I want to invest in some property in London. My budget is £1000 a month. I know prices are high, but at the moment, I'm throwing away £12K a year in rent.
My main question is, what property price-ranges should I be looking at for £1000 a month? Also, what kind of mortgages are there and what are the adv's/disadv's of each; I'm a first-time buyer, does that help?
2007-04-30 03:31:27 · 2 answers · asked by YourLocalGP 2 in Business & Finance ➔ Renting & Real Estate
Steve, thanks for the prompt reply - if it were me and someone else earning £20K each then, does this work out the same?
2007-04-30 04:50:28 · update #1
£1000 might get you a £200,000 'Interest only' mortgage or 100k Repayment (under NO circumstances consider an Endowment Mortgage).
Other that the fact that you will be lucky to get a broom closet for £200k in London, main problem is that the Banks etc. base their lending on your Income.
Assuming x5 multiple, to qualify for a £200k loan you need to be earning 40k per year.
2007-04-30 03:37:30 · answer #1 · answered by Steve B 7 · 0⤊ 0⤋
Have a look on http://www.moneysupermarket.com/mortgages/ They have a great range of products. Luck,.
2007-05-01 04:43:43 · answer #2 · answered by Mick B 1 · 0⤊ 0⤋