Looking to buy property around east London, first time buyer.

[Hanspal]

Hi

Hope you can help me.

I am looking for property to buy around east London, i am single and first time buyer and work and live in east London.

I am looking for 1-2 bed flat/house around east London.

I earn around 25K (pay 10K and self-employed 15K) and ready to pay deposit 50K with my parents help.

I am totally new and need your help & guidance.

Please contact me at hanspaluk at gmail dot com

 

[Barny]

Hi Hanspal,

Is the £50k to also be used to cover solicitor fees, stamp duty, mortgage fee's, etc or do you have that in a separate pot?

Depending on your answer will obviously have an impact on the property you're looking at. As an example, if the £50k was ONLY for a deposit, you could look at £200k properties and the £50k will cover a 25% deposit leaving a £150,000 mortgage at 75% LTV.

Whereas if you have all the fee's as well to deduct, that could take your deposit down to £45k or thereabouts which on a £175k property, the deposit would be £43,750 or £185k property requires £46,250. Big difference in property price and therefore property options as a result of paying that £5k from your £50k.