Tips to getting a mortgage for a council flat in Central London? (Zone 1)

Mortgages don’t take years to “go through”, the decision is a pretty straight yes or no from the bank.

I think what your mum is telling you is that she’s been trying to find a bank that will lend to her all this time and none of them will.

Unless she’s been saving a massive deposit or increased her earnings a lot over this time it’s unlikely that’ll ever change.

The property will also have increased in value significantly over 8 years, meaning the amount she needs to borrow from the bank will be much more. Further reducing the chances of getting a mortgage as each year goes by.

Obviously this is quite depressing (but such is the London housing market).

/r/london Thread Parent