Mortgages nine times salary in London

Mortgages nine times salary in London

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Video transcript

Single first-time buyers in London risk being priced out of the housing market after it emerged that mortgages are now costing them nine times their annual salary.

Nationwide has discovered that the salary-to-value ratio has hit its highest ever level, meaning that many people who don`t have a friend or partner to buy with have little hope of ever being a property owner in the capital.

Across the UK, first-time buyer homes are worth 4.9 times of their salary, which is a little short of the pre-crash level of 5.2, which was experienced in 2008. However, with concerns about the continual growth of house prices, even more people could find it increasingly difficult to afford a mortgage.

That`s where First Choice Finance can help, we`re an established mortgage adviser with access to multiple plans within the mortgage market, which means that we can identify the most suitable deal for you from our panel, whether you are a first time buyer or a home mover. All you need to do is give us a few details and your finance adviser will get the ball rolling, initially by working with you to get a free quote.

Only when and if you`re happy with the figures and details, we`ll get on with processing your mortgage application so you can move into your new home as soon as possible.

Find out more about how we can help you buy a home by visiting firstchoicefinance.co.uk or call us and speak to our finance team. From a mobile, it`s 0333 003 1505 or from a landline, it`s 0800 298 3000.

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Homeowner Secured Loans
9.8% APRC. Representative example: Borrow £50,000 over 180 months. 60 months at 8.1%, £497.83 pcm fixed at 60% LTV. Then 120 months at 10.1%, £539.89 pcm variable. Total payable £94,656.60. Total cost of credit £44,656.60 (including: £795 lender fee, £985 broker fee & £42,876.60 interest). First Choice are tied to certain loan providers.

Mortgages & Remortgages
8.4% APRC.
Representative Example: Borrow £120,000 over 25 years at 5.99%, £778.86 pcm fixed for 3 years at 60% LTV. Then at 8.75%, £974.86 pcm, variable for 22 years. Total payable £286,416. Total cost of credit £166,416 (including: £985 broker fee, £999 lender fee & £164,432 interest)


Unsecured Personal Loans
REPRESENTATIVE 49.9% APR (VARIABLE)
First Choice are tied to certain unsecured lenders.


THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Security is required on immovable property.



Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk

Established In 1988. Company Registration Number 2316399. Authorised & Regulated By The Financial Conduct Authority (FCA). Firm Reference Number 302981. Mortgages & Homeowner Secured Loans Are Secured On Your Home. We Advice Upon & Arrange Mortgages & Loans. We Are Not A Lender.

First Choice Finance is a trading style of First Choice Funding Limited of 54, Wybersley Road, High Lane, Stockport, SK6 8HB. Copyright protected.

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