According to the Land Registry House Price Index, published in December 2015, the average price of a house in London has now surpassed £500,000. With the average price in England and Wales as a whole not exceeding £200,000, it is no surprise that many people feel priced out of the London market.
For those looking to move up, or get their first step on the property ladder in the capital, the difference in price can cause quite the challenge. It can be tough to know where to turn for a mortgage, meaning that one can feel like it’s impossible to get that foot on the property ladder that is so important when building a life for yourself in England’s capital.
How Hard is it to find a House in London?
London is an ever growing metropolis of culture, work and business opportunities, and tourism. The popularity of this city continues to grow daily.
Whether for those moving into the city from elsewhere around the country, or those moving out of home in London and finding their first house within the city, the need for the perfect house is clear.
However, with house prices as they are, it is as vital to find the right mortgage lender as it is to find the right house.
Finding the Right Mortgage
There are many different services and companies who will offer you a mortgage when you are looking to move into a new house, but there is often a limit on the amount of money that you can receive.
When looking at an average house price of over half a million pounds, the majority of mortgage companies may not be of a great amount of help to you.
However, for mortgages over £500,000, there are large mortgage loans companies who can be just what you are looking for.
Mortgage loans are available to a variety of different house hunters. Whether you are starting from a small deposit, or investing more at stage one, there is a loan to match every need.
Making London your Home
Some may ask, ‘if the average house price in London is nearly three times the national average, why go there?’
It is a fair question, and it is also why those people probably won’t and probably shouldn’t move their lives to London.
But there is a different breed of people, those who have felt the call of London since they were born there. It is these people who are responsible for the job and business growth and opportunity of the capital city, these are the people with the ideas, the dreams, these are the people that London needs.
That is why it is vital for there to be the capability for you and others like you to find the right mortgage loan company who can help you find your perfect house within the city, and start the life you have always dreamed about.
Your home or property may be repossessed if you do not keep up repayments on your mortgage.
Paul Welch is the CEO & Founder of Largemortgageloans.com, a London-based mortgage broker which specialises in mortgages over £500,000.