The Student Room Group

Buying a property commutable to London

On a salary of 35000 to 40000, is it possible?

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for daily commuting or one or twice a week?
Can probably get a shared ownership flat within a reasonable distance. Not that I'd recommend it.
(edited 1 year ago)
Probably two or three days a week
Do you have a deposit saved?
Reply 5
I found this property on the Rightmove Android app and wanted you to see it: https://www.rightmove.co.uk/properties/127830656
Possible with access to a good mortgage broker IF you have a very good credit history, are in full time employment on a fixed contract and have a minimum 5% deposit saved up/significant cash inheritance.
Good luck!
Original post by Quady
I found this property on the Rightmove Android app and wanted you to see it: https://www.rightmove.co.uk/properties/127830656

You're going to need a heck of a big deposit to buy a £280,000 house on a salary of £40,000.

"A property", though? Sure. The cheapest park home I found in Oxfordshire is currently on RightMove for £69,995. It's in Didcot, which has a direct rail connection to London.
Reply 8
Yes.

However, you need to take into account method of commute, travel expenses, and start and finish times at work.
Reply 9
Original post by Quady
I found this property on the Rightmove Android app and wanted you to see it: https://www.rightmove.co.uk/properties/127830656

Why this one, are you or someone you know selling it?
Reply 10
Original post by Surnia
Why this one, are you or someone you know selling it?


Feel free to make alternate suggestions.

Thought it'd be more practical to share examples if the OP is unable to use rightmove.

My wife has a flat in Glasgow which should be coming on the market within the next six months. But no, I've no idea who is selling that place.
Well what exactly do you mean by commutable, what’s the maximum travel time you’d be willing to tolerate because people have very different ideas of what that is.
Hi Richard,

The first thing you will need to do is understand how much you can borrow for your mortgage. Without that you wont know how much you need to save or expected monthly costs etc. As a general rule of thumb your bank will lend you 4.5 times your salary but they will also take into consideration your spending on things like commuting, child care etc. Most banks will have a free calculator on their website to give you a rough indication but this isn't valid until you complete a full decision in principle ( Some call it a mortgage in principle). This is then a certificate to say the bank would support you on a mortgage up to that limit. Each bank has different policies and products so it is always worth shopping around yourself or approaching a broker ( You would have to pay a fee for the brokers time finding you the best deal).

Then you may need to look into the various house buying schemes set up by the government to assist first time buyers. www.helptobuy.gov is a great resource that covers off what each scheme can do to support you.

Next steps will be to think about how much you will need to save for your deposit (normally 5-10% of the value of the property)
Hope that gets you started!
Original post by Quady
Feel free to make alternate suggestions.

Thought it'd be more practical to share examples if the OP is unable to use rightmove.

My wife has a flat in Glasgow which should be coming on the market within the next six months. But no, I've no idea who is selling that place.

I wouldn't make suggestions on the vague premise given by the OP. We don't know how much disposable income they have, what part of London they will be travelling to, what their hours of work are etc...
Reply 14
Original post by Surnia
I wouldn't make suggestions on the vague premise given by the OP. We don't know how much disposable income they have, what part of London they will be travelling to, what their hours of work are etc...


One way to elicit that might be to propose a property and see how they react to it.

Not that the OP has interacted with this thread they created, though that's pretty typical for Rich.
Why would anyone buy when the housing crash is round the corner!
Original post by Kutie Karen
Why would anyone buy when the housing crash is round the corner!


Because renting is an expensive nightmare?

If a house is something you live in, once you've bought it, it doesn't matter what its monetary value is.
For 2 or 3 days a week then you can go as far out as Southampton (or similar cheap towns/cities on train lines into other parts of London). https://www.rightmove.co.uk/properties/85569420#/

(Or something a bit bigger https://www.rightmove.co.uk/properties/108498650#/?channel=RES_BUY )
(edited 1 year ago)
Reply 18
Original post by skylark2
Because renting is an expensive nightmare?

If a house is something you live in, once you've bought it, it doesn't matter what its monetary value is.


No, but the opportunity cost is pretty high for a first time buyer. If in six months house prices are down 10% and in the same period you've paid £5k in rent then you can buy a new Audi with the difference.

Naturally, can only be known with hindsight.
Reply 19
Original post by Kutie Karen
Why would anyone buy when the housing crash is round the corner!


Because they have lives, the money and have no guarantee over future prices?

We have a settlement date of 28th October, dont really fancy staying where we are for another year to see if prices fall.

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