Buying in London

Posted on 29 August 2012 by Chris

We are a couple in our early sixties with a joint pension income of £75k per year . We own houses in uk(250k) and France (75k) we have savings of 300k. We want to try living in London to be near our sons before we burn our other property bridges . We want to keep approx half of our savings and buy a flat in London for about 300k What is our best way forward in financing this?


The cheapest way to finance this will be with a residential mortgage.  As you are only looking to borrow around 50% of the property value this mortgage can be secured on either your main residence in the UK or the flat in London.  Usually you would secure the mortgage on the property being purchased.

Your ages will affect how long you can take the mortgage out over, most lenders will want the term to finish before your 75th birthday. Depending on how you wish to repay the debt this may lead to higher monthly payments and you need to take advice over whether an interest only or capital repayment mortgage is more suitable for you.

I believe we can help you and that you would benefit from speaking to one of our independent mortgage advisers.  Please call 0344 346 3672 and tell the consultant the date and title of your question, they will then be able to help you find the right mortgage and repayment method for you.


Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.

We recommend you seek professional advice with regard to any of these topics where appropriate.

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