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Original poster

Can we buy in London?

85 replies

ThisIsTheFirstStep · 11/10/2018 05:20

Is it totally pie in the sky? I really want to live there again but I don’t know if we can.

Husband is self employed, earning around 30,000 a year. I am a teacher, would be on 28,000 in London.

We have a big deposit (80,000) after saving like hell for 5 years (living abroad so was possible).

The problem is we have almost no credit rating after being abroad for ages.

We are looking at two bedrooms and would LOVE a garden but is it even possible on our salaries?

Any help is appreciated!

OP posts:
Original poster
ThisIsTheFirstStep · 11/10/2018 08:57

hojas I feel like I'm getting some attitude from you and I'm not sure why.

My question is 'is it doable to find a place in London with the conditions I listed in the OP.'

OP posts:
Gobblebox · 11/10/2018 09:07

If you think Penge is tough then London in you budget is gonna be an absolute no no..........simply do a Rightmove search and don’t have the word ‘rough’ in your mindset or all of London will be out of your reach financially and /or mentally. You sound better suited to the countryside but your family dynamics better suited to London which may be too ‘rough’ for you. But honestly I think you need a minimum of £350k even for the cheaper parts.

Original poster
ThisIsTheFirstStep · 11/10/2018 09:10

gobble I didn't say Penge was rough, I said I heard it was rough.

Obviously I don't want to live somewhere dangerous or with really shit transport or whatever. I come from a shit area myself, so it has nothing to do with snobbery or anything like that.

No need to get defensive or pissed about it, as far as I can see there are places we could afford, I just wanted to hear from people who were in a similar circumstance to us.

OP posts:
Original poster
ThisIsTheFirstStep · 11/10/2018 09:11

Plenty of rough places in the countryside too, btw, so nothing to do with that.

OP posts:
A580Hojas · 11/10/2018 09:14

You didn't mention your budget, which is the crucial factor in this, in the op or anywhere else. I'm just asking for clarity. Why not make it a bit easier for people who want to help you?

Original poster
ThisIsTheFirstStep · 11/10/2018 09:16

hojas Because, as I stated, I don't know my budget yet because I'm not in the UK.

OP posts:
A580Hojas · 11/10/2018 09:17

Penge is fine. Put in 2 beds in SE20 and 2 mile radius on Rightmove and see what comes up. Property market has stalled in London and prices are dropping.

A580Hojas · 11/10/2018 09:19

OK, so you don't know if you've got £300,000 to spend or not? I'll bow out now.

Bluntness100 · 11/10/2018 09:20

There are a few companies that offer mortgages to people who have lived over seas for a number of years. We lived abroad for five, and we are with the nationwide, they were one of the very few though. As you've a big deposit I think you will be fine.

However you will both have to have been on uk employment for a number of months, so you will have to rent in the first instance.

Thr major stumbling block is your budget. It's probably going to be in the Region of 250 - 300 or so based on projected earnings. Possibly less as if you have child care costs and commute costs etc as it's done on affordability not multiples,

averythinline · 11/10/2018 09:20

You could get a 2bed Hounslow/Southall/Hanwell zone 4/5 ....for 300k

peachypetite · 11/10/2018 09:24

Go on a couple of the online calculators that all the banks have on their websites. You input your salary and deposit and it will give you an idea. For your budget you will likely be looking at flats.

Original poster
ThisIsTheFirstStep · 11/10/2018 09:25

hojas I think you should, since you seem to be getting a little over-invested and worried about this. If you don't know anything about our particular situation, there's no point in commenting.

bluntness good to know about the companies. Yes, we are planning to rent for a year or so in order to get a credit score and prove earnings etc. We won't need much in the way of childcare as my husband does most of his work from home and my daughter will be starting school by then, and I am hoping to work in the same area as we live if possible so our outgoings may not be that high.

avery good to know, we'll add those areas to our list.

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Original poster
ThisIsTheFirstStep · 11/10/2018 09:25

peachy yup, as I said, a flat would be totally fine, had a look at several mortgage calculators, just wanted some personal experience.

OP posts:
peachypetite · 11/10/2018 09:32

Other people's experiences won't be the same as yours though! If you are serious about this at least apply for an AIP and get a realistic idea of your budget, especially with one being self employed

Original poster
ThisIsTheFirstStep · 11/10/2018 09:34

peachy well we're not super serious at this particular moment, we're just casting about for similar experiences. If I was serious, of course I'd be at the bank/brokers etc, but for now, I'm just seeing what others have done. Of course some people have been in a similar boat to us so just want to see what they've done.

I have had a lot of good advice so far, thanks to those who gave useful comments.

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DoubleHelix79 · 11/10/2018 09:34

I think you may be quite interested in areas such as Tooting, Colliers Wood or Raynes Park. They're much cheaper than nearby Wimbledon but close enough to pop over for a visit easily enough. There is pretty much every type of restaurant you can think of and it doesn't feel like the dreaded suburbs. You're really not far from central London.

We've got a two-bed maisonette with a (tiny) garden a bit closer to Wimbledon that would probably go for around 450-480 now but I'm sure there are places for quite a bit less if you look around in the areas above.

Good luck OP!

Original poster
ThisIsTheFirstStep · 11/10/2018 09:36

double thanks, we'll look into those. Suburbs is OK as long as it's on a subway/train line, I know Wimbledon quite well (used to live there) so I will take a look around there.

Thank you.

OP posts:
MrsPatmore · 11/10/2018 09:52

You will definitely get a house with a garden in Plumstead ( the area around the Common is nice). Cross rail is coming, Grammar school catchment (in neighbouring Borough), green and family friendly. Close to Blackheath and Greenwich which are lovely areas. Also try Erith and Dartford - a bit further out but connections to Central London are very good. On that budget you will have to take a punt on a slightly rougher area which will hopefully gentrify as people are priced out from more central areas.

Original poster
ThisIsTheFirstStep · 11/10/2018 09:56

mrs OK, I'll take a look at those areas thanks.

A bit rough is ok as long as it's not dangerous or whatever. Feel kind of bad about being part of gentrification though, that's not great Sad

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Traalaa · 11/10/2018 09:58

If you're a teacher, are you intending to teach in the state sector? If so, you might find you qualify for social or affordable housing schemes. My friend has just got a really nice 2 bed part buy/ part rent in Finchley and had a similar deposit to you. You'd need to get a job/ rent for a while until somewhere came up and that could take a long time.. though having said that, she only waited about 6 months.

Original poster
ThisIsTheFirstStep · 11/10/2018 10:05

traalaa that's really helpful. Yes, it would be state sector. I will take a look at that, I think we'd be renting for some time anyway, so we'll take a look into that.

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mostlydrinkstea · 11/10/2018 10:06

How about Kingston? It has a university so has a very multicultural feel. I'm not sure if your budget will stretch but there are good schools and good transport links. As a teacher you might get help to buy as other posters have said.

Original poster
ThisIsTheFirstStep · 11/10/2018 10:09

mostly I have been looking at Kingston/New Malden (since that's Koreatown) and there are a few options. Thank you!

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mayhew · 11/10/2018 10:24

go.mumsnet.com/?xs=1&id=470X1554755&url=www.rightmove.co.uk/property-for-sale/property-67686289.html

That's a very tight budget for London. There are still a few nooks and crannies in zone 3 where there are possibilities. Look at Leyton, Leytonstone, East Ham. We moved to "unfashionable" east London long ago. Friends advised against, we've thrived here.
Our daughter has just returned from Seoul with her Korean partner and is very happy here too!