Issuu on Google+

Summer 2015 - edition 3 - Gloucestershire & Bristol

Lovell Homes Repton Grange

THE HOME EDIT Home interior design inspiration

Purchaser Story Charlotte Coles

Page 8

ASK THE EXPERT

Information on independent mortgage brokers Page 14

SUMMER EVENTS What’s on

The Cotswolds Show & Food Festival, Cirencester Park Page 6

brought to you by Help to Buy South


WELCOME // Summer edition

hello and

Welcome

Welcome to My Perfect Place, Help to Buy South’s bi-annual magazine for our applicants and aspiring home owners.

My Perfect Place will be issued twice a year, with information on schemes available, such as Shared Ownership and Help to Buy Equity Loan, news and events taking place in your local area and featured properties and developments. We’ll even try and squeeze in a few Seasonal articles about what’s happening around this time of year and some homely features too, such as decorating ideas. In this edition we’ve got an update on our fantastic Spring Help to Buy Roadshow, some top advice from a financial expert and some delicious BBQ recipes to keep you busy in the garden this summer.

In this edition... The ultimate guides to the Help to Buy schemes Read real life purchaser stories Feature property listings The Home Edit Summer events Ask the expert Useful links

Jo Short Marketing Team Leader

All property listings found in My Perfect Place magazine are the responsibility of the individual Housing Associations or Developers advertising the specific homes and developments. Details given on specific listings, feature properties and Want.It. features are not the responsibility of Help to Buy South. Some images are stock photos and/or CGIs and are representative of the homes.

and more! | 03


NEWS WELCOME // Help // Summer to Buy South edition Spring Road-show

Help to Buy South

ALL OF OUR EVENTS ARE FREE!

Spring Road-show

Throughout March and April Help to Buy South hosted a second road-show of Help to Buy events across our geography in Hampshire, Wiltshire, Berkshire, Gloucestershire, Oxfordshire and Bristol, and we are very pleased to report that we welcomed over 3,200 visitors to six shows! Each show featured a whole host of exhibitors to assist home-hunters in finding their ideal home, including housebuilders and housing associations providing information on properties available or coming up through the Help to Buy Equity Loan, Shared Ownership and Rent to Buy schemes. We also hosted local solicitors firms and independent financial advisors who were on hand to offer free financial and legal advice. Last but not least the Help to Buy South team and search pod were available to visitors, helping them to look for their new home, as well as answering all of your questions about the application process and how each scheme works. The feedback from all the shows was outstanding and we hope everybody who came to a show benefited from the information they gained. We ran a competition for visitors who registered to attend a show in advance via the dedicated events website www.helptobuyshow.co.uk and then came to a show. The winner received a New Homes Hamper worth ÂŁ250, containing new home essentials 04 |

WE’VE WELCOMED OVER 3,200 VISITORS TO SIX SHOWS!


NEWS // Help to WELCOME Buy South // Spring Summer Road-show edition

like a kettle, toaster, coffee machine, towels, cutlery and much more! We are holding another road-show of events in Autumn 2015 to help more potential buyers find their perfect home and get all of the advice they need in one place. Keep an eye out on our social media pages and our dedicated events website, www.helptobuyshow.co.uk for dates to be published very soon. And remember, don’t forget to register in advance for your chosen show(s) to get a fast track entry and in-theknow updates before and after each show, not to mention entry into our fab New Homes Hamper competition! Help to Buy South will once again be exhibiting at the Bristol International Balloon Fiesta this year, from Thursday 6th to Sunday 9th August; we will be on stands D2 & D3 with a big surprise! Come and see us for a chat about your options.

Images All taken from the Hampshire show

customer feedback “It was really helpful, I learnt a lot about the different schemes available.” “It was a fantastic source of information, all in one place.” “Lots of useful information regarding all aspects of finding a property, saving money and finding solicitors, etc.” “Gathered information about future developments locally, and about Shared Ownership opportunities too.”

“Very informative! Good advice and next steps. Everyone was very welcoming and helpful.” KEEP AN EYE ON OUR WEBSITE FOR MORE INFORMATION ON OUR AUTUMN EVENTS!

| 05


EVENTS WELCOME // Help // Summer to Buy South edition

Bring on the sunshine!

summer events

Planning on going to a festival this Summer but not sure where to go? We’ve gathered the details of the top events in your area so you don’t have to search for them.

Hampshire Winchester Hat Fair, Winchester

Ticket Prices (per day): Adult £25.00 5-15 years £6.00 under 5 years £1.00

The UK’s longest running festival of outdoor arts, fun for all the family.

Berkshire

www.hatfair.co.uk

Newbury Carnival, Newbury

3rd - 5th July Free to attend

www.newburycarnival.co.uk

17th - 19th July Free to attend

Hampshire Food Festival

5th July Free to attend

Gloucestershire

Many events taking place across the South Coast celebrating local food, more details available from the website.

Reading Festival, Reading

The Cotswolds Show & Food Festival, Cirencester Park

www.hampshirefare.co.uk/food-festival

28th - 30th August

1st July - 1st August Free to attend

Ticket Prices: Per day, no camping £66.50 Weekend £213

Wickham Festival, Wickham www.wickhamfestival.co.uk 6th - 9th August Ticket prices: Per day, no camping £50.00

Victorious Festival, Southsea, Portsmouth

www.readingfestival.com

www.bristolharbourfestival.co.uk

Bristol, Bath & NE Somerset

A staple of the attractive Cotswold countryside The Cotswolds Show & Food Festival attracts 40,000 people every year to come and enjoy the delight of the local county. Enjoy motorcycle stunts, a Rolls-Royce Spitfire air display and other activities at the Bathurst Arena or pop over to Apsley Arena to get a snapshop of rural life. There’s so much to see including falconry, music and not forgetting the awesome food and craft stalls! You’ll definitely want to return next year.

Bath Carnival, Bath

www.cotswoldshow.co.uk

www.bathcarnival.co.uk

4th - 5th July

11th July Free to attend The Victorious Festival showcases fantastic live music in the beautiful seaside setting Bristol Pride Week, Castle Park of Southsea in Portsmouth. From big name bands to up-and-coming local acts this Across Bristol and Pride Day (11th July) exciting event is sure to be a blast for all ages. 4th - 12th July There’ll also be a market, a real ale festival and www.pridebristol.co.uk access to other fabulous attractions along the £3 donation asked, multiple supporter waterfront such as the D-Day Museum and levels to purchase Bluereef Aquarium. A great way to spend a lovely summer weekend by the sea. www.victoriousfestival.co.uk

Bristol Harbour Festival

29th - 30th August

A fantastic celebration of Bristol, the

06 |

festival boasts numerous activities including brilliant music and maritime events that commemorate the city’s seafaring heritage. There’ll even be a circus setting up shop to excite and have fun with visitors.

Ticket Prices (per day): Adult £12.00 Child £6.00 under 3 years free Family £35.00

The Royal International Air Tattoo, Fairford www.airtattoo.com This summer will see one of the most iconic aircraft of the past 60 years make its last ever Air Tattoo appearance. It follows an announcement by the Vulcan to the Sky Trust (VTTS) that 2015 would be the legendary Cold


EVENTS // Help to Buy South War bomber’s final display season, don’t miss your chance to witness this incredible aircraft. 17th - 19th July Ticket Prices:

Adult (Fri) - £36 Adult (Sat or Sun) - £46 2 day (Fri & Sat) - £72 3 day (Fri, Sat & Sun) - £113 Under 16 - FREE

Oxfordshire Henley Festival, Henley-on-Thames www.henley-festival.co.uk 8th - 12th July Ticket Prices (general admission): Per day £35.00

Rugfest, Wallingford www.rugfest.co.uk 19th - 20th June Ticket Prices: Adult (Friday) £10.00 Adult (Saturday) £15.00 Weekend pass £20.00 Under 16s half price (free if accompanied by an

adult)

Wiltshire Swindon Food & Drink Festival, Lydiard Park www.swindon-festival.com 27th - 28th June Ticket Prices (on gate): Adult (Friday) £7.00 Under 16s free if accompanied by an adult

Fieldview Festival, Chippenham 6th - 9th August www.fieldviewfestival.co.uk Ticket Prices: Standard weekend £50.00

WHY NOT HEAD DOWN TO YOUR LOCAL FESTIVAL?


HOME WELCOME & LIVING // Summer // The edition Home Edit

a few ideas from

The Home Edit

Whilst looking for your new home with Help to Buy South why not get some ideas flowing of how you’ll decorate or furnish your new abode? It’ll keep you entertained and motivated to continue on your journey to home ownership.

pastels A big trend in 2015 is the use of pastels and watercolours around the home. Both styles are very popular and are a great way to brighten up a room. Whether painting a wall or simply wanting to add a pop of colour to your living room with some new printed cushions this trend is a great way to welcome the summer into your home at any time of the year!

Cushions: Matthew Williamson at Debenhams. Paint: Marine Splash by Dulux. 08 |


HOME & LIVING WELCOME // The//Home Summer Edit edition

reclaimed woods If you want something that looks great whilst remaining eco-friendly then ‘reclaimed’ items are a must. In particular reclaimed wood is very popular and can be used for an array of different interior solutions such as this mantle piece, shelves or coat hooks.

keeping on top of current trends

accessories

Why not be imaginative and create your own home-made decoration, such as embellished bottles and jars, ideal organised in three’s these little trinkets make a pretty focal point. Use string, lights, paper and anything else you can find for inspiration to decorate bottles and jars.

All images sourced from Pinterest

TAKE A LOOK AT PINTEREST FOR DESIGN INSPIRATION

| 09


HOME & LIVING // The Home Edit

copper tones Copper has made a big comeback in 2015 and we like it! It’s versatile and interesting, bringing warmth but also a coolness to interiors. Try some splashes of this captivating colour with small accessories or go bigger with fixtures and fittings.

Copper floor lamp from notonthehighstreet.com

METAL OBJECTS, WALL DECORATIONS, ROOM FURNITURE AND SMALL ACCENTS MADE OF COPPER ADD ELEGANT SHINE, WARMTH AND LUXURY TO ANY INTERIOR DESIGN.

10 |

All images sourced from Pinterest


HELP & ADVICE // FAQs

Have a question?

FAQ’s HOW MUCH MONEY WILL I NEED INITIALLY TO BUY A PROPERTY?

I’VE SEEN A DEVELOPMENT WHICH I’M INTERESTED IN PURCHASING A PROPERTY AT BUT THE PROPERTIES ARE NOT YET FOR SALE, WHAT SHOULD I DO?

You’ll need to take into account legal fees, such as solicitors and financial advisors, stamp duty (if applicable), your deposit and valuation fees. Your earnings and any savings you have will affect the size of the mortgage you can apply for. The bigger the deposit you can pay, the more of your property you will own and the mortgage amount you require will be lower. For legal fees we recommend approximately £2,500 is set aside. To help you budget we’ve created a handy planner so you can see where you spend most and where you could save; click here to view

If the property is being built by a developer and is available on the Help to Buy Equity Loan scheme then contact the developer directly and let them know you are interested. They will take note of your details and contact you once they are holding open days and the properties are released for sale. The properties will be available on a first-come-first-served basis so you will want to keep an eye out for details from the developer. If the property is being built by a housing association and is going to be available to buy through the Shared Ownership scheme you will need to firstly be registered with Help to Buy South to be eligible to buy a shared ownership property. In some cases you will also need to be registered with your local authority, these include Homes4Wiltshire (if you live in Swindon or Wiltshire), East Hampshire, Bracknell Forest and Windsor & Maidenhead. If you see a Shared Ownership development or home you are interested in you should contact the Housing Association selling these homes to register your interest. These properties are allocated differently to developer properties as purchasers need to be prioritised, so don’t forget to get in touch with the Housing Association to find out what happens next. For more information on Shared Ownership priority groups please click here. | 11


CASE STUDY // Charlotte Coies

Charlotte Coles

Human Resources Manager, Charlotte Coles, was looking for a new home to settle in with her three young sons when she came across the Help to Buy Equity Loan scheme. Charlotte visited the marketing suite at a development she had seen online, and was able to reserve a three bedroom terraced property off-plan.

to Buy Equity Loan scheme meant Charlotte only had to raise a mortgage of £165,000 on top of her 5% deposit to purchase a £220,000 property.

”I was pleased with the storage space. I moved from a larger house to a smaller property, but having a new build meant I could get a fully integrated kitchen and carpets before I moved in which were included in the price.”

”Without the Help to Buy scheme I would not have been able to give my children a home in a good location suitable for my work and their school. I would likely have rented at a higher cost and with no long term security. It has been a godsend for me.”

Charlotte had recently divorced and found the Equity Loan scheme has helped her secure a home in the area she wanted to live in without any worry. “The scheme enabled me to buy I house I wanted in an area I wanted at a price I could afford on my own.” Buying the home with the Help 12 |

”I would definitely recommend the Help to Buy Equity Loan scheme because it makes a new home affordable even in difficult circumstances. Even when times are difficult the scheme has enabled me to buy a new home at an affordable price.”

Previous situation: Home owner Scheme: Help to Buy


FEATURED PROPERTY

Hempton Mead

Hayes Way, Charlton Hayes, Filton, Bristol BS34 5AG

bedrooms 2

3

PROPERTY FEATURES •

Fully fitted kitchen with integrated appliances

Modern open plan living

French doors to rear garden

Ensuite and built in wardrobes to bedroom one

Ceramic tiled flooring to bathroom and en suite

Garage and/or allocated parking

Help to Buy or Home Exchange available

Less than 2 miles from the M5 motorway

Above Homes at Lavender Grove

Hempton Mead is the latest phase at Charlton Hayes and features a selection of 2 and 3 bedroom homes. Situated on the north western outskirts of this exciting new community, Hempton Mead is selling fast, with more than 70% sold since the first homes were released in April 2014. The Southwold is one of Bovis Homes’ most popular 3 bedroom houses. It offers practical open-plan living with a cleverly designed kitchen, boasting fully integrated appliances including washing machine, fridge freezer and dishwasher. The kitchen opens onto the dining area and sitting room with French doors to the garden. Upstairs, the master bedroom benefits from an en suite and built-in wardrobes. These are just a few of the extras included as standard in a Bovis Home. Many properties will be ready to move into this summer so don’t miss out, contact Bovis Homes to see how we can help get you moving!

Right Homes at Lavender Grove

Call: 01172 591005 Email: bristolnorthsales@bovishomes.co.uk Visit: www.bovishomes.co.uk

OVER 70% RESERVED!

Selection of 2 and 3 bedroom homes

| 13


HELP WELCOME & ADVICE // Summer // Ask the edition expert

Have a question?

ASK THE EXPERT Why do I need to consult an Independent Mortgage Broker before I buy a property, and what will they need to know from me? There are a number of key benefits to seeing an independent mortgage broker before you buy a property. But what is an independent mortgage broker?

Chris Schutrups The Mortgage Hut

Quite simply they are a mortgage professional who understands, and has access to, a wide range of lenders and their products. At the Mortgage Hut, as independent mortgage brokers, we have access to over 150 lenders, from Halifax to Henley Building Society, therefore we have a diverse range of options for you. Our whole of market proposition means we ensure that you get the most suitable mortgage to meet your needs. Consequently, not only can brokers access a wide range of lenders for you, but they can save you time! Time which is crucial - when you are facing the pressures of finding finance for what will most likely be the biggest purchase of your life. So rather than you book endless appointments with a variety of high street lenders, after we conduct a factfind (more of this

14 |

later) we can search the whole of market for you – researching a vast range of products at a click of a mouse – with up to date rates and features available instantly, saving you time and tired feet! The Mortgage Hut use the factfind as a vital tool to understand your current financial position, which includes your salary, debts and other facts. To enable us to achieve a detailed factfind we will need to know some basic financial information from you – taken from your payslips or tax returns, P60 and bank statements - as well as discussing your current situation and credit history. An independent mortgage broker will also discuss your needs and aspirations. Using their experience and the wealth of information at their fingertips, they will be able to advise and recommend the most suitable product for you. Affordable housing is a fairly niche market with specific lenders supporting either Help to Buy or Shared Ownership or in some cases both. Typically


HELP WELCOME & ADVICE////Summer Ask theedition expert

WHAT IS AN INDEPENDENT MORTGAGE BROKER?

your normal bank or estate agency adviser will only see these cases once in a while, therefore it is vital that you see an independent mortgage broker who specialises in these schemes, who understands exactly how the lenders treat each scheme, your salary and site. At the Mortgage Hut we have a team that specialises in assisting affordable housing clients and we regularly attend road shows so that we can help clients all over the South of England – and beyond. Our advice doesn’t just stop at the mortgage though, during our free appointments we cover how much you can borrow, the costs involved in moving, timescales and explain the entire process to you. We understand that the process of buying your first or next home can be daunting and that’s why our specialist advisers are on hand to help you every step of the way. When you are looking to purchase a home through Shared Ownership or Help to Buy Equity Loan, the percentage

of the property you buy will be determined by what you can afford, and also what you can afford in the future. An Independent Financial Advisor can help assess this for you. Our specialist advisors can give you advice about mortgages and more information about the type of schemes that might suit you best. Any fees that may be charged will be fully explained to clients.

OUR DEDICATED CUSTOMER SERVICE CENTRE IS HERE TO ANSWER QUESTIONS YOU MAY HAVE. | 15


FEATURED PROPERTY

Lavender Grove

Brookside Drive, Farmborough, Nr Bath BA2 0AX

bedrooms 3

4

PROPERTY FEATURES •

Popular village location

Rural yet accessible - easy access to Bath and Bristol

10-year NHBC warranty

Style, Quality and Value built-in

Above Homes at Lavender Grove

Set to be launched this autumn, this new development of 15 high quality three and four homes in the attractive north-east Somerset village of Farmborough is already attracting plenty of attention. Register your interest now to receive the latest updates about these stylish, modern three- and four-bedroom homes. A location approximately eight-and-a-half miles south-west of the Georgian city of Bath and around 11-and-a-half miles from bustling Bristol makes this an ideal spot for commuters seeking a high-quality village home with easy access to the A39 and A37. Farmborough itself is a friendly and thriving community with an Ofsted ‘Outstanding’-rated village school. Right Homes at Lavender Grove

Call: 01761 441 955 Email: sales.wales@lovell.co.uk Visit: lovellnewhomes.co.uk

COMING SOON 16 |

Superb range of 3 and 4 bedroom homes


FEATURED PROPERTY

Repton Grange

Brentry Lane, Brentry, Bristol BS10 6RG

bedrooms

1

2

3

4

PROPERTY FEATURES •

Easy access to Bristol city centre

Help to Buy available

Three miles to M5

Eco-friendly whole home ventilation

10-year NHBC warranty

Bosch appliances

Style, Value and Quality built-in

Above Maplewood

Situated to the north of the city, Repton Grange allows you to enjoy Bristol’s host of cosmopolitan attractions at the same time as offering excellent transport connections to the rest of the West Country, South Wales, the Midlands and beyond. A superb range of 2, 3 and 4 bedroom homes and 1 and 2 bedroom apartments offer the perfect match for every buyer, from families to young professionals. The development features two brand-new three bedroom showhomes providing a fantastic showcase for the lifestyle on offer in this ideal location just five miles north of central Bristol, which was recently described as the country’s ‘coolest’ regional city in the Sunday Times. Closer to home, Brentry is a leafy suburb with plenty of green space nearby and only two miles from historic Westbury-on-Trym. Travel north and it’s just three miles to reach Junction 17 of the M5, right by the Cribbs Causeway retail park.

Above Elmwood Right Copperwood

Call: 01173 215690 Email: reptongrange.sales@lovell.co.uk Visit: lovellnewhomes.co.uk

NEWLY LAUNCHED SHOW HOMES

Superb range of 2,3 and 4 bedroom homes

| 17


HOME WELCOME & LIVING // Summer // The edition cook off

e r fi o t e tim q b b e h t up

Why not try these tasty BBQ recipes from BBC Good Food, they’re simple and easy to make.

Spiced grilled lamb skewers Prep time: 15 mins Cooking time: 15 mins

These lamb skewers are marinated in Indian flavours of garam masala, cumin, ginger and garlic, then barbecued until lightly charred.

method 1. Blend all the marinade ingredients until smooth, and season with 1 tsp salt and some black pepper. Add the lamb, mix well, cover and put in the fridge to marinate for as long as possible; overnight is best. 2. When ready to cook, soak 8 wooden skewers in water for 10 mins and heat a barbecue to medium-high, or heat your grill and line a baking tray with foil. Thread the lamb onto the skewers, about 4 pieces on each. Place on oiled racks of the barbecue and cook for 12-14 mins, turning often, or until charred in places and cooked right through. If you’re grilling the skewers, cook for 10-12 mins. Source: BBC Good Food www.bbcgoodfood.com

18 |

ingredients • 900g boned leg of lamb, cut into 2cm in cubes

for the marinade • • • • • • • •

85g plain yogurt 25g ginger 5 fat garlic cloves ½ tsp red chilli powder, or to taste 1 tbsp vegetable oil 2 tsp red wine vinegar 1 rounded tsp garam masala 1 rounded tsp ground cumin


HOME WELCOME & LIVING // Summer // The cook edition off

Halloumi kebabs with thyme & lemon baste Cooking time: 15 - 25 mins A veggie treat for your barbecue

method 1. Halve the courgettes lengthways, then thickly slice. Cut the onion into wedges and separate into pieces. Thread the halloumi, cherry tomatoes, courgettes and onion onto eight skewers. Cover and chill the kebabs until you are ready to cook (You can do this up to half a day ahead.) 2. To make the baste, mix together the olive oil, lemon juice, thyme, mustard and seasoning. (This can be made ahead and chilled too.) 3. Preheat the barbecue or grill and arrange the kebabs on the rack. Brush with the baste, stirring it first to make sure the ingredients are blended. Cook for 4-5 minutes, turning often, until the cheese begins to turn golden and the vegetables are just tender. Serve while still hot with warm pitta bread.

ingredients for the kebabs • 2 medium courgettes • 1 large red onion • 250g low fat halloumi cheese, cut into 16 chunks (we used Cypressa Halloumi Lite) • 16 cherry tomatoes

for the lemon baste • 1 tbsp olive oil • 2 tbsp lemon juice • 2 tsp fresh thyme leaves (preferably lemon thyme) • 1 tsp Dijon mustard • Pitta bread, to serve

Source: BBC Good Food www.bbcgoodfood.com

BBC GOOD FOOD The BBC Good Food website is full of the latest recipes and foolproof cooking tips as well as fantastic promotions. visit www.bbcgoodfood.com

| 19


THE GUIDE TO // Shared Ownership

the guide to

Shared Ownership

READ THE FULL GUIDE ON OUR WEBSITE

Looking to get on the property ladder? Shared Ownership might be your answer.

What is Shared Ownership? Shared Ownership is a well respected product that has been helping people into home ownership for the last 30 years. It is tried and tested! Purchasers buy a share ranging between 25% - 75% in a home, paying a low cost rent on the remaining share they do not purchase. It can often be an affordable alternative to renting or buying on the open market, and unlike purchasing on the open market, you don’t need to raise a deposit based on 100% value of the property, just for the share that you are purchasing.

Right New home owners Far Right Lifestyle image

20 |


THE GUIDE TO // Shared Ownership


THE GUIDE TO // Shared Ownership

Who can apply?

What are the costs involved?

If you are registered with Help to Buy South, you may already be eligible for Shared Ownership. You must:

You will need to be able to raise a mortgage to buy at least the minimum share available, as well as having a mortgage deposit available. This may be 5-10% of the value of the share you are purchasing. However, remember you will be expected to purchase as much of the property that is affordable for you.

• Be a first time buyer or an existing home owner whose household needs have changed but can’t afford to buy another, more suitable home • Have a household income of less than £60,000 • Have savings of approximately £2,500 for fees, as well as a deposit if you are buying a home Applicants will be prioritised for a property as and when they apply for a specific home or development. This is done by the individual Housing Association you are hoping to buy from. Priority will be given to: • Council and housing association tenants • Serving military personnel • Applicants given a high priority by the Local Authority. For example this may be families, or people living or working in the area This may vary from development to development, so contact the Housing Association directly for more information when applying. If you already own your own home, including existing Shared Owners, and you need to purchase a larger home but are unable to because of financial constraints, you may be eligible. In this instance you will need to demonstrate that you are in housing need and have the support of your local authority and/or have sold your home prior to applying. To apply for a specific Shared Ownership home or development, you must first be registered with your Help to Buy Agent.

22 |

Other costs to consider include: • Reservation fee This will be taken off the total purchase price • Mortgage arrangement fees This will vary depending on your financial advisor and mortgage lender • Valuation fee This is a requirement of your mortgage application • Legal fees You may be given details of recommended solicitors • Monthly service charges Again, these will vary from property to property


THE GUIDE TO // Shared Ownership

Who pays for repairs and maintenance?

Can I buy further shares later on?

You will have the full responsibility of repairs and maintenance for your home. This will include annual gas boiler services. However, if you buy a brand new home, the developer may have a period of time during which they will be liable for any defects.

Flat owners will have to carry out repairs You may have the option to purchase further inside their flats but are not usually responsible shares depending on your lease. This is known for external and communal areas such as as Staircasing. There is no obligation to do this stairways and communal gardens as your and you can stay forever as a Shared Owner service charge will contribute towards this. if you like. If you buy further shares, the rent you pay on the share you do not own will go down. A surveyor will normally assess the value of your home based on the market value at that time, so that the value of further shares can be calculated. If house prices increase, you may have to pay more to buy another share than when you originally bought it.

What happens when I want to sell?

What homes are available? Homes available to buy on Shared Ownership will be listed on the helptobuy south.co.uk website. They may range from studio apartments to 3 or 4 bedroom houses. You can apply for a home with one bedroom above your current needs. For example, a single person or couple could apply for a one or two bedroom property, whilst a single parent with a child could apply for a three bedroom home. This will also depend on what you can afford to buy. Besides brand new homes, you will often see older homes advertised for sale on the same Shared Ownership basis. This is where an existing Shared Owner may decide to sell their home and move on. These are known as Shared Ownership Resales. Other than the age of the home, you will only be able to buy the same sized share or greater than the current owner which may be higher than minimum shares on offer with new build properties.

You can get advice about selling your Shared Ownership home from the Housing Association that dealt with the original purchase. The terms of your lease will specify a nomination period whereby your share can be marketed for sale by the Housing Association you originally purchased through. This means the property can be ‘recycled’, allowing other people in housing need to benefit from affordable home ownership. Their charge to do this may be cheaper than if you were to sell through an estate agent. The property is resold at the market value of the property at the time of resale. If your Housing Association is unable to find a buyer for your share, it may be possible to sell your home on the open market but you will have to pay the full cost of the estate agent fees yourself. Standard costs will include a fee for the resales service, a valuation report, an Energy Performance Certificate and solicitors fees.

| 23


THE GUIDE TO // Rent to Buy

the guide to

Rent to Buy Intermediate Rent Sometimes referred to as discounted rent, there are some new and re-let homes available to rent. The rents are approximately 20% cheaper than those on the open market, which will enable you to possibly clear any debts or save towards a deposit to buy a home through one of the Help to Buy schemes at a later date.

Rent to Buy With this scheme, you can save towards a deposit to buy the home you are renting, usually within 3-5 years. If your circumstances have changed and you are no longer able to afford to buy, your landlord may review your tenancy. Please note that there is no guarantee that your tenancy will be renewed after each of the agreed periods. Please note there is very limited availability for Rent to Buy homes. VISIT THE WEBSITE FOR FURTHER INFORMATION ON THE SCHEMES

24 |


WELCOME THE GUIDE//TO Summer // Rentedition to Buy


THE GUIDE TO // Help to Buy Equity Loan

the guide to

Help to Buy Equity Loan If you want to buy a new home but are struggling to raise a large deposit, Help to Buy Equity Loan could help.

What is Help to Buy Equity Loan? The scheme enables purchasers to buy a new build property with a 5% deposit and borrow up to 20% of the value of the home from the government as an interest-free loan.* You will need to be able to raise a 75% mortgage to cover the remaining cost of the home.

Who can apply? This scheme is open to both first time buyers and ‘next time’ buyers looking to purchase a new, potentially bigger or more suitably-sized home and move up the property ladder. The home you purchase with the Help to Buy Equity Loan must be your sole and only residence. You must be able to afford to raise a large enough mortgage to cover 75% of the purchase price, as well as have access to a 5% deposit of the property purchase price.

26 |

Top Help to Buy example


THE GUIDE TO // Help to Buy Equity Loan

What are the costs involved? As well as your 5% deposit, there will be other standard fees involved such as mortgage arrangement fees, solicitor fees, reservation deposit and stamp duty. Stamp Duty Land Tax rates are currently: Purchase price of home

Stamp duty rate

Up to £125,000

Zero

Over £125,000 to £250,000

1% of full purchase price

Over £250,000 to £500,000

3% of full purchase price

Over £500,000 to £1 million

4% of full purchase price

You may also have monthly or annual service charges, depending on the property you purchase. *The equity loan is interest free for the first five years, but in the 6th year of ownership, a fee of 1.75% of the market value of your property at the time you purchased is applicable, rising annually by the increase (if any) in the Retail Price Index (RPI) plus 1%. This is applicable if you have not paid back your equity loan by the end of year 5.

What homes are available? Help to Buy Equity Loan is available on new build homes only. Approved developers of the scheme are listed on our website helptobuysouth.co.uk and you will need to contact them directly for further information on what homes they have available. There are no limitations on the number of bedrooms in the property you purchase. For example, if a single person can afford to purchase a 3 bedroom house, they will not be restricted. The maximum purchase price for a home purchased with the scheme is £600,000, depending on your affordability.

| 27


THE GUIDE TO // Help to Buy Equity Loan

28 |


THE GUIDE TO // Help to Buy Equity Loan

When do I have to pay the equity loan back? The term of the loan will run for a maximum of 25 years, depending on the term of your mortgage. At the end of this period, the full loan will need to be paid back. Remember you have borrowed a percentage of the home’s value, so whatever the value of the home at the time you come to pay back (known as ‘redeeming’ your loan) or you sell your home, you will be paying back the percentage borrowed or outstanding. For example: Home purchased for: £200,000 20% equity loan received: £40,000 Home now valued at: £220,000 20% equity loan to pay back: £44,000 Further information on paying back your equity loan can be found in the Help to Buy Buyer’s Guide.

What happens when I want to sell my home? If you have not yet repaid your equity loan when you sell your Help to Buy home, you will repay the equity loan simultaneously. You can sell your home at any time and an independent valuer must decide what it is worth. Further information on the application and purchasing process, including details about the equity loan can be found on our website.

VISIT THE WEBSITE FOR FURTHER INFORMATION ON THE SCHEMES

| 29


Bristol & Gloucestershire

Comparison Table

This comparison table assumes a full market value of £190,000 for a 2 bedroom property:

Scheme

Percentage purchased

Minimum deposit required

Mortgage required

Mortgage costs pcm

Rent/interest charge pcm

Approx total costs pcm

Outright purchase

100%

10% (£19,000)

£171,000

£935*

n/a

£935

Shared Ownership and Resales

25%

5% (£2,375)

£45,125

£274**

£312

£586

Shared Ownership and Resales

50%

5% (£4,750)

£90,250

£548**

£185.33

£734

Help to Buy

80%

5% (£9,500)

£142,500

£690***

None for the first 5 years

£690

Rental Scheme

n/a

1 months rent

n/a

n/a

£640

£640

* Based on a 25 year mortgage at an interest rate of 4.34%. Rates and deposits will vary depending on the lender.

Based on a 25 year mortgage at an interest rate of 5.39%. Rates and deposits will vary depending on the lender.

**

Based on a 25 year mortgage at an interest rate of 3.19%. Rates and deposits will vary depending on the lender.

***

Examples are indicative and costs may vary. Your home is at risk if you do not keep up payments.

If you would like further information on any of these schemes, contact us at info@helptobuysouth.co.uk


USEFUL LINKS // Summer edition

useful

Links Contact us Schemes - buying Schemes - renting News & events Success stories FAQs What happens once I have a Help to Buy home Log in and update your application

Help to Buy South 0800 456 11 88 info@helptobuysouth.co.uk www.helptobuysouth.co.uk www.helptobuyshow.co.uk

Add us on Facebook Follow us on Twitter Follow us on Instagram

| 31


My Perfect Place Magazine Summer 2015 - Gloucestershire & Bristol Edition