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New Homes

For Sale.co.uk The Advantages of Buying New

Helpful information on the new government scheme

The definitive guide to making that first step

First Time Buyer Guide


Great value first homes near you

FirstBuy

75% mortgage* + 5% deposit required* + 20% loan

This could be the perfect way for you to get on the property ladder.

+ 0% interest

FirstBuy is now available again!

government backed equity loan* on loan for the first 5 years*

= 100% your home right now* | Go to taylorwimpey.co.uk/firstbuy

You could own your first home from just £549.69 a month with FirstBuy!†

Billington Grove

Oxley Gate

Off Billington Road, Leighton Buzzard, Bedfordshire, LU7 9HH

Oxley Gate, 4 Sinatra Drive, Oxley Park, MK4 4JG

The ‘Lyon’ 2 bedroom maisonette

The ‘Bronze’ 3 bedroom home

+ Open plan lounge, kitchen and dining area + Two bedrooms plus a bathroom

From just £145,000 With FirstBuy only £116,000 and then £549.69 a month*

+ Open plan kitchen and dining area with doors to the garden + Third bedroom or home office – you choose

From just £225,000 with FirstBuy only £180,000 and then £895.06 a month**

Get integrated appliances in your first home for free! Reserve your first home using FirstBuy and we’ll give you a fridge freezer, dishwasher and washing machine Show this advert when you reserve to claim this offer.‡

Visit taylorwimpey.co.uk/miltonkeynes for a list of all our Milton Keynes sites to plan your visit. Normal Taylor Wimpey terms and conditions apply. Images used for illustrative purposes only. Prices correct at time of print. * Price of £116,000 based on 80% of full purchase price of £145,000. Monthly mortgage repayments of £549.69 based on a mortgage of £108,750 over 25 years with an initial interest rate of 3.59%. Fees may apply. ** Price of £180,000 based on 80% of full purchase price of £225,000. Monthly mortgage repayments of £895.06 based on a mortgage of £168,750 over 25 years with an initial interest rate of 3.99%. Fees may apply. †

Eligible applicants will be offered an equity loan of up to a maximum of 20% of the purchase price (based on the open market value). Applicants are required to fund at least 80% of the purchase price by means of a conventional mortgage, savings and any deposit where required. For the first five years there is no fee charged on the equity loan component. At the start of year six a fee is collected of 1.75% of the market value of the property at the time the loan is entered into multiplied by the outstanding percentage under the equity loan, the annual fee of 1.75% will be multiplied by RPI+ 1% p.a. The equity loan is provided by the HCA and Taylor Wimpey and held as a joint second charge. Terms and conditions apply and full details will be provided on request. This offer is subject and only available on selected developments and properties in England only. It is not offered with any other promotion. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

You must mention this advert at point of reservation to qualify for free integrated appliances. This offer is non-refundable and non-transferable. Available on selected plots and developments only. You must reserve on or before 31st January 2013 to qualify. Photograph shows an upgraded kitchen with additional costs of £2,750 to £4,250, plus downlighters at an additional cost of £50 each. Please contact one of our sales executives for further details.

19496_TWSM - NHFS full page ad.indd 1

03/01/2013 14:22


Title Welcome to this special First Time Buyers guide, brought to you by New Homes for Sale.co.uk and designed to give you all the latest news on new homes in the area.

At the back of the magazine, you can see style ideas straight from our Inside View gallery, showing the latest stunning looks from show homes across the country.

New Homes for Sale.co.uk is the UK’s leading new homes website and specialises in bringing users hundreds of developments from Britain’s top home builders.

This magazine can only show you a fraction of what is available. By visiting our website you can see even more fantastic developments in your area, read online brochures and arrange for viewings.

In this guide, you will find information on some of the Government-backed schemes that have been launched to give more people a chance to get on the property ladder. We try and unravel the mysteries of shared ownership and shared equity, explaining how each scheme works and how homebuyers can get involved. There are also some great tips for first time buyers, as we explain everything you need to know before you make that big purchase.

Visit us today at newhomesforsale.co.uk Happy house hunting. Vernon Pethard Managing Director New Homes for Sale.co.uk LTD

4 6 7 8 10 11 12 14 15 NewHomesforSale.co.uk Ltd 7 Rother Street, Stratford-upon-Avon, Warwicshire, CV37 6LU 01789 297005 info@newhomesforsale.co.uk

THIS GUIDE IS AVAILABLE FREE OF CHARGE FROM MOST LOCAL SHOW HOMES AND SELECTED BRANCHES OF


HOW TO GET ON THE PROPERTY LADDER In today’s market, many people are finding it a struggle to buy their first home. This feature aims to talk you through the options available to potential first time homebuyers and give you some tips on easing the burden of purchasing property.

Financing A home will probably be the largest and most expensive purchase of your life so it’s important to ensure that you make good decisions and organise it well. Ensuring you know what you can afford and where you are going to get your finances from is an essential starting point. Many first time buyers say that financing a move is the biggest obstacle that they face. A good starting point for any purchase is to first find out how much you would be able to borrow with a mortgage. You can do this through meeting with a mortgage advisor at any bank or building society. Any advisor will ask you for details of your income, your outgoings, any savings and your credit history. You will need to provide three months worth of bank statements, payslips or tax returns, details of any existing loans and a valid passport. Once they have processed this information they will provide you with an offer and agreement in principle, which will give you an idea of how much you can potentially borrow. This will not tie you to the mortgage provider and you are free to enquire through a number of providers to see who can give you the offer that best suits your needs.

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There are also a number of price comparison websites where you can compare mortgage products online. If you are planning to borrow money from any other sources, such as parents or relatives, it is also a good idea to arrange, before you make any major decisions, how much they are willing to lend you and how and when they expect this money to be repaid. This not only gives you a better idea of where you stand financially but can prevent any disagreements or confusion later. Also remember to think about the costs of furnishing or decorating a property as well as the costs of moving.

Buying Once you have chosen a property, you need to make an offer on the price. This will be subject to the survey and contract so there will be no commitment at this stage. If this offer is accepted, you must tell your mortgage lender who will do a valuation to ensure the property is worth the money that is going to be advanced. You will then need to appoint a solicitor or conveyancer who will deal with the contract, the finances and exchange the deeds.

At this point, you are legally obligated and if you pull out of the sale you could lose your deposit. You also need to arrange when you will exchange the property (i.e. move in!) Once the paper work is complete the property will finally be yours. Although it seems as though getting onto the property ladder can be a long and difficult process, with the right monetary skills and time management, it can be much simpler and will be one of the most satisfying purchases you can ever make.

“Once you are certain of your finances, you can start looking for your dream property� Draw up a budget and work out how you will fund each aspect before you start. If financing is still an issue, remember a lot of new home developers offer schemes designed to ease this burden. For example, NewBuy allows first time buyers to secure a new build home with a 5% deposit, easing some of the financial difficulties found by a lot of people when saving for a mortgage. (Read our guide to NewBuy on page 7)

Finding the right house Once you are certain of your finances, you can start looking for your dream property. Location is an essential factor; remember to think about transport links, getting to work, nearby amenities and local schools. Think about areas that are being developed, as house prices may be lower at the moment and the location could soon become a popular area to live. Make sure the property suits all of your needs. View properties with parents or friends to get multiple opinions and share your impressions.

They will carry out the searches, check the terms of any lease and inform you of the stamp duty you will need to pay, if necessary.

Completion Once the mortgage offer is in place, the contract is made and the buildings insurance is organised the completion date will be arranged between both parties.

To get a FREE 48-page first time buyer guide and view a wide range of new build properties in your area visit

newhomesforsale.co.uk /first-time-buyer-guide.php


Local New Homes for Sale Oakridge Park MK14 Charles Church

Oxley Springs Persimmon Homes

Oakridge Park Persimmon Homes

2, 3 and 4 bedroom properties

1, 2, 3 and 4 bedroom properties

3 and 4 bedroom properties

Prices from £184,995 - £419,995

Prices from £143,950 - £309,950

Prices from £219,950 -£339,950

Call 0845 463 1836

Call 0845 475 4568

Kingston Chase Taylor Wimpey

Parklands Taylor Wimpey

Jubilee Gardens Charles Church

2, 3 and 4 bedroom properties

3 and 4 bedroom properties

3 and 4 bedroom properties

Prices from £139,200 -£416,000

Prices from £170,000

Prices from £250,000 - £429,995

Call 0845 463 8452

Call 0845 475 0927

Call 0845 467 2856

Oxley Gate Taylor Wimpey

Hepburn Chase Charles Church

Willow Lake, Taylor Wimpey

2, 3 and 4 bedroom properties

5 bedroom properties

2, 3 and 4 bedroom properties

Prices from £175,000

Prices from £745,000

Prices from £159,000

Call 0845 475 3573

Call 0845 467 3371

Call 0845 475 8368

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View brochures and more details at: newhomesforsale.co.uk

Call 0845 463 5189

All prices, telephone numbers and information correct at time of going to press.


Understanding NewBuy Title help from local authorities or other organisations to cover your deposit. The scheme is currently only available in England and most major house builders are now involved with the scheme. In Scotland, a similar scheme is available called Mi New Home and in Wales a new scheme called NewBuy Cymru will be available to homebuyers soon. If you find a new build property you are interested in, the developer should be able to let you know if it is available with NewBuy and which lenders they are in partnership with to potentially provide the mortgage. Talking to housing developers, mortgage providers and visiting participating developers is the best way to get started in the scheme. Recently, the Government has introduced a number of new schemes designed to help more and more potential homebuyers get onto the property ladder. One of these is NewBuy, where home builders and mortgage lenders, in partnership with the Government, are able to provide buyers with 95% mortgages on new build homes. Although 90-95% mortgages were once the norm, due to the credit crunch and the recent economic troubles, a 20-30%

deposit on mortgages has become more common and saving for this has made buying a home inaccessible for some. Being able to secure a mortgage for just a 5% deposit opens buying property up to those who could afford the monthly repayments but find funding a deposit a real struggle. NewBuy is essentially a co-operative between mortgage lenders, housing developers and the Government and therefore is only available on new homes.

Conditionally buyers taking advantage of the scheme must qualify for a traditional mortgage, securing it with a deposit of 5-10%.

More information can also be found from the Department of Communities and Local Government and from the Home Builders Federation.

A guarantee is then paid to the mortgage lender, part-funded by the developer and part-funded by the Government, to protect lenders against any possible losses in the form of repossession or defaulting on the loan.

The NewBuy Guide

The buyer is then free to purchase a property covered by their mortgage from the developer providing the guarantee.

In this handy new guide, New Homes For Sale explain the brand new NewBuy scheme which offers 95% mortgages to homebuyers.

“most major house builders are now involved with the scheme â€? NewBuy is available to both first time buyers and existing homeowners and there is no cap on income to qualify. To be eligible, however, you must be buying a new build property up to the value of ÂŁ500,000, be a UK citizen, not using the scheme in conjunction with any other (i.e. Shared Ownership), be purchasing a primary home, qualify for a capital repayment mortgage, be able to meet the monthly mortgage repayments and not be receiving any

To download a FREE guide visit: newhomesforsale.co.uk/ newbuy-guide.php


WHY BUY

NEW

?

Choosing to buy a new build instead of an old property can have several major advantages for the buyer. In this feature, we aim to explain the benefits of buying a new build as your first home and why it is a viable and popular option for many home buyers.

To begin with, new builds come with a 10-year warranty from the National House Building Council or similar. This warranty provides protection in case, for example, the developer went bankrupt while the property was still being built leading to a failed completion. This is a scenario that in other cases could leave you out of pocket. If you buy an older property, there is no such protection and if, when buying a home, the sale fell through, your move

could be set back and you could lose the deposit placed on a mortgage.

“New builds offer the chance to move with no upward chain. � The warranty also protects you if any defects occur within the first two years of build completion. If you find certain problems with

your home within this period, it may be covered and you should not have to pay to resolve these issues. It will also cover against any structural flaws that appear during the first eight years of completion. This guarantee provides you with the peace of mind that your family and your finances would be protected against any unplanned issues during the start of your life in the property. The Government has recently developed a number of financial schemes aimed to help more and more people buy new homes (Read our Guide to NewBuy on Page 7) making them easier to afford than ever before and more accessible to greater numbers of people. Those who thought they may not be able to buy their own home, could by buying new. New builds offer the chance to move with no upward chain. If you do have a property to sell, many developers also offer part-exchange schemes, so you don’t have to worry about arranging for the sale yourself, removing the downward chain.

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Long property chains can make a move take longer than it should and there is always the risk that if one sale falls through, it will halt those further along.


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If your sale falls through, you could lose money and set back your move. Buying new allows you to reduce these risks and move quickly and easily. New homes also offer a fully personalised living space. No one has lived in the property before you so you will not be inheriting anyone else’s tastes. The house will be liveable from the first day you move in, just unpack your boxes and start your new life. Because the house is new, there should be no need to replace any of the fixtures, it should home with a modern, stylish fitted kitchen and bathroom. With the number of different styles developed on a new housing development, there should be one to suit every buyer, reducing the need for costly or time-consuming extensions. And if you buy early enough into the build, many developers will allow you to personalise certain features of the property including the bathroom finish, aspects of the kitchen and more. When you start your purchase, the developer will let you know if this is available to you. This customisation can ensure

you get what you want from your home from the start. The location of new build developments also provides attractive prospects. The land that they are built on is often chosen specifically because it will benefit the tenants. Good transport links, closeness to schools and the accessibility of local facilities will all be taken into consideration.

“New homes are often better for the environment as they produce less carbon dioxide” New homes are often more safe and secure due to their double-glazed windows, fire resistant materials, and modern locks and smoke alarms. This gives you peace of mind that your family are protected. They are also cheaper to run, as the high-grade building materials and

modern design makes them up to four times more energy-efficient than older properties. Newly built homes are often better for the environment and can help to reduce your carbon footprint. With all these benefits, it’s easy to see why people choose time and time again to buy new. Isn’t it time you looked into it too?

Did you know? New Homes for Sale regularly interview property experts and celebrities who provide handy tips and help on how to make your house a home. Our last interview was with star of ‘The Renovation Game’ and ‘A Place in the Sun: Home or Away?’ Jonnie Irwin. Read it now at newhomesforsale.co.uk /jonnie-irwin-interview.php

To search fantastic new build properties in your area, visit newhomesforsale.co.uk


Buying for the first time And once you’ve made your offer on a home, the difficulties don’t stop! Arranging for the transfer of ownership and conveyancing can become a long and difficult process if not handled correctly, so our guide will help you ensure you know what to expect before you go into the move as well as preparing you for other worries such as buildings insurance. Even if you’re thinking about buying a home, but aren’t quite sure whether it will be better for you than renting, New Homes for Sale can show you some of the advantages of owning your own property – and why new build may be the way forward.

Buying a home is one of the biggest and most difficult purchases you can make. With so much to understand and a lot of legal and financial pressures to deal with it can be hard to know where to turn, particularly when making your first property purchase. More and more people are struggling to get onto the property ladder and have very little guidance to ensure they make the right decisions. However, New Homes for Sale aims to help out struggling first time buyers with their new guide.

“Financing is often described as the biggest issue faced by first time buyers ” The First Time Buyer Guide aims to unravel the mystery of buying a home and explain, in simple terms, the easiest way to manage all the obstacles you may come across. Financing is often described as the biggest issue faced by first time buyers.

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In the guide, we explain the importance of budgeting, finding a mortgage offer to suit you and explain the number of financial schemes on offer to help ease the strain. The guide will prepare you for everything, from what the mortgage advisor will need to assess your eligibility.

“The guide will prepare you for everything”

First Time Buyer Guide In this brand new guide, New Homes For Sale shares with you all the information you need to make buying your first home as stress free as possible.

We also discuss how to arrange the finances if you plan to buy a home with friends and how best to manage money that is lent by parents or relatives. Issues like these can sometimes become contentious so it is important to plan what to do to resolve the difficult situation. Location is everything when buying a property, so the New Homes for Sale guide can help you think about the factors that need to be taken into account. There are tips on viewing property like how to get the most out of your visit and ensuring that the house suits your needs as well as being attractive. There are also explanations of essential paperwork like Energy Performance Certificates to ensure you get the best deal from your purchase.

To download a free guide visit: newhomesforsale.co.uk/ first-time-buyer-guide.php


Local Title New Homes for Sale Greensand Woods, Ampthill Bedfordshire Taylor Wimpey

The Steeples, Buckingham, Buckinghamshire Persimmon Homes

4 and 5+ bedroom properties

3 and 4 bedroom properties

Prices from £385,000

Prices from £199,950

- £329,950

Call 0845 474 2068

Call 0845 224 7319

Heath Meadows, Leighton Buzzard, Taylor Wimpey

Willow Chase, Leighton Buzzard, Bedfordshire Charles Church

2, 3 and 4 bedroom properties

4 bedroom properties

Prices from £210,000

Prices from £245,000

- £250,000

Call 0845 467 3895

Call 0845 474 9251

Persimmon Court, Leighton Buzzard, Bedfordshire Persimmon Homes

Windsor Park, Buckingham, Buckinghamshire Bovis Homes

1, 3 and 4 bedroom properties

2, 3 and 4 bedroom properties

Prices from £134,950

Prices from £179,995

- £309,950

- £367,995

Call 0845 463 3791

Call 0845 463 5083

Ampthill Heights, Ampthill, Bedfordshire Bloor Homes

Berryfields, Wootton, Bedfordshire Persimmon Homes

3 bedroom properties

3 and 4 bedroom properties

Prices from £228,950

Prices from £212,950

Call 0845 474 8359

View brochures and more details at: newhomesforsale.co.uk

- £379,950

Call 0845 224 9382

All prices, telephone numbers and information correct at time of going to press.


Inside View

Stuck for ideas to decorate your new home or just want to see the latest interior design trends? Then visit Inside View. Inside View is the latest addition to New Homes for Sale.co.uk and is comprised of 6 galleries displaying some of the best images from show homes across the UK room-by-room. In our Living Area gallery, you will see the latest in stylish design for everyday. Find the latest furniture trends and how to work that feature wall. If you’re after the latest looks in fitted kitchens, Inside View can be your first stop! Showing not only the latest trends, but also the kind of kitchen you could expect to find in most new build homes.

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View 100s of Stunning Show Home Interiors Online newhomesforsale.co.uk/inside-view


For decadent dining areas, packed with gorgeous design features, look no further than our gallery! Inside View shows you how to make the most of both a dedicated dining space and an open-plan kitchen/diner.

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Also, see stunning bathrooms packed with the most modern fixtures and fittings, accentuated with stunning tiling or paint effects. Get the perfect design to let you enjoy your “me” time. And for beautiful bedrooms, look no further than Inside View. For both the master bedroom and your children’s rooms, there are designs to suit everyone. To see the full range of images on Inside View, visit newhomesforsale.co.uk/inside-view


SHARED EQUITY & SHARED OWNERSHIP A BRIEF EXPLANATION

With so many schemes now on offer, it can be confusing to understand how they work and which would benefit you the most. In particular, people can struggle to identify the differences between shared ownership and shared equity.

“This scheme is beneficial as the mortgage you take out will only be to cover the share of the property you initially purchased ”

combination of the monthly rent and their mortgage payment is cheaper than in traditional mortgages. Shared ownership is available to

Shared Equity By contrast, shared equity is provided by housing developers and is only available on new homes.

Both offer financial aid to those struggling to get onto the property ladder.

Each housebuilder has their own shared equity scheme that all follow the same principles.

Though the schemes themselves are similar, they offer very different ways to buy property.

Typically you pay 80-90% of the purchase price of a new home (which you secure with just a 5% deposit) and the developer will provide the remaining sum. With shared equity you then own 100% of the property.

Shared Ownership

You are only required to pay the mortgage repayments on the amount that you borrowed to cover your share and must repay the developer when you sell the home (though you can pay back the loan earlier if you wish).

Shared ownership is offered by housing associations and is available on both new and old houses. With shared ownership, you buy a share of the property (usually between 25-75%) and the remaining share is bought by the housing association. You then own your share of the property under leasehold. The housing association is the owner of the remaining share and you pay them a monthly rent alongside the monthly repayments on the mortgage you took out to buy your own share. This rent is used by the housing association to cover the cost of

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Shared equity is perfect for those who are struggling to save money for the deposit for a traditional type of mortgage. the money they invested into your property and not for profit. As and when you can afford it, you can buy more shares in the property (called “staircasing”) until you own it outright. This scheme is beneficial as the mortgage you take out will only be to cover the share of the property you initially purchased. Many people find that under shared ownership the

To download a FREE guide on each scheme or for more information, please visit newhomesforsale.co.uk Please Note - All information provided is for guideline purposes only. Schemes can vary and you must always check information with your provider before taking part in a scheme yourself. This guide should not be relied upon when undertaking any scheme.


Download our FREE guides Title

To download a FREE guide on buying your first home, please visit: newhomesforsale.co.uk/first-time-buyer-guide.php

To download a FREE guide to the NewBuy Scheme, please visit: newhomesforsale.co.uk/newbuy-guide.php

To download a FREE guide on Shared Ownership, please visit: newhomesforsale.co.uk/shared-ownership.php

To download a FREE guide on Shared Equity, please visit: newhomesforsale.co.uk/shared-equity-guide.php

To download a FREE Moving Home Checklist, please visit: newhomesforsale.co.uk/moving-home-checklist.php

To download a FREE guide on Buy-to-Let, please visit: newhomesforsale.co.uk/buy-to-let-guide.php


The UK’s Dedicated New Homes Website

THIS GUIDE IS AVAILABLE FREE OF CHARGE FROM MOST LOCAL SHOW HOMES AND SELECTED BRANCHES OF


Milton Keynes First Time Buyer Magazine