How is one able to do it in London? I don't have any savings... What advice can you give me on buying a house/flat in London with no savings?
2006-11-07 00:31:15 · 12 answers · asked by me_me 1 in Business & Finance ➔ Renting & Real Estate
Unfortunately, unless you're on a high salary, you won't be able to do it alone in London. If you are a key worker (e.g. teacher, police officer), then there may be government assistance but you would still require a lot of money. I've heard something about part ownership/part rent for key workers but I don't know if they've come about.
You may have to consider moving out of the capital and commuting to work. A lot of builders are cashing in on this phenomenon, especially when building properties near railway stations.
2006-11-08 11:01:25 · answer #1 · answered by nemesis 5 · 0⤊ 0⤋
You would need savings of some kind even if it's just to pay for solicitors fees (mine cost nearly £1,000). You would need a 100% mortgage but unless you are earning a serious amount of money, I doubt you would get one. Abbey were the only ones who would give me a mortgage and I hear that they're now offering to lend 5 times your salary (I think you need a good deposit though so it's catch 22 for you). It took me 6 years (renting a pokey one bed flat) and saving up enough to get on the property ladder. You need to get saving or possibly do a house share and buy with a friend. Either way, it's really hard to do. Good luck :o)
2006-11-07 08:45:18 · answer #2 · answered by Anonymous · 0⤊ 0⤋
If you have a good credit rating and are over 21 you will almost certainley be able to get a 100% mortgage with high street lenders. Northern Rock and Portman BS have got great rates at the minute.
2006-11-07 08:38:55 · answer #3 · answered by Vicky 2 · 0⤊ 0⤋
Go to an independent mortgage broker who can advise you on how much you can borrow, there are 100% mortgages available for people without a deposit. Mortgage companies calculate how much you can borrow using salary multiples. You'll find they'll offer between 3 and 4 times your annual salary, although if you go to a mortgage broker they may be able to find you deals with higher salary multiples 5 or 6 x annual salary.
2006-11-07 08:39:46 · answer #4 · answered by Anonymous · 0⤊ 0⤋
several of the banks now allow you to buy as a group of friends, so you can borrow more.
Also some lenders will lend up to 5 times salary, however this tends to be for higher earners and those who have a big deposit.
See an independent mortgage adviser or try a site like http://mortgages.charcolonline.co.uk/ to see what amount you could borrow.
2006-11-07 08:38:03 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Very difficult - you would need a 100% mortgage. Go and see a financial advisor (most estate agents can recommend one) - they won't charge you for advice but may charge a fee if you accept there offer.
Unfortunately though you will still need savings to pay stamp duty and legal fees!
2006-11-07 08:38:15 · answer #6 · answered by theno1bug 1 · 0⤊ 0⤋
Save some money. Well quite a lot really
2006-11-07 08:33:13 · answer #7 · answered by Maid Angela 7 · 0⤊ 0⤋
if your not prepared to save some money, then you have no chance. save a good few thousand quid, and you might have a better chance.
2006-11-07 08:41:56 · answer #8 · answered by jothehutch 3 · 0⤊ 0⤋
Shared ownership but be careful to do it legally.
2006-11-07 08:41:24 · answer #9 · answered by Scotty 7 · 0⤊ 0⤋
Approach a banker he will guide you.
2006-11-07 08:33:43 · answer #10 · answered by Anonymous · 0⤊ 0⤋