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First Time Buyer Very confused

24

Comments

  • Candyapple
    Candyapple Posts: 3,384
    First Post First Anniversary Combo Breaker Intrepid Forum Explorer
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    Unfortunately you'll have to do like most other people have done, and either move to an area which is cheaper and put your roots down there, or if you are intent on wanting to stay in the M25 area you need to find a better paying job and save more. And/or hope to meet a partner who has no debts/similar situation to yourself with a well paid job and money saved up and look to buy together in the future.

    Why not buy a flat and live in it a few years and move out later into the house you so desperately want when you've built up some equity? Because it doesn't look like it's going to happen anytime soon for you.
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
  • VCUK
    VCUK Posts: 7 Forumite
    i currently live in south london , work in hammersmith ,West london, roughly a 1 hr commute via underground , i can drive but parking a nightmare and traffic wardens always seem to flock to my car like flys to s---.

    not in a rush to move , just looking for ideas and solutions , its annoying because ive worked out the rough , estimated cost a mortgage could cost per month and i can easily meet that even have left over to cover bills and any unexpected issues , but the problem is the mortgage amount that im offered , dosent help in any way shape or form.

    its so much easier to buy properties abroad , uk Prices you could have a 2/3 bed house in tenerife , spain , france for half of that ... mental ..
  • ap1985
    ap1985 Posts: 325 Forumite
    VCUK wrote: »
    i currently live in south london , work in hammersmith ,West london, roughly a 1 hr commute via underground , i can drive but parking a nightmare and traffic wardens always seem to flock to my car like flys to s---.

    not in a rush to move , just looking for ideas and solutions , its annoying because ive worked out the rough , estimated cost a mortgage could cost per month and i can easily meet that even have left over to cover bills and any unexpected issues , but the problem is the mortgage amount that im offered , dosent help in any way shape or form.

    its so much easier to buy properties abroad , uk Prices you could have a 2/3 bed house in tenerife , spain , france for half of that ... mental ..
    I know unfortunately that is life!
    How about Watford or somewhere? Still easily commutable into London or even Luton...
    :jFinally going to be a homeowner:T
  • nubbins
    nubbins Posts: 725 Forumite
    So you want a 2-3 bedroom property for 171k in one of the most expensive cities on the planet? I had to spend 100k more than that to get a 2-3 bed in Bristol. I think you need to manage your own expectations.

    Hold your horses, if the OP holds on for a few years they should come down 50-80%, well according to Crashy they should
  • VCUK
    VCUK Posts: 7 Forumite
    Candyapple wrote: »
    Unfortunately you'll have to do like most other people have done, and either move to an area which is cheaper and put your roots down there, or if you are intent on wanting to stay in the M25 area you need to find a better paying job and save more. And/or hope to meet a partner who has no debts/similar situation to yourself with a well paid job and money saved up and look to buy together in the future.

    Why not buy a flat and live in it a few years and move out later into the house you so desperately want when you've built up some equity? Because it doesn't look like it's going to happen anytime soon for you.


    the only worry with this is if i were to buy it and build it up / upgrade a few bits etc , and a few years later i somehow struggle to sell the flat , for whatever reason , ive heard of first time buyers stuck with their shared ownership flats because they were bought at a inflated price and then when it came to sell they couldnt get even what they initially paid ... i dont want to be in that boat :) or could this only apply to shared ownerships ?
  • ap1985 wrote: »
    I know unfortunately that is life!
    How about Watford or somewhere? Still easily commutable into London or even Luton...
    Watford isn't that cheap anymore. 2/3 bed houses start at around £300k.

    Honestly, the OPs budget is unrealistic for a house in London. A single person, on a moderate salary (36k is nothing special in the SE) is going to really struggle to find a 'house'. Sorry.

    There are plenty of properties in the UK within your budget but they just aren't in the London region.
  • nubbins
    nubbins Posts: 725 Forumite
    Try this http://www.commutefrom.com/

    Enter To = "Hammersmith" and your maximum journey time and you will get alternative areas to live
  • ap1985
    ap1985 Posts: 325 Forumite
    Houses are cheap in Midlands :)

    1 hr 15 on the train and your in central london!
    :jFinally going to be a homeowner:T
  • ap1985
    ap1985 Posts: 325 Forumite
    Watford isn't that cheap anymore. 2/3 bed houses start at around £300k.

    Honestly, the OPs budget is unrealistic for a house in London. A single person, on a moderate salary (36k is nothing special in the SE) is going to really struggle to find a 'house'. Sorry.

    There are plenty of properties in the UK within your budget but they just aren't in the London region.


    Wow even Watford is up and coming! Best to move out of London altogether I say :)
    :jFinally going to be a homeowner:T
  • I'm paying £193k in Zone 6 with few local amenities.

    There are areas you can find a place in that price range for, but it'll be 1-bed and not much room to stretch in.
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