Aigburth: flats in converted houses
Around Sefton Park and Lark Lane, a lot of the flats are in big Victorian houses that have been split up. Plenty of first-time buyers start here, and these flats come with questions a house doesn’t.
Most are leasehold. That means you own the flat for a set number of years, called the lease, rather than for ever. Some come with a share of the freehold, where the flat owners jointly own the building. Either way, a lender will look at how many years are left on the lease, the ground rent (a yearly charge to whoever owns the building), the service charge (your share of looking after it) and who manages it. A short lease or an unusual set-up can narrow which lenders will consider it.
Your solicitor checks the legal detail. I’d rather you knew the lending side before you fall for a flat, so ask me early.
Woolton, Mossley Hill and Childwall: family homes
These are mostly family houses, and the moves here tend to be about space and schools. If you’re moving up, my moving home page explains porting and borrowing more.
If you’re downsizing and want to stay local, the honest answer may be that you need a smaller mortgage or none at all. If you do need one later in life, lenders look at how long it would run and what your income will be once you retire, so it’s worth talking it through before you sell.
Garston, Hunts Cross and Speke: first homes
Prices here are generally lower than in Aigburth or Allerton, so this is where a lot of first-time buyers look.
Some of the new homes being built in Speke are shared ownership. You buy a share of the home and pay rent on the rest, usually to a housing association. The mortgage is only on the share you buy, and you can usually buy more later. Not every lender does shared ownership, and the housing association has its own rules, so it’s worth checking both before you apply.
If you work shifts, at the airport, at Halewood or anywhere else, lenders don’t all treat overtime and shift pay the same way. It can make a real difference to what you can borrow, so it’s worth checking before you start looking.
Meeting up
I can meet you face to face anywhere in South Liverpool, or we can talk on Zoom or a WhatsApp call.
If it’s your first home, my guide Your First Home explains the whole process, from deposit to keys.