DREAMS AND DREAMS:
A MOST SEARCHING VIDEO OF THE WORLD.SEE AND THINK ABOUT THE LUCK OF GUY.
If someone had told me at the beginning of last year that I would live up to it – owning a two bedroom apartment with a suntrap balcony, I would have rolled my cynical eyes. As a 34-year-old generation, living in London and working as an independent journalist with a modest income, buying my place always felt like an impossible dream.
Initially, the average deposit for first-time buyers in London rose 276% over the past decade to a staggering £ 100,445, according to Halifax. I explore common characteristics, but found many plans are very competitive and available only to people with much higher salaries, while steep service fees, culminating in mortgage payment more than the rent filter around £ 1500 per month.
A close friend suggested that we join our strengths and buy a place together. Yes, I thought. Supported by someone with a much higher salary, here was my only chance to buy a property in the capital. But we had very different ideas. I intended to stay in Hackney and sprinkle to half a million – the maximum amount you could borrow – in an apartment from the former board, while seeking an extra square foot for a fraction of the price in the less established areas of Walthamstow and Tottenham.
Even with the idea evaporating just as quickly as I started, I would put the idea of buying a bed when I stopped an article about a wave of think-like creators who were swapping London for Margate Lee on my way. A bit of digging and I can see there was a fuss about the place. In keeping with the spontaneous side, she quickly declared, “I’m moving to Margate!” To the amazing companions. My friend at the time asked: “Have you ever been to Margate?” Nothing but shouted that I had to skip this. Instead of spending my savings on travel, I needed to think about my future in the long term.
I knew I could not afford to buy much more than treehouse in London, but Margate – somewhere it looked like I had an artistic community and I could relax – well, maybe it was possible? However, you know a bubble can be easily stuck: mortgage lenders do not know to hand over wads of money for their own account, although there are 1.9 million of us in the UK.
A friend who has also been aiming at Marget, remembers the independent designer Issie Gibbons challenges when she and her now husband, Oliver Archibald, an independent plumber, originally planned to buy in London. “We had a mortgage adviser who told us to go back within two years, with more profits showing in our annual accounts.”
The couple decided to announce more benefits to tax returns by cutting their expenses. “It means very high tax bills for two years, which feed on the savings of our deposits.” The couple bought an apartment in Margate last spring. “We’ve come to the end, but it was a hard job – we had friends in full-time work earning less than us who were getting mortgages very easily.”
Here I was trying to buy on its own. It does not look promising. I contacted mortgage broker Sam Cox, an adviser to IFA firm Whichers, on the recommendation of a friend and explained my situation: I had a deposit of £ 23,500, including £ 10,000 from my father (although I could have bought without these Property) and a few thousand of my help to buy Isa (I cannot recommend using one of these enough – start now).
My guardian angel Sam was soothing everywhere. He asked me to fill out a long questionnaire and submit the last two models of the SA302 tax model, which provide evidence of the profits. When he first calculates how much he could borrow, he does not look very pink. Most lenders operate on average from the last two profit figures, but because I have traveled and lived abroad my profits have been taken hit. However, as my income has increased significantly over the past year, I have proposed to complete my tax return as early as 2015-16, which helped me increase my loan potential.
Meanwhile, Margate headed for the first time and fell in love with a two-bedroom apartment. To cut a long short story, after many offers – go well on the asking price – I packed … well, for a week.