London salary

[SoThatHappened]

Anyone from London?

Is a £50k salary in London as a single person livable if you want to buy property. Can it be done?

gutzgutz what was the issue with a recently paid off credit card? Why did that have an impact? I'm getting worried now. Are we supposed to have no debt for years before we can get a mortgage?

The credit card debt will be factored into it, I know a bit about buying in London at the moment because DS recently bought a 3 bed flat in Enfield (it being so long since we bought our house that things have changed).Part of the condition of DS's mortgage was that the credit card was paid off.

£50k with your deposit will enable you to buy but, and people don't like to be told this, you will not get a trendy area or anything in zone 1 or 2. MN is full of people who want to live in the areas that are in high demand but want to pay tiny prices.

So working on your salary, and you can now get deposits of 5% and up, so I reckon you could have a budget that would take you to £250,000.

Colindale on the Northern Line offers a lot of choice: www.zoopla.co.uk/for-sale/flats/colindale/?gclid=COjgsdPcn8oCFVKZGwodr8MPKg&results_sort=lowest_price

Harrow: www.zoopla.co.uk/for-sale/flats/harrow/?new_homes=include&q=Harrow&radius=0&results_sort=lowest_price&search_source=refine

As with pps have said if you want to rent you will have lots of choice as your salary after tax gives you about £3k a month after tax, totally doable, which is what kind of makes me think that this is a bit of a stealth boast, but I'll take it as not, you could rent this in the hugely trendy Highbury Stadium redevelopment, and have £1500 left over for bills and expenses, and I'd imagine that you could rent in less trendy places for less and get more rooms etc.

www.zoopla.co.uk/to-rent/details/39090386?featured=1&utm_content=featured_listing#bkrU7S5prSBHjUPh.97

No worries on £50k then. Happy hunting.

Whistle, I have no idea. They refused to give me a reason beyond "affordability". The crazy thing was it wasn't general credit card debt, it was for a one off purchase (second hand car) which we could have used savings for, but wanted the protection of a credit card. The bank we went with didn't see it as a problem which just shows lending criteria differs hugely even between the big banks.

I went to the financial ombudsman on this point (and others) I was so mad and they agreed with me and I was awarded the early repayment fees we had to pay so we ended up better off in the end but the panic when we were refused the mortgage was huge!!

I can imagine! Good point thought that different lenders have quite significant differences in lending criteria. Will bear that in mind when I go for one (whenever that may be, 18 months maybe).

As with pps have said if you want to rent you will have lots of choice as your salary after tax gives you about £3k a month after tax, totally doable, which is what kind of makes me think that this is a bit of a stealth boast

It wasnt a stealth boast it was wishful thinking. I was being interviewed for a good new job and i was told it was basically mine. It wasnt. i didnt get it.

I aint buying or renting shit now.

I shouldnt have started the thread. That'll teach me.

I didn't see any stealth boasting OP so please don't take that to heart. Really sorry to hear about the job.

Keep trying. You will get another job and should be able to buy on that income too.