How to buy a house in kew district ?

walkingbotanist

Active member

Member since 21 October 2015

London, England

walkingbotanist

12 May 2016 11:26:50

walkingbotanist

12 May 2016 11:26:50

London, England

Hello everyone !

I recently was interested to buy a property in kew district (prices between 600,000 and 750,000 pounds) but I never tried to get informations about mortgages and conditions required for getting a bank loan.
Yesterday, I tried to simulate a loan on HSBC website and my big surprise was to find out I only could borrow 224.000 pounds for a couple earning 80000 pounds per year. Supposing I would have a deposit of 100.000 pounds to buy our first property... Is it that impossible to buy a property near London ???
I may be a bit naive but I never get into loans and such things so some of you probably won't be surprised as I was.
Can someone explain me or introduce me to properties system in the UK, especially in London ?

Thanks

Kane

Aussie Dreamer

Contributor

Member since 26 January 2015

Reading, England

Aussie Dreamer

12 May 2016 13:38:42

169

Aussie Dreamer

12 May 2016 13:38:42

169

Reading, England

Try Hallifax Bank. They've just updated their Mortgage Requirements last week;

Mortgage. Halifax Bank
Will give you a Mortgage up until your 80 - and they've also extended their Mortgage time frame out to 25 years - so long as you can prove you can pay it back! Another option is to think of obtaining a
"Offset Mortgage" -
Offset or revolving credit mortgages can mean you repay your mortgage more rapidly than with a standard mortgage – as long as you're financially disciplined. "DISCIPLINED" - That's the key to paying IFC your Mortgage in 1/2 the time frame! This Offset Mortgage is the option we plan to go with! Otherwise, Halifax.
Here's some links to hopefully help. The Halifax calculator is a fun tool. Google link included for info on a Offset Mortgages to read the pros and cons of obtaining a Offset Mortgage! Wishing you Good Luck with your options / decision!

https://www.google.co.uk/search?q=Offse … ent=safari https://www.google.co.uk/search?q=halif … ent=safari

Halifax UK | Buy a home or remortgage with Halifax | Mortgages
http://www.halifax.co.uk/mortgages/?WT. … GwodbMoAaQ

Halifax UK | Mortgage Calculator | Mortgages
http://www.halifax.co.uk/mortgages/mort … alculator/