As everyone in the UK knows, ‘London prices’ means that everything is at least twice as expensive as anywhere else in the country. This is definitely true of house prices. What would cost £200,000 in any other UK city will cost you close on to £500,000 in London and when so much money is involved it makes a lot of sense to use a good mortgage broker. Why? because with large sums of money like these, even .1% on a mortgage rate will mean a difference of thousands of pounds over the long run.
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 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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.