Should I be with family or alone but better off financially in london?

[paige8039]

Im 34, I work in london earning £30,000 per annum, all my family are in Portugal. My mum passed in 2020, my dad is alone in a 1 bed paid off apartment. I could live with him and earn €1,100 euros a month and save it. I could stay in london earning more and buy a property and have a lodger. What should I do? I can buy a flat worth £210,000 with 15% deposit.

I don’t understand. Do you have massive savings? How would you buy a property in London earning £30k?

I can buy a flat worth £210,000 with 15% deposit. There's plenty around.

Looking at what’s available for that price in London, wouldn’t your lodger have to be on the sofa? There’s a lot of studios, some 1 beds, I haven’t come across a 2 bed yet. Do people still do that - rent a sofa space? Would it make a big difference financially?

Id be worried about service charges and how sellable the flat would be. Do you want to go home at some point? Admittedly the market should improve a bit from this point but the reason there’s so many on right move is that they’re not selling.

Could you and your dad join forces and buy a 2 bed flat together in Portugal? I think that’s probably what I would consider - I have a lot of colleagues from overseas and when you start longing for family maybe it’s time to head home?

A two bed flat in London for £210k?

Where?

Yes, I want to know this too. OP, how well do you know London? I suspect these flats are not anywhere that you actually want to live.

You wouldn't get a mortgage to cover the remaining 86% with a salary on 30K. You are more likely to be able to buy something around 150K.