Buying a Property in London
London Property Market (Basics)
The London property market is traditionally very buoyant and an excellent place in which to invest, although be warned house prices are expensive, so you may need a sizable deposit of up to 30%.
- To research property prices and what you can get for your money try the following websites Zoopla and RightMove.
- Make sure you factor in charges such as stamp duty tax when purchasing a property in the UK. For information on this go to this government Stamp Duty link.
- If you can't afford central London...........consider outer London areas that have fast commuting times which may be more affordable. E.G East Croydon has a 24 hour train service from Victoria with many fast trains that can get you into Victoria in less than 15 minutes and the nightlife of Clapham Junction in 11 minutes!
- If you are looking to buy and rent your property out in the future make sure it is desirable for renters. E.g. good transport links, nearby shops, reputable schools, growing business district etc
- If you are buying a leasehold make sure the terms fully fit your needs. E.g. A friend purchased a property in Earls Court but was unable to rent it out to anyone who was not a relative.
*** Can't afford a house or flat why not consider buying a house boat and living on the Thames.
Getting a Mortgage
Do your research in finding the best Mortgage deal for yourself.
- Comparison websites such as moneysupermarket or Confused as starting point in identifying loan deals.
- You should also consider using a mortgage broker help source you a great deal although they may not have access to all the best deals on the market.
- Hunt around on google as you may find a better mortgage deal that is not on a comparison site or with a broker. E.g. HSBC don't use brokers but often have some of the best deals around.
- When looking at mortgages factor in administration fees, early repayment charges, exit fees etc when choosing who to go with. A higher rate may actually work out cheaper once you add in the fees.
