buying a house in london

Buying a house in London or anywhere

 

After the publication of my book, Murder Your Mortgage in 7 Years, some people commented, “congratulations on a great book Orall, but I can’t even think about buying a house, never mind paying it off in 7 Years!”

 

It’s the elephant in the room.

 

There are always stories on how this generation will never own their own home. Here’s my quick, no nonsense, common sense take on how I would do it.

 

3 steps.

 

1. Flexibility

Pick an affordable location that allows you to get to where you need to, in a reasonable amount of time. If you’re in a major city his might mean moving to the outskirts or outside. If your rent is high you should probably consider this also.

A quick search gave me these useful links:

http://goo.gl/vMaUNU

http://www.totallymoney.com/commuter-hotspots/tool/

 

2. Schemes

What help is out there? There are a number of government schemes as well as other ideas like buying with friends.

Some schemes:

http://www.moneysavingexpert.com/mortgages/mortgage-schemes

 

3. Saving

More savings, more options. Zero savings, zero options. You’ll need to increase your income and/or reduce your expenses and yes, saving will take time. My book Murder Your Mortgage in 7 Years gives details about how I did this.

 

That’s my quick take. Questions?