buying in london; is it actually possible?

ctabuk

Joe_Bloggs wrote:

@housemouse
Where is your share of the deposit ? What is your existing debt situation ?
You are going to have to dial down your expectations and wait for that pay rise. Try and save some money of your own. Perhaps a two bed flat in South London within walking distance to the tube may be your first step on the property ladder.

J_B.
I've just got Gordon Brown's 'property owning, share holding society' quote. I think it means You may be driven/encouraged to buy half a share of a property.

Don't put too much store in this happening. Government 'Employees' Police, Nurses & Teachers are being offered incentives but in order to buy 50% of 100% you still need 100% of the 50% (hope you get that, it means you need a deposit) -

FOSman

Buy to let mortgages are still not regulated, and so lenders are lending freely. Your income is not an issue. You need around a 15% deposit (eg for Chelsea Building Soc), and the rent you 'would get' needs to be 130% of the monthly amount. If you are really pushing things, then do that on interest only just to get you going. Then switch it over to repayment in a few years time.