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First time buyer in London with 160k deposit
Comments
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Oh, I checked a couple of banks and they said around 200k so I assumed they were all the same.
I agree, I prefer to have a chat with someone who can guide me a bit through the process before doing a similar investment.
Thanks!0 -
wow, £160k savings and you're 29! how did you do that??
sounds like you have a decent budget to work with. i think walthamstow, leyton and leytonstone would get you a 2 bed for that price. all up-and-coming areas with lots of young professionals moving there.
oh hang on you work in west london. i'm not really familiar with that area. acton?0 -
My parents helped me.
I would like to consider west London because it's full of IT companies which is my job, so I could consider jobs in central London and also in west London/Reading without travelling from one side to another one.
Acton could be an idea, I started to have a look at that too.0 -
Just move to Bristol, if you're half decent in IT you'll earn 40k, and that sort of deposit will get you a place in Clifton. And no need to consider getting a lodger!0
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It would get you a 10 bed mansion in Wales!
Good Luck on your search!0 -
My initial thought was Richmond, but you'd only really get a 1-bed place with that budget. You could get 2 beds in Ham:
http://www.rightmove.co.uk/property-for-sale/property-58646735.html
Or near Wimbledon:
http://www.rightmove.co.uk/property-for-sale/property-44066025.html
http://www.rightmove.co.uk/property-for-sale/property-62130983.html
http://www.rightmove.co.uk/property-for-sale/property-39487770.html
Or Kingston:
http://www.rightmove.co.uk/property-for-sale/property-56357455.html
http://www.rightmove.co.uk/property-for-sale/property-58232024.html
If you want more for your money but still in easy access to London, try Reading, Woking or Guildford.0 -
Bonfire_Bride wrote: »It would get you a 10 bed mansion in Wales!
Good Luck on your search!
Just move to Hoylake
http://www.rightmove.co.uk/property-for-sale/property-42485583.html0 -
If you're going for a new build then don't forget London Help To Buy Equity Loan, you can get a 5-yr interest free loan for up to 40% (then pay back over the next 25 year, it's an equity loan so the amount will go up or down depending on how property market moves), this can help push your budget to well above 500k and lower your mortgage rate.
20% HTB EL : 100K
Saving 160k
Mortgage: 240k
You'll need to read up pros and cons of HTB EL, but it's definitely a better option than Shared Ownership given your saving and earning and personally I think it will work great for you.0 -
I found Martin's house buying guide really useful as a FTB. I ended up getting my first mortgage deal with a high street bank and they issued a helpful leaflet that also explained every stage of the process.
As you have plenty of cash, don't scrimp on your conveyancing solicitor- choose a reputable local one that you can visit in person rather than the cheapo online call centre option.They are an EYESORES!!!!0 -
Bear in mind that once you've got a house you want a reasonable amount of easily accessible savings for rare, expensive repairs/mainteance and need to budget for ongoing maintenace and such.
So avoid spending all of your savings on the purchase along with the biggest mortgage you can get. Due to the size of your deposit this shouldn't be too difficult.0
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