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Limited Options to buy?

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  • Limited Options to buy?

    Hi All,

    I am really unsure what to do here and I would really appreciate your opinions.

    I have £50k inheritance due to me in a few months and clearly I would love to buy a home as this is a once in a life time opportunity to have such an amount.

    I would like to use £30k as a deposit and the remaining £20k to clear any debts and for buying costs etc. I have used a mortgage calculator and spoken to an independent financial advisor and on my salary the maximum mortgage i can get is £95K.

    The following options that I have been offered and I have also considered are:

    1. Part buy and rent and I can get the 2 bed that i'll ideally prefer.
    2. Buy a one bed on the open market but leave Central London as that is where I currently live right now and I work in central london.
    3. Save the money and wait 5 years to see if the housing market becomes more affordable and/or I have a better job.

    I am in 2 minds I want to part buy part rent but I have read horror stories for when it comes to moving. But if I buy on the open market I can only afford a one bed.

    I am really lost on what to do.

    Background info on me
    23
    Still living at home
    Im only considering South East London as I know this area very well

  • #2
    Re: Limited Options to buy?

    Have you consider an instalment contract where you can exchange contracts using vendor finance at a fraction of the deposit a bank asks for and complete when you are in a position to put a mortgage in place ?
    Adam Long

    www.quickhomeseller.co.uk

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    • #3
      Re: Limited Options to buy?

      Central London is always going to be a very expensive option - have you considered areas you can commute from outside of London?

      Simply that would give you more flexibility in theory.

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