Mark founded MoneyMaxim in 2008, with the aim of delivering an impartial and independent service. Mark is a regular money saving expert in the press and writes regular news and articles for the MoneyMaxim news pages sharing his views on banking, personal insurance and the utilities (gas, electricity, mobile and home phones, broadband and pay TV) market with customers.
The amount a mortgage costs in London for a property is largely governed by the distance from their closest train or tube station, as research shows that London property 5m from a station attracts a 7% price premium.
34% of Londoners travel by train to work compared, to 8% for the rest of Great Britain, making it a far greater deal breaker when it comes to choosing location, the Nationwide House Price Index shows. The marginal impact on prices is greatest close to stations, and average house prices were found to be highest around the Circle Line. London has an extensive network of underground and surface rail lines which form an important part of the citys infrastructure, said Nationwides Chief Economist Martin Gahbauer. One might expect those buying property in the capital would prefer to live close to a tube or train station and be willing to pay a premium for this. For those first time buyers in London this news may be something to consider when searching for the best mortgage deal. The Financial Services Authority (FSA) has recently proposed affordability tests making lenders responsible for a customers means to take out a new mortgage. Comparing the market on mortgage offers in the pricey capital is well worth the time to prevent future financial strains.
London Mortgage Comparison
The research on London Mortgage Property Prices comes after most existing high street banks have been shaking up their own mortgage deals like Leeds reduced fixed 4.89% for fixed fee buy to let 5-year fixed rate mortgage deal.
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