Moving into a new home can hardly be cheap. It is much more pleasant to spend money on buying lovely artworks or pieces of furniture instead of wasting it on boxes and tape. If you consider moving, you should take into account hints in this article on how to save Read more…
Properties for Sale
If you have firmly decided to buy a house in London, and you can afford it, you are much luckier than thousands of Londoners who have been pursuing this dream for decades but never succeeded.
What you need to know before buying your first house in London
The point is that, according to the latest statistical data, an average Londoner under 35 years old earns less than £30,000, while the average lowest quartile house price is more than £330,000, that is 13 times higher!
We believe that you have arranged your finances before you started the house-hunt. If not yet, than it is wise to do it. This process might include saving a deposit and agreeing a mortgage in principle. If you find that your saved deposit is a bit too small to get access to a range of cheaper mortgages available on the market, then look in the direction of the state schemes designed to ease the burden of a first-time buyer.
For example, you can try an equity loan scheme offered to those who would like to purchase a ‘new build’ house. The purchase price of the property should not exceed £600,000. This scheme allows buyers to borrow 20% of the purchase price interest-free for the first five years. The only condition is that the buyer has at least a 5% deposit at hand.
Living in London gives property buyers a huge benefit – Londoners can borrow up to 40% of the purchase price.