedroom.

Seems you are still looking at things you cant afford? Even going higher up market.
Why?
A second opinion is unlikely to double the mortgage available.
Is it ok to waste people’s time if it’s free or if they are only estate agents?

hazyjo

Zero point in you looking at flats until you can increase your borrowing power. You are not even close to £300k!


When you say 'mortgage your family's home' - do you mean you're already on the deeds/mortgage, or that your parents are going to remortgage and give you the money to buy (maybe with a private mortgage), or you will be buying into the family home? Confused.

redefinr

I parents can remortgage the house, that's what I meant.
I know is going to be a bit of a mess with currency exchanges etc but i reckon is worth consider.

I lived in studios, I dont have many issue with it I'm very aware of what I'm getting into...

hazyjo

redefinr wrote: »

I parents can remortgage the house, that's what I meant.

"I" or "parents"?


I think I'm outa here as going round in circles lol.

paddyandstumpy

csgohan4 wrote: »

no shame in renting for a while longer to get a bigger house. Just because you can buy a house/flat doesn't mean you should. it may not be the right one either

i moved out of London due to the prices. For your budget i could get a nice 4-5 bedroom house in the south east

+1 on this comment.

It astounds me that 2 rooms and a shower above a restaurant goes for £300k.

redefinr

Sorry I meant “I remortgage”
Also, that flat is on the second floor, not really on top of a restaurant (Again, the restaurant is actually next door).

I was checking Islington a while back and the standards were actually quite worse than what I found in west London. 300k up north you can get a studio - and that’s about it.

And as much as we can imagine kitchen going on fire or watching videos of nearby properties with roof falling down....well, sometime things can happen...anywhere. I don’t think just because a few block away a roof collapsed it means the whole builds around are a mess... I think the price of those last 2 properties I mentioned reflects the actual value and market.