I'm renting in London – should I try to buy now or wait?

I’m saving for a deposit and wondering if I should leave it a few years until I can build up more

Q I rent in London and I’m on a yearly wage of £28,000. When I have saved enough to put down a deposit on a property (ironically I can save more in London as I have very cheap rent) I would like to move out of London and buy a home in Norfolk. My prospective wages in Norfolk would be £26,000 and I would like to buy a flat for around £80,000 to £100,000. I can’t work out the logistics. Do I buy now with a deposit of £10,000 or wait until I have a larger deposit of £20,000? And do I get a mortgage based on my current wages or my prospective wages?

I understand that mortgage lenders prefer that you’ve been in the same job for a couple of years, so should I relocate now and work in Norfolk (and rent) for a couple of years? Or does the fact that I’ve been in my current job in London for four years show that I’m a good bet? RH

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