When you buy property in London is slightly like renting but just with a bunch more hoops you need to jump through, more paperwork and more cash. Heres some tips that will hopefully help you out.

Sorting the mortgage

Even before you take a peek at the listings or peer through the estate agents windows it really important that you know what your budget is. The general rule of thumb with mortgages is you can borrow five times your annual salary. However bare in mind that things like your credit rating can scupper that! If you’ve never been in debt it can be harder to borrow money too, ironic right? Those people who have shown that they can borrow and pay it back are considered safer bets for lenders.

A mortgage broker will be able to help you with the process, they will take a commission from the bank. A broker can help you figure out why your application got a decline, steer you in the right direction and get you better deals.

You will also need a deposit for the mortgage and the size of that deposit affects your mortgage rate. Try to keep your deposit to about 20% the value of the mortgage, so a £350,000 house would need a £70k deposit!

You’ve then got stamp duty to worry about! so on a 350k property, you’re looking at £7500 in lawyers fees and surveys. Oh and remember you’re going to have to buy furniture and have enough money to live on too. Once you nail all this you’re going to get the mortgage you want and you can move on to hunting for your new place!


Finding a place

The fun bit! house hunting usually takes place online these days. Heres some words to watch out for in the listings –

“Development potential” – so basically this means the property will be a dump.

“Desirable location on a quiet residential street” – pretty much means the property is in the middle of nowhere.

The whole finding a property process is mostly just common sense – if the property has been listed for quite some time there is probably something wrong with it.

Making the call

Once you see a place you like you should phone the estate agent and arrange a viewing. London property market moves quick so you’ll not be ignored if you phone the agent rather than emailing. Make an offer that is below the asking price or makes one at the asking price and see how the estate agent responds.


Let the lawyers do their thing and hopefully, you’ll be all sorted. The bank will transfer the money and its all over! You can finally pick up your keys.

Check out places like Lodha Group who have high-quality accommodation in London.


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