I'm doing a PhD at KCL - you're right, London is expensive, but it’s a great place to live! You need to check how likely you are to get a grant and how much it's likely to be and also how often you have to be in college. Depending on how often you have to be in, you don’t necessarily have to live too centrally. You’d pay much less rent on the outskirts or even in Herts/Bucks and could travel in by train.