Property News · March 2, 2020

I can't afford a flat in London even though I've saved a deposit


I’ve lived in Wanstead all my life and my hopes were raised by an ‘affordable’ developmentQ Since graduation from art college in 2009, I’ve been able to live at home rent free so despite being on a lowish salary of £20,000 as a trainee teaching assistant, I have managed to save a total of £35,000. By the end of June when I graduate from teacher training, I will move on to a salary of £28,000 which will go up to £30,000 after a year.I’ve lived in Wanstead all my life and never assumed that I could afford to buy here but recently read that Pocket Living will be building 20 one-bedroom flats near Wanstead station. The flats will be priced at £275,000 in an area where flats are normally priced at upwards of £300,000. I fit Pocket Living’s eligibility criteria for buying as I will be a first-time buyer and I already both live and work in the borough. Sadly, because my salary will be £28,000, the biggest mortgage I can get – if I borrow five times my salary – would be £140,000. I’m unsure of what to do for the future. If I don’t buy now, I will carry on saving – probably more than now after my salary increase – as my mother has no intention of moving or charging me rent. But I feel that for every year I save flat prices will increase and I will be forever playing catch up unless I take out a help-to-buy equity loan but I don’t know if that’s a good idea. I have no desire to live or buy in another part of London either and I wish to buy alone. I understand that I’m striving for the impossible but would be grateful for any advice or insight.EP Continue reading…

Source : theguardian.com
Read more…I can’t afford a flat in London even though I’ve saved a deposit

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