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How to finance flat purchase
renardette
Posts: 2 Newbie
My son wants to buy a flat in London. He can’t afford more than £300,000. He would like help from the government but does not want a new build. Some sites say that you can get Government help with older properties, others say no, only new builds. How does he find out? What’s the best way to get a 'top up?' Something like Proportunity? Are there others like Proportunity who offer these sorts of top ups?
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Comments
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You can find a nice ish solid flat in London within 15-30 minutes commute to city centre for £300k. I know this as my daughter is looking for one currently.0
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https://www.helptobuy.gov.uk/equity-loan/eligibility/
new builds only
Although i would be sceptical as your first post querying a scheme"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
Where in London? Borough, postcode?
Shared ownership?No free lunch, and no free laptop
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Wandsworth, ideally. Rather not shared ownership. Thanks for replying.0
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Unfortunately Wandsworth is pretty expensive because of its popularity. It is a little bit too popular/fashionable IMO and too many young professionals live there (especially Clapham - avoid it). In my experience, young professionals can be a little bit unreasonable in terms of their demands location wise, so try to encourage your son to look around and he will be pleasantly surprised at what he can find for £300k outside of Wandsworth. He will find similar areas with similar access to the City, but the price will be half.renardette said:Wandsworth, ideally. Rather not shared ownership. Thanks for replying.0 -
Sounds like a bit of an ad for this Proportunity thing.
Quick browse on their website shows the interest rate is 6.99% in the initial 5 years and 8.59% after, so that's a nice earner for them. Plus should prices rise, you share the gains.
Going on Rightmove you can get flats in the surrounding areas at this price. Limited number, and there is a compromise on location, but then that's what happens in expensive areas.
My own opinion is that if you need these type of schemes to get what you want, you are living beyond your means, there are a tonne of flats available at this price point if you extend the search radius a couple of miles out.
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Found something nice in Wandsworth within £300k budget:
https://www.rightmove.co.uk/property-for-sale/property-71977761.html
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