How to buy a house in kew district ?

walkingbotanist Active member

Member since 21 October 2015

walkingbotanistActive member12 May 2016 09:26:50

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

Aussie DreamerContributor12 May 2016 11:38:42

169

Try Hallifax Bank.聽 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!聽聽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 鈥� as long as you鈥檙e financially disciplined.聽聽"DISCIPLINED" - That's the key to paying IFC your Mortgage in 1/2 the time frame!聽 This Offset Mortgage is the option we plan to go with!聽 Otherwise, Halifax.
Here's some links to hopefully help.聽 The Halifax calculator is a fun tool.聽 Google link included for info on a Offset Mortgages to read the pros and cons of obtaining a Offset Mortgage!聽 Wishing you Good Luck with your options / decision!聽

Halifax UK | Buy a home or remortgage with Halifax | Mortgages

Halifax UK | Mortgage Calculator | Mortgages