I Earn £35,000 - Can I Buy A Flat In London


I am a single 28 year old adult living in London with no dependents. I have rented for years as I never thought that it would possible for me to secure a mortgage on my current earning which is just under £35,000.

However, my family has recently offered me help with a deposit. They offered me a gift money, not a loan and I’m considering my options. I have already spoken to a mortgage adviser who believes that I can qualify for a traditional mortgage but I have been looking at London help to buy schemes and wondered if there is any advantage in applying for even when I have financial support.

With all my personal savings and family assistance, I will be able to forward a deposit of up to £55,000, with the additional money reserved for legal fees. I want to own a single bedroom flat in the zone two region of Southwark, but I do not have any preferences.

I want the flat basically for my work as I need to get to Waterloo or Clapham Junction stations easily in the early morning. Well, my job is secure as any job could be and I will get an increment in the next year or so. Taking the sum up to £40,000 mark. Will I bee able to buy flat in London under reasonable options and are there any particular risks or disadvantages?


First of all, I apologize for pouring cold water on your plans as even with financial assistance from the London help to buy scheme, you will struggle to find a one bedroom flat easily in Clapham Junction or near Waterloo that you could afford to buy.

So, here I’m doing some assumptions on the entire process. Like, you could get a mortgage of four times of your salary and along, would get a maximum government loan of 40% under the London help to buy scheme. In such cases, you would have to put the whole of your £55,000 as a deposit and the maximum you would be able to pay for a flat of £280,000.

According to a quick trawl of a single bedroom flat for sale in London on London Realty Connect suggests that - unless you are in a market for a retirement property, you would have to buy a lot further than the Southwark.

Trawl also suggests that there are very few new build help to buy flats that come under your price range. Another thing is that you will have to repay the government loan while selling the property and the government will be benefited if there is an increase in the property value.

Things are not that doom and gloom at all. Even with a budget of £170,000, you would be easily able to afford more than the minimum share in a shared ownership property. In such situations, things can look troublesome because of not having any experience in this field but choosing someone who could help you would be the best decision ever.

London Realty Connect offers solutions to such situations and promises to guide you throughout the entire process. If you have any queries about buying a property London, you can stay connected with them.