To think that there must be a solution

[Sodiumchloride]

I live in London.

I’ve saved a huge deposit - from equity in selling a flat I had in my twenties and saving whilst working.

my income is comparatively good but borrowing wise is still less than my deposit.

But my options are to buy somewhere really small or rent the larger property.

I am limited in to area due to schooling but it’s such a ball ache as I cannot find any decent two bedrooms. I did find one but it had small bedrooms but large living space with a decent layout but it would mean sinking every single saved penny which means I’d have no buffer for expenses or furniture or life.

Do I put money into rent until something comes up?
Compromise on space or location?
Push myself to the limit to buy knowing that once done the mortgage repayment would be comfortable and less than rent?

I am in SW London and property is scarce in budget and prices are ridiculous.

Anyone able to share their experiences? Or help me process my thoughts? I’m just so confused and don’t have many people in real life to talk to about it.

I think the general MN advice is buy as soon as you can because you're then paying off the mortgage rather than paying rent. I agree with this as things are only going to get more expensive.

I'd go for whatever small place you can find that's good enough, get a 5 year fixed rate so you have stability, and furniture off Freecycle/anywhere secondhand, and paint everything

Take the plunge and make an offer as soon as you find somewhere good enough, though not ideal.

Then you can commit for at least 5 years, or to end of school, settle in, make it your own. For small bedrooms, shelves up high on the wall and in any odd corner, underbed storage, anything that will make best use of the space. Having more living space,DC can do homework on the dining table/laptop on the sofa which is what ours often do and it's nice as we're around together more.

Good luck and go for it.

Move up north and buy a lovely big house with land!

Sorry that's not helpful...but as a former Londoner, now happily at home in the northwest, leaving London was the best move I ever made.

buy in the area you want to be in. compromise on space if needed and be minimal with furnishing and stuff.

if you are pushing yourself to the limit on funds, make sure you have a fixed rate mortgage so you don't get caught by rates going up.

What’s your budget and where in SW London?

Yes where in SW London, there may be cheaper alternatives that still work for schooling. Eg Sutton/New Malden/Surbiton instead of Wimbledon, etc.

I’m actually on the SW/SE borders

Maybe it’s actually me that’s being very picky - but am just scared of putting in all my savings.

Currently in sw16 hence saying SW London but school is in Dulwich. Anything commutable to Dulwich but there are areas of high crime that I’d like to avoid.

Budget or £450k. Needing two rooms. Not on a main road and being able to park.
I have dismissed properties that have ground rent issues or short leases.