Making the decision to buy a property anywhere can be hugely daunting, and that’s before you factor in properties with a London price tag. The average price of a property in London stands at £696,453 at the time of writing, meaning that a 10% deposit stands at an eye-watering £69,600.
Still, London’s allure remains strong for every market player, from first-time buyers to investors. And where there is a will, there’s a way! So, if you’ve set your sights on affording a London property, then Skyline Mortgage Consultants are here to help you reach your ultimate goal of owning your own home in the capital.
Preparation is the key to London property purchase success
Knowing where to seek out the more affordable London properties is key to looking in the right place for your budget. The further you are prepared to live from central London, the more chance you have of finding an affordable London property. So, it pays to be open-minded with your must-have criteria. The more flexibility you have, the more likely you are to realise your dream.
If you are a first-time buyer, then there are Government schemes, such as ‘Help-to-Buy’ and ‘Shared Ownership’ available that can help you get your foot on the London property ladder. As with any scheme, it is best to check your eligibility early on to avoid any nasty surprises further down the line.
Be the best you can be, with your finances
Nobody’s perfect with managing money, but when it comes to purchasing a property in London, it pays to have your finances in rude health to improve your chances of affording the home you want. The good news is that it’s never too late to start making changes for the better. To help you, we’ve created a handy guide to improving your credit rating, which details our top action points you can be working on immediately, to improve your chance of being approved for a London mortgage, by a lender.
How much can I borrow?
Key to knowing where to begin with your London property purchase is having a clear idea of how much you can borrow. You can make a start on this yourself with our simple mortgage affordability calculator, which will give you a good idea of the type of figure you are looking at, based on your current circumstances. This figure should tell you if you can afford to start your London property search now, or that you need to wait a little while longer and focus your activities on improving your financial situation further.
If your preliminary checks reveal that you are in a position to afford to push forward with your London property search, then now’s the time to talk to Skyline Mortgage Consultant, Tony.
Talk to Tony
As we mentioned a few paragraphs ago, preparation is key to affording a property in London. At Skyline, we strive to do all we can to help you get the property you have set your sights on. London-based, we know the market inside out, and have experience in sourcing London mortgages for a host of different homebuyers, all with their own unique individual circumstances. If you’re ready to chat, we welcome you to book an online appointment with Tony, at a time that suits you.
Your Home (or property) may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it. Our range of processing and administration fees, payable on application, should you ask us to arrange your residential or buy-to-let mortgage is £395. Some forms of buy to let mortgages are not regulated by the Financial Conduct Authority (FCA)