General (main property discussion here) - London properties - advice needed

Hi,

I would like to invest in property this year, I have 20k in cash (can raise up to 30k before the end of this year), 16k annual salary with full time job, and around 1k per month extra income that cannot be proven by any papers in the UK (i'm lucky enough to own a property overseas - given to me by my parents - I am renting it out) and I would like to buy my first property in London.

I have also problems with my credit situation - I never had a credit card or loans, these are subsequently declined, presumably because of a CCJ (I am not sure - I never managed to check my credit file).

I guess, a self-cert mortgage would be a solution for me (as no bank will give me 200k mortgage with 16k pa income) I would really appreciate some advice from more experienced than me - in particular:

- would you suggest me to buy now or to wait and raise 30k for a larger deposit first? - what sort of property (in London) would be most suitable in my circumstances? A studio flat in the centre, new build 1 bed apartment, or a freehold house somewhere in outskirts? Or something else? - what mortgage brokers would you recommend? No credit checks + self cert half of the income? - has anyone been in a simmilar situation?

Thanks a lot for all your help.

simon,

unfortunately i can not give advice but this is my view.

1. speak to mortgage advisor re mortgage questions. you could try Landlord Trader Mortgages http://landlordtrader.co.uk/lt_mortgages.html

2. regarding what type of property- i am currently look to buy some 'hot investments' in london and am leaning towards the old stock in central london.

however if you are looking to put down a very minimal deposit you could look into some of the buy to let guaranteed income packages with minimal money down. this might work for you but i don't have much experience here.

hope that helps.

tom

Hi Simon,

My only advice would be to read as much as you can on this forum, ask as many questions as you have and you should be able to form a sound opinion at the end of it.

Read up on hot spots, etc, but you can't beat hearing it from the horses mouth from investors who have been there, from a forum.

Dan