Need your advice - am trying to get out of rent and into my own place within 8 miles of London Bridge. I’ll be splitting whatever type of mortgage I get 50:50.
Thinking of a [terraced/semi?] house as opposed to a flat just because I can drill holes and knock a wall down if I feel like it Maybe install a proper f-off ground anchor complete with barbed wire and turrets… a garage would be ideal.
Doesn’t need to be close to public transport for central work if I can keep my bike safe, but I would like to be able to walk less than a mile for a night out. And be able to get back home from after-work booze (trains).
Was out yesterday night area hunting (bumped into a bunch from here too wave) and am thinking of Blackheath / Shooter’s Hill so far… though I’ll consider a flat in Wapping with decent/secure underground locked parking.
Advice needed on:
Any areas I should check out
What type of mortgage to get (combined have £2100 a month at max)
How to tell good streets from bad
Whether now is a good time or if it matters at all for London
Anything else!
Reality is I’d rather be paying myself back than paying off someone else’s mortgage through rent.
You should try having a look around Surrey Quays/ Canada Water/ Rotherhithe area. I’ve ben here two years, and it’s great. I’m literally spoiled for public transport, shopping, entertainment and anything else I need! Definitely worth a look…
I’m in Hither Green, which does, I think, tick all the boxes you mention. It’s a very quite area, far enough from Lewisham to get the gangs out (the lazy gits don’t seem to venture out of the shopping centre or their estates), but still close enough to walk there for the market etc. Few nice parks etc, and quite nice “troublefree” area. BR links are very good, and it’s near the Lewisham DLR link. I rent a lockup garage for £14/week, which fits my car (classic mini) and bike, so well worth the money. I would also check out Ladywell and Lee. You’ll get a lot more for your money if you go out further, for example to Eltham, but I don’t like the areas we looked at too much, and train links suddently become a lot less frequent and longer.
OBVIOUSLY wouldn’t have done if this was the 90’s with the base rate in the stratosphere but it’s been good for the last few years for me.
fixed rates are a double edged sword one waiting to decapitate thousands as we speak but the biggest tip now though is just to have the biggest deposit you can scrape together.
Right now I would stay away from giving advise on anything to anyone unless you are qualified for it as it could legally bite you in the derriere. Especially on an open public forum.
This said the advise is sound as a general rule but should not be followed to blindly.
Talk to a financial advisor. If you do not know any, I have PM you my number as I am a IFA and I could look into it for you.
As far as the rest of your questions, visit the street you are planning to buy in at different times and days (especially time like Friday night etc…)
And do not forget that unlike Independent Financial Advisors that work (or should work at least) under the best advise principal; Estate agent work for the seller and under the Buyers’ beware rules. They do not have to tell you about anything negative about a property unless you ask directly the question and that it is a hard fact (ie room size etc)
Agreed in principal but you would fine that the opposite can be argued very easily in a compensation claim.
Anyhow, unless he follow the advise, loose money and sue you for it… You should be ok…
I use to be my old company compliance officer. I have seen less having to pay compensation under FSA order.
Agreed. The house market is very unstable at this point in time. However, the London market is most likely to be better protected than other UK area as it is defined by a lack of further land to develop and a high demand.
The real issue in waiting is one of how much is the market likely to drop in the next 12 months compare to how much you are going to waist by paying someone else mortgage/renting.
As long as you do you research properly, by from someone that does need to move (new kid, divorce, work move etc…) buying in the London area even today can be a good thing.
The problem that most face is that there is a possibility that mortgage get even harder to secure for buyer with low equity/deposit as the real exposure to US sub-prime market are made public.
With interest rate likely to be raise in the near future by the central bank of england in an attempt to control inflation, a 5% drop on a London property over the next 12 months might not outweigh the increase cost to purchase in a year time.
Everyone situation is different. I just purchase a new property as my family outgrow the current one but I also know that I do not intend to sell for 5 to 10 years.
So historically, looking at the London real estate market since WW1, my change to be out of pocket by then is likely to be anywhere but nil.
Just saying…
This is a buyers’ market… That is assuming people know how to buy!
If you want good transport, stay North of the river and forget about S E London outside of the old L C C area.
South East London has a lot to recommend it, but public transport/time to travel are not good.
By chance, I fell on my feet (for once) and bought in a place I liked with either a single bus (whatever one of those is) or an easy m/c commute, which is why I’ve not moved in 30 years.
General rule. Stay out of the S E London outer boroughs unless you want green and clean and are prepared to add to your journey time. Blackheath, Charlton, Greenwich should be your limit.
Don’t touch SE18 or beyond unless your looking for a long term speculation.
I would disagree, but let’s not have a North-South religious war
I get to the city in 30 minutes door to desk, on the bike or on the train, takes same amount of time.
Try the commute before you pick an area though, what the train table says is different to reality. Also, try the ride into work, it may make a big difference.
Agreed in principal but you would fine that the opposite can be argued very easily in a compensation claim.
Anyhow, unless he follow the advise, loose money and sue you for it… You should be ok… I use to be my old company compliance officer. I have seen less having to pay compensation under FSA order.
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now THAT is something you don’t wat to be made public on a forum. Especially if you’re anything like MY company’s one
It might be worth looking at new builds where developers were committed before the market started dipping. Developers are under more pressure to shift properties than private owners, so may be offering deals (e.g. refund your deposit, etc) or open to offers. Worth keeping an eye out for these.
Problem with that is that most lender have stop lending on new build flats. When they do they are looking at stupid cash deposit (40% is almost standard at the moment)
Also, all lender will down value property by the amount of incentive given by the developer if not more.
Crest Nicholson has started giving 25% of the property value as a 10 to 15 years interest only secured loan at 0% for the first 2 years and 3% thereafter to balance that problem as most of what was getting reserved felt through due to mortgage problems. Something similar in principal as shared equity but not exactly.
They can do it are the majors shares holders are lender but other do not/cannot do the same. Cash is king.
New build get sold with a developer premium that is no longer recognise by chartered surveyor as lender ask for “second hand value” valuation for the last few months already.
Maybe install a proper f-off ground anchor complete with barbed wire and turrets… a garage would be ideal.
