Buying a HomeHomes in Southwark
The cost of buying a home in London is very high. Some areas are less expensive than others. Check with local estate agents and look at free property papers to get an idea of costs. Properties in areas further south and on the outskirts of London, for example Surrey and Kent, tend to be more reasonably priced than places in central London. You can search the internet for estate agents in other areas and compare prices.
Getting the right mortgage
Most people who buy their own home need a mortgage. Usually banks and building societies will lend up to 90% or 95% of the value of the property. It is worth shopping around to see who can offer the best deal as some offer fixed interest rates or low start mortgage rates. Apart from banks and building societies, you could also try financial advisers or estate agents for free advice.
If you want to buy a flat on a new development, the builder may offer lending facilities. Have a look in the Evening Standard or Metro newspapers for advertisements about new developments.
The lender will tell you how much they are prepared to lend you to buy a home and how much of a lump sum deposit you will be expected to pay. This is based on your income and that of anyone buying with you, i.e. a partner, relative, friend etc.
Other costs
Apart from the deposit, there may be other costs in buying your own home including
- Solicitor’s fees
- The lender’s valuation fee
- Structural survey fee
- An arrangement fee to the mortgage lender
- Stamp duty
- Building insurance which is payable from when you exchange contracts
- Removal costs
Always get advice before making any decision. You can always get free advice from the council.
Right to buy
Under the right to buy scheme, residents of Southwark Council can buy their council home at a price lower than the full market value. This is because the length of time they have spent as a tenant entitles them to a discount.
You can find out more about the right to buy scheme here.
Contact us
Housing advice services
Tel: 020 7525 5950
Fax: 020 7525 4088
hsg.has@southwark.gov.uk
25 Bournemouth Road
London
SE15 4UJ
Opening hours: Monday to Friday, 9am to 5pm
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