Question 1

What areas of London does MortgageReady cover?

Accepted Answer

We work with clients across all 32 London boroughs and the City of London — from Barnet and Enfield in the north to Croydon and Bromley in the south, and from Hillingdon in the west to Havering in the east. All consultations are conducted by phone or video, so you can access our whole-of-market advice from anywhere in the capital.

Question 2

What is the average house price in London?

Accepted Answer

As of early 2026, the average London house price is approximately £520,000–£550,000, though this varies enormously by borough. Prime central areas such as Kensington and Chelsea can exceed £1.5 million, while more affordable outer boroughs like Croydon, Barking and Dagenham, and Bexley offer properties in the £300,000–£400,000 range. We know London's micro-markets and can help you understand exactly what your budget achieves in different areas.

Question 3

How much can I borrow for a mortgage in London?

Accepted Answer

Most high-street lenders will offer between 4 and 4.5 times your annual household income, though some specialist lenders — and certain London-focused schemes — go up to 5.5 times. On a combined income of £80,000, that typically means a mortgage of £320,000–£440,000. Deposit size, credit history and existing commitments all play a role. We'll give you a clear, lender-backed borrowing estimate at your free consultation.

Question 4

How does stamp duty work when buying in London?

Accepted Answer

Stamp Duty Land Tax (SDLT) is charged on a tiered basis. For most residential purchases, you pay 0% on the first £250,000, 5% on the portion from £250,001 to £925,000, 10% from £925,001 to £1.5 million, and 12% above that. First-time buyers get relief up to £425,000. Buy-to-let and second-home purchases attract a 3% surcharge on each band. On a £450,000 purchase (non-first-time buyer), SDLT is £10,000. We always factor stamp duty into your affordability calculations.

Question 5

How long does a mortgage application take in London?

Accepted Answer

An Agreement in Principle can typically be arranged the same day. A full mortgage application usually takes 3–6 weeks to reach a formal offer, though complex cases — higher loan amounts, leasehold flats, or non-standard income — can take longer. Completion on a purchase typically follows 6–10 weeks after the mortgage offer, depending on the conveyancing chain and whether a survey raises any issues.

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Why choose MortgageReady in London?

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Mortgage FAQs for London