Affordable homes in London

Lately I’ve been wondering if the house price increase in London over the last few years will every slow down. Some of the latest news coming out of http://www.londonmortgagedeals.com/manchester-mortgages-london is giving me some encouragement.

House prices in London are crazy. Yes they are. And it’s pointless thinking that you’re onto a good thing if you happen to be a London homeowner. Why is it pointless?

It’s pointless because the view is so short sighted. If you have kids and they want to stay in London how on earth are they going to afford it? You already work very hard just to keep a roof over everyone’s head and you probably bought your house when London prices were much lower. Your kids don’t stand a chance.

So, perhaps you’ll make about £250k when you come to sell your house, so what? how has that benefited anything or anyone in the long term?

Let’s face facts. House prices in London are far to high. Soon only millionaires (of which you are not one) will only be able to live there. Is this what you want?

Manchester Mortgages in London

Manchester Mortgages are a firm of independent mortgage brokers and advisors based in Greater Manchester, who also provide mortgage advice and brokering services for people and businesses inside London.

Manchester Mortgages are currently involved in arranging mortgages in the Spitalfields area of London. Close to the City, Spitalfields is in the heart of London’s east end and is popular with artists, musicians and other creative types of people. Offering a busy and diverse community, housing sells fast and prices are increasing.

Manchester Mortgages have found that one of their big strengths in providing mortgage brokering in London is the speed of their service. Where most banks and high street lenders can take up to three months to process and mortgage offer, Manchester Mortgages can often process a deal in 2 days, and sometimes the same day. There has been more that one occasion where a mortgage has been applied for in the morning and given the green light by the afternoon, allowing the client to make an offer for a house the same day.

I wrote in a previous article how Manchester Mortgages were arranging mortgages for some Crest Nicholson developments overlooking the river Thames. I’ve heard nothing but great feedback from the people using their mortgage brokering services, and many have said that their professionalism put our London mortgage advisors to shame. Manchester Mortgages are on 0161 706 0242.

London house prices fall

In 2018 so far, London has seen a large drop in the value of housing property according to this article in The Guardian. Whilst price volatility in central London has reduced, prices in South and West London continue to fall.

It’s interesting to note that the herd mentality see house prices falling as a bad thing. But really, unless you’re a millionaire, no one can afford to live in London. The many millions of people who do live in London live in very difficult circumstances – families have to have both parents working full time just to afford the rents and mortgage repayments. And then there’s their kids to clothe and feed as well.

Known as the gentrification of London, many people have gotten so far into debt trying to stay in London that now they can’t afford to move out and they can’t afford the stay either.

Really, what’s the point? What’s the quality of life for people in situations like these? It’s a mad world where people are prepared to slowly kill themselves through stress and poverty just to satisfy a corporate agenda they never created in the first place.

a London house

Crest Nicholson London Mortgages

For those people wanting to buy a house in an upmarket area of London, Crest Nicholson have some new build properties that overlook the river Thames. You can view them on their web site here, and anyone looking to secure a mortgage on these properties is strongly advised to contact an out-of-town broker who does not charge “London prices”.

Popular London mortgage brokers Manchester Mortgages are an ever increasing presence on the London mortgage scene and their prices are some 20%-40% LOWER than their London counterparts.

For example, a 25 year mortgage obtained through a typical London broker on a buying price of £1M will cost you in the region of £3000 in broker’s fee’s. From Manchester Mortgage however, the cost is £995. That is a considerable saving for what is the same service.

Also, brokers like Manchester Mortgages are whole of market brokers which mean that they will be able to secure you a mortgage from a large number of different UK mortgage lenders, not just one. This often means that the mortgages they provide are at a much lower rate of interest and typically over a fixed interest term of either 2 or 5 years.

With the Bank of England’s base rate set to rise soon, getting a fixed rate mortgage is an advisable thing to do.

Also, don’t let the name “Manchester Mortgages” put you off. This is where their business started, but make no mistake that this company will get you some of the very best mortgage deals in London.

Contact Manchester Mortgages on 0161 706 0242.

Buying a house in Hertford?

The town of Hertford is the county town of Hertfordshire and is some 21 miles or so from London. It’s close to Harlow, Stevenage and Ware and it’s population is around 26,000.

House prices tend towards the expensive side but I was able to find these private flats for sale as a block purchase (http://www.rightmove.co.uk/property-for-sale/property-51196647.html). Located on Fore Street – which is the main thoroughfare through Hertford town centre. I did wonder why they were for sale, it occurred to me that a builder may have bought them for renovation before selling them one.

Hertford pub

With two stations (Hertford North and Hertford East), the town is well suited for commuters traveling to London each day, similarly the M25 and M1 aren’t so far away either.

Perhaps you are thinking about buying a house or searching for a decent mortgage to help you get a house in Hertford. For those of you wishing to know more about the town can fist the Discover Hertford web site at http://www.hertford.net/.

This site’s primary focus is mortgages and getting the best value for money for our clients. As independent mortgage brokers and advisors we are able to beat the high street dealers as we can offer deals from the whole of the mortgage market, rather than just one vendor. Get in touch with us for more information on our services.

 

Mortgages for homebuyers in Hornchurch and Grays, Essex

I have family who live in both Grays and Hornchurch, Essex. As a boy I would go with my parents to visit them on fairly regular occasions, and then as one gets older and does one’s own thing, the visits become less frequent.

A year or so ago I had cause to visit a crematorium on the outskirts of Hornchurch and wondered what it would be like to live in this part of the world. Looking at the properties available to buy via Rightmove (a href=”http://www.rightmove.co.uk/property-for-sale/Hornchurch.html”>http://www.rightmove.co.uk/property-for-sale/Hornchurch.html), one thing I noticed was they were expensive and it get’s me wondering how people can afford such places? Perhaps they can’t.

I live in the north of England and comparing the cost of houses in Hornchurch and Grays (or most parts of Essex actually) with places in the north west like Blackburn of Burnley, one notices a huge disparity in price. It’s this cost of housing that makes having a decent mortgage that works for you essential. With such large amounts of money being spent, the difference of a few tenths of percentage point on the base rate makes a huge difference to the amount you will be repaying each month.

Hornchurch sign

We can all use online mortgage calculators, but what is more effective is to speak to a mortgage advisor – but not any mortgage advisor, an INDEPENDENT mortgage advisor is what I recommend you speaking to. Why? Because independent mortgage brokers (or advisors) are able to tell you about the mortgage offers from all the companies that offer them, rather than just a select few. For example, if you go an see the mortgage advisor from Halifax, they’ll only tell you about the mortgages sold by the Halifax. It’s the same story with all the high street brokers. They only tell you about the mortgage services they provide.

Now you will find, that if you speak to a mortgage broker who is independent they will be able to advise you about the cheapest mortgages and they will also be able to tailor a mortgage product to your specific requirements – ie. provide you with a flexible deal.

In a previous post here, we recommended an independent mortgage broker that works out of Manchester but don’t let that put you off using them, as word has it that they may soon have a presence down south and be brokering mortgage deals and offering advice not only for the people of Grays and Hornchurch, but for all of Essex and London too.

Edgeware Road, Wembley, London Mortgage Brokers

I took a trip into Wembley Stadium the other week coming in from the north along the M1 motorway and onto the Edgeware Road. As I don’t live in London I’m always interested in the house prices and what I could afford to buy if I lived anywhere in north London.

wembley stadium

Looking at Zoopla for houses for sale on the Edgeware Road near Wembley (https://www.zoopla.co.uk/for-sale/property/london/edgware-road-w2/) I was shocked to find that I wouldn’t get much change out of £1M for a 1 bedroomed flat. Who can afford almost a million quid for a 1 bedroom flat in Edgeware Road north London? I know I can’t. I could buy a mansion up north for that amount of money.

Buying any type of property in London these days is an expensive business and finding a good mortgage brokers is a priority. Here’s a little tip for you, rather that use a London mortgage broker (who will be very expensive), get a mortgage broker from another part of the country – e.g.. Manchester. They will charge a lot less and still be able to find an excellent mortgage deal for you. Sites like http://manchestermortgages.co.uk/ or https://www.moneysavingexpert.com/ can point you in the best directions for deals on mortgages.

Thoughts on Leytonstone

I’ve just come back from living abroad and have returned to my old hunting ground of Leytonstone, East London. I’ve been away for 4 years (I was living in Ireland) and boy, what a change, I hardly recognised the place.

I’m not alone either, I found more people who remember Leystonstone, back when it was more innocent, before the large businesses and corporations moved in – https://www.francisfrith.com/uk/leytonstone/leytonstone_memory-194211.

Leytonstone, London

Leytonstone has always to me had one foot in the rural countryside. It’s near to Waltham Forest which is a place my parents and I visited as a boy quite a lot. Now I’m looking to buy a house here I don’t know if I can afford it any longer. Where do people get their money from these days? Or do they just borrow it and never think about the day when they will have to pay it back?

Talking of money I noticed a jobs site in Waltham Forest but I’m looking to travel into London as I need to attract a higher rate of pay so I can afford to live around here.

So, 4 years ago when I moved out, property prices in and around Leytonstone were around 25-35% less than what they are now. With prices for a 4 bedroom detached house near £800,000 I’m going to have to do some shopping about and located myself a seriously good mortgage broker. I gave up using the banks and building societies a while ago as there was nothing they could do for me. Independent mortgage advisors were much better and sorted me out a nice place in Ireland, but now on my return, they are going to have to work extra hard to find me a mortgage for about £800,000.

I will move quickly though as I expect the Bank of England base rate to increase in the New Year – perhaps by as much as 0.5%, this will put a lot of people in difficulty and it will be interesting to see what happens to the housing market should be Base Rate increase.

Mortgages from Tottenham to Kingston

I’m currently living in Tottenham and have recently been offered a job in the south of London in Kingston. Rather than continuing having to commute each day I am looking to move and buy a house in the Kingston area.

moving in London

My house in Tottenham is a two bedroom terrace just off the Tottenham High Road. It’s valued at £350,000. A bit of house shopping in Kingston shows me that the equivalent house will cost in the region of £500,000. As I saved a fair bit of money over the last few years I got a deposit of £85,000 which I can possibly stretch to £100,000 if necessary.

I’d rather stay away from the banks and building societies as the mortgage products they offer are so limited and would also tie me in. Ideally I’m looking for a quote from a London mortgage broker – preferably in either Kingston or Tottenham who can find me a good mortgage deal so that I can move more easily.

I haven’t yet seen a house that I’d ideally like but once I start looking it shouldn’t take too long. Therefore I plan to have found my new house by the end of this year and would like to move early in the next year.

Getting a mortgage in London

These days getting a mortgage request approved for a property in London can be a tough business. I asked several London mortgage brokers what their top tips were to secure a mortgage:

Evidence of profits
These files will include, however may not be limited to:

  • Thirty days of pay stubs that display income as well as year-to-date income
    years of HMRC tax returns
  • Sixty days or a quarterly assertion of all asset accounts which include your checking, financial savings, and any investment money owed
  • Borrowers also need to be organized with evidence of any extra earnings together with alimony or bonuses.

approved mortgage applicationBelongings
You will need to present financial institution statements and funding account statements to show that you have finances for the down price and ultimate expenses at the house, as well as cash reserves. in case you receive money from a friend or relative to assist with the down charge, you may need present letters which certify that those are not loans and have no required or compulsory repayment. these letters will frequently need to be notarized.

“it is vital to have a paper path of where your down charge and remaining fee price range are coming from,” says Alan Dee mortgage advisor from Camden, London. “You can not use any undocumented ‘mattress money’ to your down price or money you’ve deposited from a credit score card withdrawal or playing winnings. if you have any bizarre deposits, you may need to document them with deposit slips and an evidence to ensure they are not unauthorized presents.”

As an example, in case you have become married and are counting on the coins wedding ceremony presents you’ll get hold of for a down payment, lenders want that money deposited into your bank account as soon as feasible and might even need to peer a replica of your wedding invitation to ensure that the date of the deposit aligns with the date of the nuptials.

In reality placed, any unexpected alternate on your finances – for better or worse, however in particular higher – will want to be explained, and if you can not document it, it probably won’t remember.

Accurate credit score
Maximum lenders nowadays reserve the bottom interest quotes for clients with a credit score of 740 or above. below that, debtors might also need to pay a touch more in hobby or pay extra discount points to decrease the fee. maximum lenders require a credit score score of 620 or above which will approve an FHA loan, specifically to qualify for a three.five% down price; borrowers with a credit rating below 580 are required to make a bigger down price of 10% lenders will frequently work with debtors with a low or fairly low credit score and suggest approaches they are able to enhance. (For greater, see can you Hit a super credit rating?)

Employment Verification
Your lender will need to peer your pay stubs and will possibly name your organization to confirm which you are nonetheless hired and to test on your income. when you have currently changed jobs, a lender may need to contact your previous agency. lenders these days need to make certain they’re loaning best to borrowers with a strong paintings history. Self-hired debtors will need to provide widespread additional office work concerning their business and earnings.

Different Documentation
Your lender will need to duplicate your motive force’s license or nation identity card and will want your Social security range and your signature permitting the lender to drag a credit score file. Be organized at the pre-approval consultation and later to offer (as speedy as feasible) any extra paperwork requested through the lender. The extra cooperative you’re, the smoother the mortgage procedure might be.

“When you have any unusual income or instances, you’ll need to provide other files,” says Andrew Butterworth, a senior loan originator in Hammersmith, London. “for instance, if you’re divorced, I want to look a decree. if you filed bankruptcy, I need a full replica of the release files. if you have apartment profits, I need a copy of the rent.”