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First time buyer: one bedroom in London

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Comments

  • Murphybear
    Murphybear Posts: 7,270 Forumite
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    I wouldn't buy the first one because it has an open kitchen which is a fire hazard.

    The one that Jimbog mentioned in # 9 is much better because it has a self contained kitchen with a door that can be closed.
  • Luke1066
    Luke1066 Posts: 68 Forumite
    elsimsy wrote: »
    What part of the South East???

    I was also thinking the same thing!
  • jimbog
    jimbog Posts: 2,113 Forumite
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    redefinr wrote: »
    I was just a bit concerned about the conditions of the outside of the building (a bit old) and also i noticed some cracks here and there on the inside walls.

    If you know the area then you'll know about what happened to the upstairs flat in a very similar building 5 mins walk away in Uxbridge Road a few years ago:
    https://www.youtube.com/watch?v=VNXG-Id_jKc
    Gather ye rosebuds while ye may
  • redefinr
    redefinr Posts: 207 Forumite
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    I'm checking mortgages options with Habito, what's more convenient from your point of view a fixed or variable interest rate?


    Also, why would it be better to get a mortgage through a broker instead of me directly approaching the bank?
  • muhandis
    muhandis Posts: 994 Forumite
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    edited 12 July 2019 at 3:19PM
    Because lenders have various opaque criteria in relation to what kind of properties they will lend on (and whom they will lend to) and a broker would be expected to recommend the most appropriate lender and product for your particular circumstances.

    They only get paid a fee from the lender (which is the major part of their income) when your purchase completes so they wouldn't recommend something unless it stood a good chance of succeeding.

    Habito is a good first step (no fee, no commitment, etc), it would be great if you could keep the thread updated with what they recommend in relation to this particular property.

    You could of course try selecting lenders and applying directly, but I would not recommend it for a flat above commercial.
    redefinr wrote: »
    Also, why would it be better to get a mortgage through a broker instead of me directly approaching the bank?
  • davidmcn
    davidmcn Posts: 23,596 Forumite
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    redefinr wrote: »
    why would it be better to get a mortgage through a broker instead of me directly approaching the bank?
    Because you might keep on approaching banks who aren't interested in lending on this type of property (or perhaps, aren't interested in lending to you). Brokers know their way around these sorts of criteria.
  • hazyjo
    hazyjo Posts: 15,470 Forumite
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    davidmcn wrote: »
    Because you might keep on approaching banks who aren't interested in lending on this type of property (or perhaps, aren't interested in lending to you). Brokers know their way around these sorts of criteria.
    Expanding on that - it's not good to have mortgage/credit refusals on your file. Get a couple and you might find the third says no for that reason alone. And so it continues...
    2023 wins: *must start comping again!*
  • Crumble2018
    Crumble2018 Posts: 296 Forumite
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    Luke1066 wrote: »
    I was also thinking the same thing!


    I'd love to know so I can look at properties there :D


    Where I am in Essex, you can just about buy a 2 bed terrace for £300k!
  • redefinr
    redefinr Posts: 207 Forumite
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    I registred with Habito and apparently the max I can lend is 111k which doesn't cut of. I'm looking for 200k.
    I don't have a huge income and I guess everyone is a bit skeptical when I mention I'm an Self-Employed artist :S
  • muhandis
    muhandis Posts: 994 Forumite
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    edited 12 July 2019 at 3:55PM
    Ah, self employed to boot. You most definitely need a broker then.

    While it is very unlikely that 111k would go up to 200k, I would definitely take a second opinion from another broker as free online brokers are (to put it mildly) not known to be the best when it comes to anything slightly complicated.

    If you're up to it, maybe put more details in a new post on the Mortgages forum section re your income, employment type, etc and the resident brokers on the thread could give a high-level opinion on how much you could *potentially* borrow.
    redefinr wrote: »
    I registred with Habito and apparently the max I can lend is 111k which doesn't cut of. I'm looking for 200k.
    I don't have a huge income and I guess everyone is a bit skeptical when I mention I'm an Self-Employed artist :S
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