First time (cash) buyer in London - advice needed

steampowered

A mortgage doesn't add much complexity to be honest.

Just use the [URL="https://www.moneysavingexpert.com/mortgages/best-buys-variant/]MSE tool[/URL], click on the cheapest mortgage for what you are looking for, and bob's your uncle. I found it a pretty quick and easy process.

Just make sure you select a solicitor/conveyancer which is on your lender's panel.

A mortgage lender will insist that the solicitor does searches, a survey and valuation, but you'd probably want all that anyway.

You will have to pay a fee to take out the mortgage and obviously you will have the interest to pay, but you are building up an asset, so could be worth it.

Davy_Jones_II

As others have said, your budget is not going to get you anything special in London. Studio flats in my building start a fair way above what you want to pay, for example.

Is there anything stopping you taking out a mortgage that would let you buy something nice?

bouicca21

It all really depends on where OP wants to live. Wimbledon, Putney and south West London are expensive areas. But there are plenty of nice flats in the price range in Bromley, beckenham, forest hill etc