the Ultimate Guide to... GETTING ON THE LADDER, THE PROPERTY MARKET AND HELP TO BUY December 2016/ January 2017 firsttimebuyermag.com
EXECUTIVE CHEF JUSTIN LECLAIR CREATES THE PERFECT FESTIVE LUNCH
£2.95
WIN!
A RANGE OF DENBY TABLEWARE WORTH £180
PROPERTY HOTSPOTS ALONG THE CROSSRAIL ROUTE
FROM RENTING TO BUYING: HELPING FTBS FIND THEIR DREAM HOMES
EVERYTHING YOU NEED TO KNOW ABOUT STAIRCASING
“Do lots of research about the area before you start any viewings” Jonnie Irwin TV presenter
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EDITOR’S LETTER
E D I T O R I A L – 020 7258 1777
Editor-in-Chief SARAH GARRETT sarahg@spmgroup.co.uk Editor LYNDA CLARK lynda@firsttimebuyermag.co.uk Senior Editorial Assistant DAWN HARKER
Junior Editorial Assistant PHOEBE DAWSON-WATTS
Creative Director RYAN BEAL
Sub Editor HELEN MATHIAS
Contributors DAVID BLAKE, RACHEL COLGAN, JOE GREEN, KAY HILL, LAURA DEAN-OSGOOD, ADELE BARKER, ROGER SOUTHAM, GINETTA VEDRICKAS A D V E RT I S I N G – 020 7258 1777
Director of Advertising/Exhibition Sales LYNDA CLARK
lynda@firsttimebuyermag.co.uk Special Events EILIDH MACLEOD – First Time Buyer Home Show – First Time Buyer Readers’ Awards boom@squarepegmedia.com
Welcome It is that special time of year again when Christmas and the New Year are just around the corner. It has been a very busy and positive year here at First Time Buyer. Even with Brexit and the initial uncertainty that it brought, the housing market is still looking very healthy and many ftbs are embarking on the exciting journey into homeownership. Our big London Home Show was an overwhelming success and we were delighted to bring the Show to Manchester as well (see pages 50-53 for a round-up in pictures from the two shows). Our Shows are the perfect opportunity for ftbs to come along and talk to the property experts and find out everything they need to know to get on the ladder. Our next Show is on March 25th at Stratford Town Hall and I look forward to meeting many of you there – do go to ftbhomeshow.com for more information and to register. We have just launched our FTB Readers’ Awards 2017, which are one of the highlights of the year, and we will soon be asking for you, the readers’ to decide who the winners are. The shortlist will be featured in the next issue of the magazine and will also go online in early February so I hope you will all go to ftbawards.com and cast your votes. I hope you find this issue packed full of useful information and advice to help you buy your dream home. I wish you all a very happy Christmas and a prosperous New Year. Until next time, happy house hunting!
Accounts DAVID SELF david.self@ultimateguidecompany.com Managing Director SARAH GARRETT sarahg@spmgroup.co.uk Public Relations RACHEL COLGAN
firsttimebuyeronline
@firsttimebuyer
rachel@building-relations.co.uk SUBSCRIPTIONS 020 7258 1777
EDITOR’S PICKS…
It is a dream come true and until we actually move in I won’t believe it.
SWITCHBOARD 020 7258 1777 FAX: 020 7258 1787 THE ULTIMATE GUIDE COMPANY LTD, 37 IVOR PLACE, LONDON NW1 6EA All advertising copy for February/March 2017 must be received before 24 January 2017. Send all copy to: lynda@ firsttimebuyermag.co.uk The content of this publication, either in whole or in part, may not be reproduced, stored in a data retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying or otherwise, without prior permission from the publishers. Opinions expressed in First Time Buyer magazine are not necessarily those of the publishers. © The Ultimate Guide Company Ltd 2008-2016. The Ultimate Guide Company Ltd t/a First Time Buyer magazine will take no responsibility for any loss/ claim resulting from a transaction with one of our advertisers/media partners.
Croydon is a great location with excellent transport links and fast commute – we will be no worse off getting into London Laerke Ghosh, Real Life, Page 76
Ilja Trubilin, Ilja wins the £5000 prize, Page 54
Help to Buy has legitimised the fact that most people need help to get on the ladder. Kush Rawal, In the spotlight, Page 114
Getting an understanding of personal finance will help make more informed decisions
If you travel an extra 15 minutes away from your favourite location you will find you will get so much more for your money.
Kerr Drummond, At home with, Page 14
Jill Waters, Finance, Page 92
First Time Buyer December 2016/January 2017
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CONTENTS
DECEMBER 2016/JANUARY 2017 / ISSUE62 / FIRSTTIMEBUYERMAG.CO.UK
What’s in… 70
London abodes
76
David and Laerke Ghosh visited the FTB Home Show two years ago and talked to Inspired Homes. Little did they know then that they would end up buying one of their homes in Croydon with the assistance of Help to Buy.
11
HOMEPAGE
11 FTB Loves.... A round up of our favourite hot buys.
Gorgeous festive accessories to bring some sparkle into your home this Christmas.
14 At home with... Kerr Drummond
24 From renting to buying
Award-winning kitchen and bathroom designer, Kerr Drummond is currently on our TV screens co-presenting Coast vs Country. He talks to Lynda Clark about his career, the new programme and gives some sound advice to ftbs.
16 House Hunter
4
20 The View: Jonnie Irwin TV presenter Jonnie Irwin is one of the most popular presenters on a variety of shows. With a very interesting and varied career, he talks to Lynda Clark about how it all began, his home and his busy working life.
12 Living
12
FEATURED
Getting on the property ladder for the first time can be rather daunting. We feature four typical ftbs who have asked if we can help and advise them in their property search.
32 Going up the ladder
We try to find Hayley and David Underhill their dream home in West London.
The ultimate goal when buying through shared ownership is to buy more shares until you own the home outright. We explain how it works.
18 Developer’s doctor
34 The Crossrail effect
Tony Harker, Director of Sales and Marketing at East Thames answers your property questions.
In 2018 we see the arrival of Crossrail, which will slash commuting times from Essex, Bucks and Berkshire
into London. We look at the property hotspots along the route, which will soon benefit from the new railway.
50 Showtime! A round up from our very successful FTB Home Shows in Manchester and London.
54 Ilja wins the £5000 prize Ilja Trubilin and his girlfriend Victoria Luchita could not believe it when they came along to the FTB Home Show and won £5,000 towards their deposit.
First Time Buyer December 2016/January 2017
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CONTENTS JONNIE IRWIN, PAGE 20
IF YOU FIND A PLACE YOU LIKE AND IT DOESN’T WORK OUT THEN LET IT GO AS THERE ARE LOADS OF PROPERTIES ON THE MARKET AND THERE IS BOUND TO BE ANOTHER YOU REALLY LIKE
20 Jonnie Irwin HOMEMAKER
94 Market Post- Brexit, Ginetta Vedrickas looks at how it could affect first time buyers.
FOR SALE 69-75 The best FTB properties.
81
82 First Home, First Meal
96 Agony Agent
Executive chef, Justin Leclair at 28o-50o Wine Workshop and Kitchen has created this mouthwatering recipe for the perfect festive lunch. We test the best Christmas fayre from the UK’s top supermarkets.
All your property questions answered by our panel of experts.
REGULARS
99 Buyer’s Guide Check out FTB’s Buyer’s Guide, which walks you through the property buying process.
104 Buying new is different Adele Barker, Director of Conveyancing at Beaumont Legal explains the things that can hold up your purchase and what you can do about it.
Competition Win a stunning range of Denby tableware worth £180.
106 Directory
38 Hotspot We look at Stratford in London as a place to live.
Where and how to contact your Help to Buy Agents or providers.
88 Credit Clinic The latest in our series in which Experian’s credit expert, Joe Green answers your questions about all things credit related.
90 Mortgage Clinic David Blake of Which? Mortgage Advisors answers your mortgage related questions.
92 Finance Kay Hill’s suggestions for your New Year’s financial resolutions.
114 Spotlight on... We talk to some of the key players in the property world to get their views and ideas of how to get on the ladder. We start with Kush Rawal, Sales and Marketing Director at Thames Valley Housing.
First Time Buyer December 2016/January 2017
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LETTERS
Mailbox
WRITE TO US! Please send us your questions, comments and suggestions concerning property, or the articles in First Time Buyer magazine.
BUYING WITH FRIENDS I am very keen to get on the property ladder and buy a home of my own. I have been talking to a very good friend about pooling our resources and buying together. I know that there are certain legal issues that have to be considered before we take the plunge. Could you outline what the options are? Mark Williams FTB: Buying with friends or family members is a very good idea but if you are joint owners you must draw up a proper legal agreement establishing how ownership is shared. Although at this moment in time you cannot foresee any problems there are many different scenarios that can arise, for example if one of you wants to sell. The options are buying as joint tenants who have equal rights to the whole property and if one dies, the other inherits it, irrespective of what the Will may state. Or, you can buy as tenants in common where each person has a specific share in the property. This does not always have to be an equal share but in the event of the death of one of you, their share will go to whoever is named in the Will. You must agree in writing what to do if one of you wants to sell up with details of how to value the property, each share and the notice required to leave or sell.
First Time Buyer Letters, 37 Ivor Place, London NW1 6EA lynda@firsttimebuyermag.co.uk
AIRBNB I’ve heard if I buy an apartment I might not be able to rent it out via Airbnb – is that true? Mustafa Ali FTB: Many FTBs assume when you buy your own place you can do whatever you want with it. In some cases, and especially flats or apartments – there are conditions about what you can or can’t do. Airbnb is a form of letting – you’re renting out a room or more of your home to someone else – and while in some cases it may be allowed, in many you need the landlord’s permission, and sometimes it’s completely prohibited. If you need the landlord’s consent to let the property, they may charge a fee for granting permission. If it’s something you’re considering doing, tell your conveyancing lawyer as soon as
possible so that they can check whether it’s allowed. If you’re considering renting your property, either as an Airbnb let or for longer periods, you will need to check with your mortgage lender, as letting without the lender’s permission would be a breach of your mortgage conditions. Mortgage lenders and insurance companies apply different conditions and costs to buyto-let properties than for properties the owner lives in, so you need to make sure it’s ok with all of them.
MORTGAGE AGREEMENT
This issue’s star letter wins a Judge Wireware dish drainer, part of their new collection. With 12 new items added to the range, which include a roasting rack, saucepan and fruit stand each item is made from high quality strong gauge chrome, making it robust and enduring. They are lightweight, easy to clean and come with the Judge 25-year lifetime guarantee. Wireware dish drainer, £20, Judge, judgecookware.co.uk or call 0117 940 0000
After some considerable time I have managed to save a deposit to buy a home of my own. I have found a small house that I really like and I am just about to try and secure a mortgage. As I have not done this before I want to go armed with as much information as possible. One of the things I have heard about is a Mortgage Agreement in Principle, but I have no idea what it is. Could you explain please? I really enjoy the magazine and I have found it very useful whilst I’ve been saving up. Miriam Short FTB: Congratulations on saving for your deposit and finding your dream home. Also known as a decision in principle a mortgage agreement
in principle, is a certificate or statement from a lender that says ‘in principle’ they would lend a certain amount to a prospective borrower or borrowers based on their financial circumstances, subject to formal verification of the information supplied. In almost all cases a decision in principle is undertaken by a lender prior to a mortgage application being made. The information you provide allows the lender to check your credit history and establish whether you are a possible candidate for them to lend money to. If you
are looking to purchase a house then an estate agent may want to ensure that you are able to obtain a mortgage and may ask to see evidence of a decision in principle (DIP). It is important however that you seek advice on products and lenders that you might proceed with before allowing for a DIP as they can leave a soft or hard footprint on your credit file.
VISIT OUR WEBSITE For everything you need to know about buying for the first time, go to firsttimebuyermag.com
First Time Buyer December 2016/January 2017
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FTB LOVES
s e v o FTB
What’s hot in the shops? Always on the lookout for exciting and innovative new ideas and accessories that will help create the perfect space, here are our favourites this issue
Set to last a lifetime
Whether you are a keen cook or just a beginner this new contemporary castiron collection from Denby is sure to be a winner. It provides everyday durability, is long-lasting and crafted, with precise attention to detail, from cast molten iron and enamelled both inside and out for a classic finish. The multi-layered construction heats up fast and keeps food hotter for longer. It is perfect for weekday one-pots, batch cooking family dinners, slow-roasted Sunday lunches and entertaining with friends. The cast-iron collection includes casserole pots and griddle pans in a variety of shapes and sizes, and in four lovely contemporary colours – Natural Canvas, Halo, Pavilion and Pomegranate, together with an inspirational recipe booklet and a lifetime guarantee. Cast-iron collection, from £65, Denby denby.co.uk
Elfie Selfie! Everyone loves a festive selfie! So this year go elfie selfie mad with this special Christmas kit, which includes 20 different elf-themed props from novelty glasses, silly signs and jolly, jinglebelled hats. Great fun for all the family, we are sure even granny will have a giggle! Elfie Selfie kit, £6.99, Lakeland lakeland.co.uk
Love ‘em, or hate ‘em, nothing says Christmas dinner quite like sprouts and this range of party-ready disposables is guaranteed to bring a splash of colour and a smile to everyone’s faces at any seasonal gathering. From sprout jokes to crackers and plates, the range is fun, festive and really quirky! Sprout party accessories, from £2.69, Lakeland lakeland.co.uk
Sprout part y! First Time Buyer December 2016/January 2017
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Homepage LIVING Wooden steeple lightup church, £21.95, Roman at Home
Deck the halls
Bring the magic of Christmas into your home with these festive accessories to ensure you have a truly magical time
Above: Ennerdale tree, £129.99; Merry Christmas bunting; £14.99, knitted stocking, £9; glass lantern, £14.99; wreath, £5.99; light up letter, £6.99; reflections baubles, from £3.99; snowflake cushion, £14.99, Dobbies
Robin decoration, £6, Monsoon
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Snowy berry wreath, £35; mini red berry wreath, £10; reindeer stocking, £15; Denford Afton armchair, £349; forest in bell jar, £19.50; Conran Farley coffee table, £229; bauble garland, £29.50; 6ft pre-lit tree, £99; faux fur throw, £135, Marks & Spencer
First Time Buyer December 2016/January 2017
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Light up tree, £50, Wilko Nutcracker decoration, £5, Marks & Spencer
Table talk These unique flower crackers will add a very special touch to your table
WHAT IS REQUIRED? » Dobbie’s Oasis Christmas craft cracker » Bowl of water » Floristry wire » Cocktail sticks » Selection of flowers and greenery
Mouse decoration, £3.99, Dobbies
Nutcracker soldier advent calendar, £32.55, Roman at Home
STEP 1 Remove the oasis floral foam centre and place in a bowl with water and plant food. Allow to sink to the bottom of the bowl and soak.
Decorate your own gingerbread house, £6, Tesco
STEP 2 Remove from bowl and place back into the plastic cup. Leave the cracker to one side. Remove surplus leaves from your flowers and cut to a similar length, just a bit taller than the cracker. Keep your foliage a bit longer, to create a fuller arrangement. STEP 3 Start by arranging your foliage from the outside, working your way around. It is best to work with odd numbers, alternating between different types of greenery to add interest, before adding the finishing touches with your flowers. The key is to not cut the stems too short, to ensure you get the height in the arrangement. You can also accessorise with small accent baubles and floristry wire or even edible treats on cocktail sticks. Oasis Christmas craft cracker, £4.99, available in silver, gold or red, Dobbies
C O N TA C T S » Marks and Spencer marksandspencer.com » Dobbies dobbies.com » Roman at Home romanathome.com » Tesco tesco.com » Monsoon monsoon.co.uk » Wilko wilko.com
First Time Buyer December 2016/January 2017
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At home with:
Kerr Drummond Award-winning kitchen and bathroom designer, Kerr Drummond is back on our TV screens, co-presenting Coast vs Country on Channel 4. He also owns and runs his own luxury kitchen, bathroom and bedroom showroom in Oxford and still manages to fit in interior design work around his hectic schedule. He talks to Lynda Clark about his TV career, his plans for the future and gives some excellent advice to ftbs looking to get on the ladder
FTB Tell us about your early years FTB: KD: I was born in Glasgow, but moved to a small village outside Oxford when I was about three years old. At school, I loved acting and sports and originally had aspirations to go to drama school, but my father wasn’t keen on the idea and I decided to train as a designer instead. I started working for a kitchen and bathroom company as a senior designer and during that time I won several awards, including getting highly commended in the Design Awards for Bathroom Designer of the Year, in both 2007 and 2009. FTB: What did you do next? FTB KD: It was a great start and I learnt a lot whilst I was there, but then in 2008, I decided to start my own business and chose Oxford as the place to set it up. There is a great range of clients in the area and they are all very different, so I knew I would be designing everything from traditional kitchens and bathrooms to really ultra modern ones. I pride myself that I have never done the same design twice, so everything is totally unique. I offer a bespoke service and was brought up to think outside the box and not off the shelf! FTB: How did you get into television? FTB KD: I got a call from the Home Channel asking if I had ever considered working on television. Home was planning a new show, SOS, so they had researched the web Kitchen SOS for a kitchen designer and had come across me. I didn’t have to think twice when they asked me if I was interested in going down to Brighton to meet Nadia Sawalha and we hit
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Homepage LIVING
it off straight away. I met her husband, who was the executive producer, and we got on really well too. I did a screen test at Nadia and Mark’s home and, even though there was no script, it all seemed very natural. They were very pleased with what I did and I ended up making the series, which was amazing. I really enjoy presenting and so, when the opportunity came up to do Coast vs Country, I was really excited.
“SOME OF THE LOVELY OLD SEASIDE TOWNS LIKE HASTINGS OR MARGATE ARE HIDDEN GEMS AND ARE BEING REGENERATED AND YOU WILL BE ABLE TO GET A GREAT DEAL”
FTB: Tell us about the new series KD: It is for couples that have very different ideas of where they want to live and are facing a real dilemma – one wants to live by the coast and the other in the countryside. I find homes near the sea, while my fellow presenter Sara Damergi finds homes in the country. We battle it out and try to convince the person who isn’t keen to live by the coast, or in a rural location, that actually it is a good idea. It is great fun and, in the UK, we are spoilt by the amazing coastline we have. We have filmed in Kent, East and West Sussex, Northumberland, Devon, Dorset, Cornwall and Lincolnshire and you would be amazed at the difference in house prices – in Lincolnshire, for example, the coast is really unspoilt and you can get a great deal more for your money than, say, in Devon. In Northumberland, which I fell in love with,
there was a beautiful ex-Victorian railway cottage, which was a decent size and about 500 yards from the beach and cost £102,000! It has been a real eye-opener and I have enjoyed discovering these new locations. FTB: What are your plans for the future? KD: I will be doing more filming early next year for the next series of Coast vs Country and I am aiming to grow my business to the point where I don’t have to be around quite so often. Eventually, I would like to have enough money to start buying some properties for development, but I’m not in any rush. I just want things to move along at the right pace and, at the moment, life is very good! FTB: What advice do you have for ftbs? KD: Be flexible on location, as I have met some people who have been on the show who
see location as the biggest issue and are not at all flexible. I know that everyone has their own agenda, whether it’s to be near a station, or to be in the right catchment area for a school, but if you travel an extra 15 minutes away from your favourite location, you will find you’ll get so much more for your money. More and more people are working at home, even for a couple of days a week, and so things are really changing. Some of the lovely old seaside towns, like Hastings or Margate, are hidden gems and are being regenerated and you may well be able to get a great deal. Finally, if you go two hours north of London you will find some great affordable properties too, plus the train networks are improving all the time, so commuting is really possible. Coast vs Country is on Channel 4 every weekday from 14th November at 4pm.
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Homepage FIRST RUNG
The
HOUSE HUNTER
What we found… THE GREAT OUTDOORS Colindale Gardens Colindale
FROM £380,000
THE ONSITE WONDER Avedis, The Old Dairy South Ruislip
FROM £376,995
This month FTB goes on the hunt with Hayley and David Underhill, who are after a one or two bedroom home in west London
PROFILE
Name Hayley and David Underhill, 32 and 38 Occupation Graphic designer, illustrator Maximum budget £400,000 Requirements A one or two bedroom home in the west London area, with good travel connections to central London as well as the South West. Outdoor space and private parking would be ideal.
What they wanted… Hayley and I have lived in Notting Hill for around five years. We love the area – it’s vibrant, fun and really close to central London. But, although we love it, it is time to move on – our place is very small and, ultimately, we want to own our own home. We’d like to stay in the west London area and appreciate we’ll probably have to move further west to find somewhere in our budget. We’re really happy to consider anywhere in west London that has good connections to central London, where Hayley works, as well as to the South West, as we’re both from Bristol and go back to visit quite a lot. I work from home, and, although I currently have a small office area in our bedroom, we’d absolutely love a second room for an office, spare room, or even a nursery in the future. We have a budget of £400,000.”
16
The northwest London town of Colindale was recently identified by the London Mayor as an ‘opportunity area’. Just seven miles from central London – 20 minutes by tube – the leafy suburb will see thousands of new homes built in the area over the coming years and is an attractive spot for ftbs. These one, two and three bedroom homes are set within nine acres of landscaped gardens and are beautifully designed. Bright open-plan living and dining areas open to private balcony or terraces and private parking is available.
Several two and three bedroom apartments remain at this new collection of homes, developed on the site of the former Arla Dairy, where planned facilities include a cinema, restaurants, walking and cycling routes, as well as a central piazza. The two bedroom homes feature openplan living areas with a fully fitted kitchen including integrated appliances, and a well-sized balcony. South Ruislip rail and tube station is just a few minutes’ walk away for an easy 30-minute journey into central London.
redrow.co.uk
bellway.co.uk
What they thought… These homes and their gardens are amazing – we’re seriously impressed. We really love the amount of outdoor space and hadn’t imagined that developments ever had so much! We don’t know much about Colindale, but it looks like there’s lots of interesting things happening, such as new properties and restaurants, so it could be an exciting time to move there. The apartments are really nice, too, we both love the style – with the sleek kitchens and dark wood – just our sort of thing.”
This is quite an interesting option for us. Again, its an area we don’t know too much about, but it looks like it’s quite a green area – there’s certainly plenty of parks and green spaces close by, plus we could be in the countryside within a few minutes by car. Although we love central London, it would be a breath of fresh air to be able to go for long country walks so easily – quite literally! The homes are really attractive, and we see that a two bedroom home fits within our budget.”
First Time Buyer December 2016/January 2017
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Homepage FIRST RUNG
THE WILD CARD Wembley Park Gate Wembley
THE NEW NEIGHBOURHOOD FROM £429,000
Acton Gardens Acton
FROM
£TBC – SHARED OWNERSHIP
First choice! CT IO N TH E RIV ER SID E CO LLE ck Chiswick Gate, Chiswi don Lon West
This collection of one, two and three bedroom homes sits in the heart of Wembley, which is currently in the middle of a huge transformation, thanks to a major regeneration project. The 211 homes are arranged over 14 floors, with great views of London and the surrounding areas from private balconies. Exercise lovers will love the onsite gym, while residents can also enjoy a private communal garden. Wembley Park tube station is just a few moments away, as it the iconic stadium for plenty of world-class events.
This new development in Acton, which will consist of over 2000 homes, launches a new phase of shared ownership homes in spring 2017. The one, two and three bedroom apartments are arranged around private landscaped gardens and sit just a 10-minute walk from Acton Town station – taking you to central London in under 30 minutes. The development will include a sports ground, plaza, play areas and shops, making for excellent local amenities in addition to the easilyaccessible and lively high street.
barratthomes.co.uk
lqpricedin.co.uk
These look like luxury apartments, with plenty of space – we love that there’s a gym as well as a concierge. We also really like the layouts and think it would be easy to find space for a home-working area in the one bedroom homes. Wembley isn’t too far from where we are now and it looks as if it’s becoming an increasingly popular area. There are some great things to do locally and travelling into central London is pretty simple too. It’s also very easy to get out of London from here, making it a breeze to get to Bristol.”
This is a really interesting new development as there are lots of different styles of home. The apartments here look really lovely. We particularly like the size of the balconies and that there is plenty of communal outdoor space. With all the new apartments, we can imagine there being quite a good community feel, too – we’re quite sociable, so it would nice to get to know the neighbours. The location is pretty good for us; the station is really close by, making commutes into central London very easy.”
FROM £159,000*
Chiswick s from the River Thames, Located just a few minute s, arranged l one bedroom apartment Gate is home to severa are bright es d gardens. The hom around private, landscape eiling -to-c oor fl as, n-plan living are and spacious, with ope shower tiled and s hen kitc utiful fitted windows, a balcony, bea rants tau res local amenities, bars and rooms. There are superb rby nea from 10 minutes away and central London is just . ion stat Turnham Green tvhsales.co.uk *Based on a 30% share of the full market value of £530,000
THE NEXT STEP
“We love the idea of living in Chiswick and, with shared ownership, we can buy a place in an area that we wouldn’t normally be able to afford. We’ve registered our interest and will go to a viewing. We have also spoken to a mortgage broker and have a mortgage offer in principle so, fingers crossed, we’ll have a new home in the near future!”
We are seriously impressed with these homes – they are beautifully designed and in an area that we really like. We’ve been to Chiswick several times, as we used to have friends there, and we’ve had some great evenings out in the area. We’d also be really close to the river, which would be very exciting for us. We can just imagine taking friends and relatives out and walking along the river any time of year. The apartments are lovely, too. The flooring and the kitchens are really classy. And we love the look of the communal gardens – it’ll be great to have somewhere to chill out and maybe get to know some of the neighbours.”
First Time Buyer December 2016/January 2017
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ADVICE
Developer’s Doctor Tony Harker is the Sales & Marketing Director at East Thames, with over 10 years’ experience working with housing associations. Tony is passionate about promoting affordable housing and making home ownership possible for everyone. Here, he discusses the misconceptions that many ftbs have when purchasing a newbuild and how shared ownership can help them to buy in areas that they otherwise would not have been able to afford
Question… I have always assumed that a brand new property would be out of my price range as a first time buyer. How accurate is this and how can I benefit from opting for a newbuild over an older home?
Answer … It is a common misconception that first time buyers will struggle to afford a newbuild property. With the high demand for new affordable homes, the housebuilding sector is under pressure and this, of course, can only be addressed by building more homes. Alongside schemes such as shared ownership and Help to Buy, purchasing a newbuild home is becoming more realistic among first time buyers. At East Thames, we are proud to offer shared ownership at many of our developments across East London and Essex. Shared ownership is designed for first time buyers who are able to raise a mortgage, but are unable to afford the full cost of homeownership. The purchasers buy the maximum share percentage that they can afford, which usually ranges from 25% to 75%, and a subsidised rent is then paid on the remaining share. Over time, further shares can be bought, so that the buyer can eventually staircase up to owning 100% of the property. All our shared ownership properties provide this affordability, without compromising on specification. It is the perfect solution for those who have been priced out of London, but would like to continue living in the area.
BUT, OTHER THAN FOR AFFORDABILITY, WHY BUY NEW? Newbuild properties are fresh and contemporary, which appeals to many,
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they also have the potential to save the homeowner a lot of money and are much better for the environment. Utility bills are on the rise and this is a problem which newbuild homes help to combat. Newbuilds are, on average, 65% more efficient than a Victorian house and 50% cheaper to run each year. Double glazing and quality insulation prevent heat loss, boilers provide hot water on demand and the modern design of water systems in houses means less water is used, all resulting in cheaper energy bills for homeowners. Aside from the money that can be saved in opting for a newbuild, there are
Tony Harker, Sales & Marketing Director at East Thames
also many other benefits, such as having no property chain. For the majority of the time, this makes the buying process very straightforward. In addition, no improvements will be needed when buying a newbuild and, as a result, maintenance is low in comparison to an older home. At East Thames, we understand how important homeownership is to stability and financial security and will continue to strive to provide affordable housing, giving those who need it a helping hand to jump on the housing ladder. We are proud to provide support to all customers at every stage of their purchase, explaining every step, to ensure that the buying process is as smooth as possible.
ROYAL DOCK GARDENS Royal Dock Gardens is East Thames’ brand new scheme in E16, the heart of Docklands, offering a selection of one and two shared ownership apartments available to those currently living or working in East London. Only a stone’s throw from Custom House, the homes are perfect for home buyers looking for affordability and good transport links in a bustling, vibrant location. The contemporary apartments are built to a high specification, with excellent attention to detail, and have been carefully planned to provide light and spacious accommodation. Each apartment benefits from its own private balcony or terrace, integrated kitchen appliances and oak hardwood flooring to the open-plan living and dining areas. Royal Dock Gardens is ideally situated in Custom House, which is currently undergoing a £3.7 billion regeneration project to the surrounding area, including the opening of a new Crossrail station in 2018 – shortening times to Bond Street, Liverpool Street and Heathrow. The development is also only a four-minute walk away from Prince Regent DLR train station for fast links into the centre of the capital. Other excellent transport connections include a bus route to
West Ham and Canary Wharf, only five minutes away, and the Emirates Air Line cable car, which can take residents across to the Greenwich Peninsula, where they will find the O2 and Greenwich Ecology Park. For jetsetters, London City Airport is only a five-minute drive away. By enabling purchasers to buy as little as 35% of a home, and paying a subsidised rent on the remainder, shared ownership at Royal Dock Gardens is a great option for first time buyers previously locked out of the London property market. Prices start from £122,500 for a 35% share, based on a full market value of £350,000. For further information, or to register your interest in the scheme, visit east-thames.co.uk, or call 0300 303 7333
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TICKING ALL THE Right Boxes! Jonnie Irwin is one of our most popular TV presenters, hosting a variety of property shows. He appears on Escape to the Country, A Place in the Sun – Home or Away, A Place in the Sun: Winter Sun and A Place in the Sun: Summer Sun, all airing on Channel 4 and More 4. He talks to Lynda Clark about his home and busy working life Jonnie Irwin is always on the move and his feet hardly ever touch the ground! But, with Jonnie, that is what makes him tick as he isn’t the sort of person to sit back and watch the world go by. He has just got married and is enjoying life in his newlyrefurbished, split-level basement flat with a garden in Highgate. “It was a big job and I made lots of changes. I moved the kitchen, built an extension to create a new reception room and also built a utility room in the cellar, with access to the garden. I did a lot of the work myself and used many of the skills I have learnt along the way. When I was filming Cowboy Builders I really learnt a lot, especially what not to do, and I’ve been lucky, because some of my friends have helped out too. I realised that you should never rush a project, but take a step back – it’s about finding the right balance between being a perfectionist and working to a budget. I worked on a series called Make My Home Bigger and it followed homeowners as they embarked on daring renovations, to transform their neglected
"WITH REALLY GOOD TRAIN LINKS PEOPLE ARE PREPARED TO TRAVEL. I ALWAYS TELL FIRST TIME BUYERS TO CONSIDER MOVING OUT AS YOU CAN GET THE SAME FOOTPRINT AS IN LONDON BUT AT HALF THE PRICE"
lofts and basements into really great, aspirational living spaces. It opened up my mind to how you can make your home bigger, with loft conversions and by opening up the basement, and influenced me to buy the place I’m in now as I saw the potential. Converting space in a home is now very popular, because moving can be so expensive and most people really can’t afford it. What with stamp duty, solicitor’s fees and general moving expenses, it can really add up. So now the trend is to expand, if not outwards, then either upwards or downwards – or sometimes, both. Lofts and basements can be real ‘dead’ areas and, once renovated, can create masses of extra room. It also means you can add a number of years’ living time in your home at a fraction of the price of moving. Many people only consider extending outwards, but even with permitted development, there are still restrictions to what you can do. If you keep building outwards you will end up with no outside space and ultimately devalue your property as most people really value having a garden. I am now looking for the next project as, ideally, we need more space, but I will stay here for a while until the right property comes up.” Jonnie left university and worked as a commercial surveyor, which was good grounding for his eventual work on TV property programmes. “I was working at a commercial business transfer agency and I got an email from a friend saying they had been approached by a production company who were looking for property experts for a new programmes they were making. I thought it was a complete wind-up, but I decided to give them a call. I was told they had already looked at lots of people and they were down to the last 10, but I persisted and they agreed that, if I got
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"I KNOW IT’S NEVER EASY FOR FIRST TIME BUYERS, BUT MY ADVICE IS TO SLOW DOWN, DON'T RUSH INTO ANYTHING AND LOOK AT DIFFERENT AREAS"
something to them after the Christmas break, there still might be time for them to look at it. I went back to my parents for Christmas and borrowed my mum’s camcorder and went with a friend to the local shopping centre, and we filmed me interviewing some of the shoppers. I sent the tape in and was called for a screen test, and, before long, I was flying to South Africa to make a pilot for a series called A Place in the Sun – Home or Away. It was pretty much a whirlwind from then on and I ended up making a series of 24 programmes for them. My motto is ‘If the door is slightly ajar, kick it open.’” Since then, Jonnie hasn’t looked back and is always working. He thoroughly enjoyed The Renovation Game, which was a mix of a game show and property show, which he says, “Was the most fun job I have ever had” Cowboy Builders was another favourite, for different reasons. The show visited people who had been ripped off by dodgy builders and had ended up in a terrible state. “There were some heartbreaking cases and it was very emotional, because the situations had caused so much suffering that people were at their wits end. We helped to put things right, which was a great feeling.” Jonnie is also a regular presenter on Escape to the Country. “This series is one of the
cornerstones of factual entertainment as so many people want to live a quieter life in more rural surroundings, like Yorkshire for example, where, for £500,000, you get a lot of space for your money. With really good train links people are prepared to travel. I always tell first time buyers to consider moving out as you can get the same footprint as in London, but at half the price. I really enjoy the variety of what I do as no two days are the same.” “Nobody knows what the long-term effects of Brexit will be, but interest rates are currently at an all-time low and good mortgage rates are very attainable. However, I do think that anybody buying now should consider if they could still afford the mortgage repayments if interest rates rise. It can come as quite a shock, when suddenly you have to pay a lot more. You get used to having more money in your pocket and then suddenly it all changes – and, generally, people don’t want to change the lifestyle they have become accustomed too. It’s a different story if you are buying abroad, though, as the pound has really been knocked back against the Euro, but I think prices will adjust accordingly. In Spain, about four out of five buyers are British, so I doubt the Spanish will want to upset things. Spain has always been very popular with British buyers and I think
they will continue to go there. ” With so many years in the property business, Jonnie has some sound advice for first time buyers. “Before you even start looking, it is very important to look at your savings and see how much real cash you actually have. When budgeting, you then need to take some off for moving expenses, solicitor’s fees and stamp duty etc. It’s vital that you research the buying process, so you know what costs are coming up. Only after you have done this, should you speak to a mortgage broker and see how much they will lend you. It’s better to be honest and up-front, rather than pretend you live like a church mouse and over commit. Many people are sick of renting and want to rush off and buy a home, but they don’t think things through. You must get your ducks in a row before you start. I know it’s never easy for first time buyers, but my advice is to slow down, don't rush into anything and look at different areas. Drive around and research the area before you start any viewings. If you find a place you like and it doesn’t work out, then let it go as there are loads of properties on the market and there is bound to be another you really like. “One thing first time buyers should remember is that they’re in a very good position as they have nothing to
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sell. In fact, they are the most important part of the market and can be very powerful. Estate agents really like talking to them, too, as they are the first link in the property chain so, as long as they have a mortgage offer in place, they should be in a great situation.” Apart from his passion for all things to do with property, Jonnie is also a keen sports enthusiast. He loves playing cricket and tennis, and is a big snowboarding fan. He used to be a rugby player, too, but had to retire when he broke his back and was in hospital for months. Some time ago, he was snowboarding in Japan and had another accident. “The conditions were amazing and we decided to go off-piste. I fell off the side of a mountain, landing so hard on my left side that my right leg popped out of the socket, fracturing my pelvis and dislocating my hip. It was extremely painful but, unfortunately, I got turned away from the first hospital as they were full, so we had to go to another one for what seemed like hours. It’s ok now and pretty much back to norma,l but I had an epiphany moment up there and decided I had to calm down and stop showing off. I’ve broken so many bones, maybe I will take up bowls!” Jonnie is always jetting off to film one of the TV shows he presents, but he also finds time to work on other projects. Because he is an expert when it comes to buying abroad, he warns that it can be a legal minefield. He is now working with Judicare to highlight the problems. Judicare specialise in conveyancing, will writing and inheritance planning for foreign investments, all of which are important when buying abroad. Jonnie said, “I often get asked what the difference is to buying in the UK and I always say ‘everything’. This is why independent legal advice is so important. If you use a lawyer chosen by the estate agent, or developer, they are not going to be acting in your best interests.” Jonnie certainly packs a great deal into life, but that's the way he likes it. With a new wife, the search for a new property project and a job he loves, I think you could say he is truly passionate about what he does and the wonderful world of property.
"ONE THING FIRST TIME BUYERS SHOULD REMEMBER IS THAT THEY’RE IN A VERY GOOD POSITION AS THEY HAVE NOTHING TO SELL" First Time Buyer December 2016/January 2017
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RENTING TO BUYING
from RENTING to
BUYING
As a first time buyer, getting on the property ladder can often be very difficult. Here, we meet four typical ftbs who have asked if we can help and advise them in their property search
Mollie Simpson Mollie, 22, is a recently-qualified primary school teacher, who lives in a rented flat in Manchester. She is keen to buy her own apartment in or around the Manchester area and particularly likes the area of Salford.
FAC T F I L E
Salary: £23,870 Rent: £650 a month, which includes bills Deposit saved: £9,000 Potential mortgage available, based on her salary: £107,406 Required deposit, based on a 90% LTV mortgage and a 10% deposit: £10,740 What she could actually afford, based on a 90% LTV mortgage and her current deposit: £90,000
“I have always wanted to buy my own home and, even as a teenager, I often used to look in estate agents' windows and dream of the day I would actually have the key to my own front door! Now I am qualified and have a proper job, I am desperate to get on the ladder. I really like Manchester as it’s got a great social scene and I have a lot of friends and family who live nearby. I also have to be fairly near the school where I teach. I love the area around Salford, but I’m not sure if I could afford anything there, now it has become so trendy!”
What we found… FROM £88,500*
FROM £48,125*
CLAYTON, MANCHESTER Viola Place
SALFORD The Firs is a contemporary collection of two and three bedroom homes, located in the heart of Salford. Each home has light, spacious rooms and kitchens include an oven, gas hob and extractor fan, plus an integrated fridge/freezer. The homes also benefit from superb eco-features, including energy-efficient boilers and full double-glazing, making them inexpensive to heat and maintain. The development is close to the buzz of Salford Quays, MediaCity and Manchester city centre. Salford Crescent railway station is just over two miles away and the Langworthy tram stop is also close by. A two bedroom shared ownership house is available for £48,125 for a 35% share, with a monthly rent of £205.
Viola Place is a stunning new development of two and three bedroom semi-detached and three bedroom mews properties, located in a quiet suburb of Clayton and within close proximity to Manchester city centre. These energy-efficient homes feature a specious lounge, dining area and modern kitchen with integrated appliances, plus landscaped front and rear gardens as well as driveway parking. There are a host of amenities in addition to the Metrolink station all within walking distance, while Manchester city centre is also close by. A 75% share of a two bedroom semi-detached house through shared ownership is £88,500, with a full market value of £118,000.
plumlife.co.uk
snuggliving.co.uk
The Firs
*Based on a 35% share with a full market value of £137,500
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*Based on a 75% share with a full market value of £118,000
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Ellie Bakerfield Ellie, 27, is a nurse in a large London teaching hospital. She has just moved out of her parents home and is living in a rented house in Croydon. She would like to buy an apartment in the Croydon area, or nearby. “I have been living with my parents for a long time and that has helped me to save for my deposit. My parents have also been very generous and given me £10,000 towards my deposit, which has obviously been very helpful. I enjoy living in Croydon and, as it is being regenerated, I think that house prices will inevitably rise, so I would like to buy as soon as possible.”
What we found… LEWISHAM
FROM £85,000*
Tanners Hill
A selection of one, two and three bedroom shared ownership apartments are available at Tanners Hill in Lewisham. Each home benefits from its own private outside space (terrace, garden, or balcony) and there is also a central landscaped area, along with communal gardens, a nature conservation area and a play area ideal for families with children. Lewisham Shopping Centre is just over a mile away, offering locals and visitors over 65 shops, from the best of the high street names to a range of independent boutiques, along with a selection of cafes. There are also a large number of convenience stores and parks nearby. Tanners Hill is located within walking distance of a number of excellent transport links; Deptford Bridge DLR is only 0.3 miles away, while New Cross station is 0.4 miles away and offers direct services to London Bridge in five minutes and Cannon Street in 10 minutes. Prices at Tanners Hill start from £85,000 for a 25% share of a one bedroom apartment, with a full market value of £340,000.
FAC T F I L E
Salary: £22,929 Rent: £795 a month, which includes bills Deposit saved: £20,000 – this includes a £10,000 gift from her parents Potential mortgage available, based on her salary: £103,140 Required deposit, based on a 90% LTV mortgage and a 10% deposit: £10,314 What she could actually afford, based on a 90% LTV mortgage and her current deposit: £103,140
affinitysutton.com *Based on a 25% share with a full market value of £340,000 Priority will always be given to those who either live or work in a SE London borough, (Greenwich, Southwark, Bexley, Bromley, Lewisham).
CROYDON Coombe Cross
FROM £292,950
Inspired Homes offers a comprehensive redevelopment of the Coombe Cross building, to provide luxurious new one, two and three bedroom apartments in Croydon, with most having their own ONE TO private balcony spaces. The apartments feature a high specification, with Bosch appliances in SAVE FOR the kitchen, engineered hardwood flooring, NEST smart thermostat, concierge service and 1GB Superfast Hyperoptic Broadband. Situated close to South Croydon’s Restaurant Quarter, Coombe Cross is just a short walk to both East Croydon and South Croydon stations, making for an easy commute, with services to Clapham Junction (nine minutes), London Victoria (16 minutes) and London Bridge (17 minutes). Coombe Cross residents will also have access to the superb facilities at Inspired’s nearby Green Dragon House, which includes a private residents' lounge and skyline roof gardens with table tennis and BBQs. Help to Buy is available from 10 December 2016, where a 5% deposit of £14,648 is required alongside a mortgage for £161,122. There will also be a service charge and ground rent. inspiredhomes.uk.com
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Tom Linforth Tom, 25, is a support IT technician, who lives at home with his parents in Stratford, East London. He currently pays them £100 a month rent as he is desperately saving for a deposit and would like to buy his first home around the Stratford area. “I am very lucky that my parents have been so understanding and supportive and only charge me a peppercorn rent. It has really helped me to save up for my deposit, but I am now getting to the point where I really want to buy my own place – and I am sure that my parents would welcome that too, so they can reclaim their own space back!”
What we found… CANNING TOWN Rathbone Market
FAC T F I L E
Salary: £25,000 Rent: £100 a month Deposit saved: £12,000 Potential mortgage available, based on his salary: £135,000 Required deposit, based on a 90% LTV mortgage and a 10% deposit: £13,500 What he could actually afford, based on a 90% LTV mortgage and his current deposit: £120,000
Rathbone Market from Notting Hill Sales is a striking new development, at the heart of the Canning Town and Custom House regeneration programme. Located on Barking Road, the development will offer 650 new FROM homes as well as commercial £8 2,500* and retail facilities, including a market square, offices, a courtyard garden and cycle storage. The homes are all designed with modern kitchens and bathrooms, plus balconies or terraces to many. A 25% share of a one bedroom apartment is £82,500, with a full market value of £330,000. A deposit of £8,250 is needed and the monthly service charge is £155. nhillsales.com *Based on a 25% share with a full market value of £330,000
NEW PROVIDENCE WHARF, E14 Jessops Stratford is in the borough of Newham and Newham NewShare is a shared equity scheme. Unlike shared ownership, where you purchase a part of the property and pay rent on the rest, NewShare enables you to buy your home using a deposit, a mortgage and an equity loan from Newham Council, so that you can hold the property in full title. Through NewShare, you could buy as little as 50% of your home, using a deposit and a mortgage, and the equity loan from Newham Council will make up the difference. The scheme is currently open to everyone, however, viewings are only being given to priority applicants who are currently living and working in the London Borough of Newham.
Jessops offers a selection of shared ownership two bedroom apartments, designed to a contemporary specification, just a short hop on the DLR from Stratford. FROM The apartments boast an open-plan £121,250* living, dining and fully fitted kitchen area, with appliances including a fridge/freezer and washing machine. Perfect for commuters it’s just a few minutes’ walk to East India DLR station with services taking 13 minutes to Bank and six minutes to Canary Wharf. It is also less than 10 minutes’ to Westfield Stratford City. Prices at Jessops start from £121,250 for a two bedroom apartment, based on a 40% share of the full market value of £485,000, with a deposit of £12,125. genesishahomes.org.uk
*Based on a 40% share with a full market value of £485,000
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First Time Buyer December 2016/January 2017
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George Blackcroft George, 32, is a web designer and lives in a rented apartment in Liverpool, with his wife and new baby. His wife is a freelance hairdresser and earns around £150 a week. Since they had the baby, they are very short of space and would like to buy a two bedroom apartment, or a small house in the Liverpool area. “Our rented flat is really cramped and, now that we have started a family, we will eventually need another bedroom for the baby. We want to stay around Liverpool as my wife has family who live close by and it is very convenient to travel to my office every day.”
What we found… WALTON, LIVERPOOL
Clock Tower Drive
FROM £31,250*
Clock Tower Drive offers 37 two and three bedroom houses, located on the landmark site of the former Walton Hospital, and is just over three miles from the city centre. The homes are built to a high specification and include quality fixtures and fittings, plus floor coverings throughout. They also have front and rear landscaped gardens and off-road parking. The area benefits from excellent transport links around the Liverpool area and is near to a wide range of local amenities. Prices start from £31,250 for a 25% share of a full market value of £125,000, plus there is a monthly rent and service charge. riversidehomeownership.org.uk/clocktowerdrive *Based on a 25% share with a full market value of £125,000
BELLE VALE, LIVERPOOL
School House Mews Riverside has led the regeneration of the Belle Vale area for over 15 years. This lovely new development of 16 two and three bedroom high-quality homes form the latest development of new, affordable FROM homes in this popular suburb. There TBC is an excellent selection of local shopping facilities in the immediate area, good public transport connections to the city and the M62 motorway is only a short distance away. The homes will be built to a high specification, with front and rear landscaped gardens and off-road parking. riversidehomeownership.org.uk.
FAC T F I L E
Salary: £22,760, plus his wife earns about £150 a week Rent: £725 a month, which includes bills Deposit saved: £6,500 Potential mortgage available, based on his salary: £102,384 Required deposit, based on a 90% LTV mortgage and a 10% deposit: £10,238 What he could actually afford, based on a 90% LTV mortgage and his current deposit: £65,000
The figures provided from John Charcol rely on certain assumptions and have been designed to provide a general indication. These figures should only be used a guide. Before agreeing a loan, a credit search and full application is required, and lenders' requirements must be met. Individuals may be able to borrow less or more, depending on their own individual circumstances. For a better idea of how much you can borrow, you should speak to an adviser who can run through your circumstances and help give you a more definitive figure.
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EXPERT COMMENT When buying a home for the first time, it’s important to speak with a
If parents are homeowners, with equity in their property, they can act as a guarantor for their child’s mortgage. This means they guarantee to pay the mortgage, if the child cannot afford to do so. A charge will be put on the parents property to ensure that, if the child defaults on their mortgage payments, the lender can pursue the parents for payment.
mortgage broker from the outset, so you can understand what you can borrow and how much you need to save to get the house you want. A good mortgage adviser will not only be able to recommend the mortgages that are affordable and suited to you, but they’ll also be able to save you time by advising on which lenders are likely to accept you. Having a clear view and recommendations from an expert at the outset can help put into perspective what you need to save and what additional costs, such as stamp duty, valuation fees, legal fees and removal costs you need to be aware of when buying your first home.
Alistair Hargreaves Mortgage and Protection Consultant at John Charcol
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GIFT FROM PARENTS The easiest way that parents can help their children get on the ladder is to gift the money needed for a deposit. Mortgage lenders usually require a letter from the parents confirming the money does not need to be repaid. If both parents die however, within seven years of making the gift, the money will be treated as part of the their estate and could be subject to inheritance tax. But, if you plan ahead, parents can give up to £3,000 a year, which will not be counted in inheritance tax and, if the child gets married, the parents can give a further £5,000. If parents give money to their child and they plan to buy with a partner, then a Deed of Trust should be drawn up by a solicitor. This will state how the equity in the home should be divided, if the pair should split up.
BUYING TOGETHER You could take out a joint mortgage with your parents, so all names are on the deed, and both you and your partner are responsible for the mortgage repayments. It can have tax implications, though, if the parents own their
own house as it will be viewed as a second home, which means paying capital gains tax on any profit made when the property is sold.
JOINT BORROWER, SOLE PROPRIETOR This enables parents to help buy their child a home, with the only charge being on the property being purchased. The parents boost the child’s income, but the parents will not be added to the title deeds.
HOW HELP TO BUY WORKS Help to Buy is a scheme offering an equity loan from the Government – on a newbuild property, up to the value of £600,000 – of up to 20% anywhere outside London and up to 40% in London. The loan is interest free for the first five years. From year six, a fee of 1.75% is payable on the equity loan, which rises annually by RPI inflation. The loan can be repaid anytime within 25 years (or the terms of the mortgage), or on the sale of the property.
HOW SHARED OWNERSHIP WORKS You purchase a share of the home you are buying, which is usually between 25-75%, and pay a subsidised rent on the remaining share. In the future, when you can afford it, you have the option to buy more shares until you own 100% of the home – this is called staircasing. You can buy through shared ownership if your household earns up to £80,000 a year, with the exception of those in London, where the threshold is £90,000.
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STAIRCASING
GOING UP THE LADDER Buying through shared ownership is a great way to get on to the property ladder. But the ultimate goal is to staircase and buy more shares in your home. This simple guide will give you all the information you need It is most people’s dream to own their home outright, but many first time buyers find that buying through shared ownership is a more affordable option. With shared ownership you’ll own a percentage of shares in the property, but you are also entitled to buy more shares in your home, which is called staircasing. The more shares you own, the less subsidised rent you pay – but your service charge will stay the same. Eventually when you have bought all the shares, you will own 100% of your home and will no longer pay any rent. An important point to remember is that the amount you pay for the extra shares depends on the current market value so the first step is to establish how much your home is worth. Do take into consideration that the value may be higher or lower from when you initially bought shares in the property. It is advisable for the leaseholder to seek advice on affordability for the share and for this most housing associations will direct you to their panel of Independent Financial Advisors. However, you are not obliged to go through an affordability assessment when staircasing.
HOW TO FIND OUT HOW MUCH YOUR HOME IS WORTH Firstly you will be able to get an idea of your home’s value by looking online, which can provide you with approximate valuations. Estate agents also provide valuations. If you decide to go ahead with your application to buy more shares you will need to get an independent RICS qualified surveyor to provide a written valuation report and this will involve a fee. This will usually be arranged via your housing association, which has probably negotiated the fee for you.
CAN YOU AFFORD TO BUY MORE SHARES? Unless you have been fortunate enough to get a cash windfall, staircasing means you will probably have to take out a larger mortgage. In order for the housing association to assess whether you are able to afford the extra costs involved you will probably have to complete a Staircasing Financial Assessment Form. This will be
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reviewed by an Independent Financial Advisor (IFA) who will confirm if and how much you can purchase. At this point, any advice is given free of charge and you are not obliged to continue. You should see your mortgage provider to ensure you can afford the extra loan and once they have assessed this they will lend you the money you will need in order to buy the extra shares. You will also have to cover all the legal fees as well as stamp duty so makes sure you ask your solicitor to explain what you need to pay and when.
GETTING AN OFFICIAL HOME VALUATION REPORT Once it has been confirmed that it is possible to buy more shares, the housing association will need to calculate the exact value of the share you want to buy which will depend on the value of your home. You will need to send the Staircasing Valuation Form to one of the independent RICS qualified surveyors who will, for a fee, provide you with a written valuation report. Registered Providers do it differently and the owner is free to do all their research before spending any money but you will have to pay for a valuation before any additional work is done. Once the housing association has a valuation they can see what you can afford.
DETERMINING THE COST OF THE SHARE The value of the share is determined by the surveyor’s valuation report and once the housing association has received the report they will write and confirm exactly how much you will have to pay for the share. The valuation report is valid for three months, starting from the
date it is written. If your home increases in value, this will affect the price of your share so it is important to complete all the forms as quickly as possible. If, for example, you have made significant improvements to the property this will be discounted from the purchase price. However, the surveyor only takes into account structural improvements such as major works like fitting new windows or central heating. Things like decorating though will not be taken into account.
HOW TO PROCEED Once you have received confirmation that you are eligible to proceed with the purchase you should send the Instruction to Proceed form to the housing association. The minimum share you can buy is 10% and the maximum times you can staircase is usually three. It is very important to note that you will have to pay legal fees and mortgage costs each time you staircase so you should ensure that you take this into account when working out your budgets.
COMPLETION Completion should be fairly quick but will vary depending on the speed of the mortgage offer and solicitor, but it could be as quick as a month or six weeks if all goes to plan! Once you’ve completed all the paperwork it is very important to make sure that your mortgage or funds are available on completion. If you are buying your home outright you will usually be given the freehold if it is a house, or the leasehold if it is an apartment. But do check with your registered provider.
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STAIRCASING CA S E S T U DY
Most people aspire to own their own home, but in reality it is becoming increasingly hard to fulfil this dream. One family, Jeminy and Gary Jackson and her two sons, they have been fortunate to use shared ownership and then staircase to own 100% of their property. Jeminy explains, “We were renting in Hainault in Essex in a three bedroom house with my two sons before we got married 15 years ago. My mum had bought a property through East Thames so we knew they had a very good reputation. Once Gary and I got married, we decided that we would love to buy our own home. “We looked around and put our name down with Redbridge Share to Buy and were sent a number of different properties through. One day we received details of a three bedroom second hand home by East Thames in Clayhall. We really liked the look of it and decided to get in touch with East Thames. Fortunately, we were successful and went ahead and bought a 50% share of the property, with rent payable on the remaining share.” Over the past 14 years, Jeminy, 43, who works in social services and Gary, 45, who is a web designer, carried on paying both their mortgage and rent on their FAC T F I L E property, and from time to time discussed exploring the option of staircasing to buy further shares. Financial details before staircasing Jeminy continues, “We really liked the idea that eventually we would be able to 50% share in a three bedroom home at £86,500 (full completely own our own home. A few years ago East Thames invited us to attend a market price £190,000) staircasing event where we learned all about what was involved and could speak to Took out a £86,500 mortgage for 15 years a mortgage advisor. It was so useful and really insightful. At this time, although we Monthly mortgage payment: £372 were interested, we decided to put it on hold.” Monthly rent: £316 Jeminy and Gary revisited the option of staircasing this year when East Thames After staircasing invited them to another event. “Gary and I decided that it was the right time to buy the Took out a £190,000 mortgage for 15 years to own 100% extra 50% share of our own home and that the monthly payments would not be a lot Monthly mortgage payments: £900 different to what we were already paying. It was not as scary or as expensive as we thought and I would recommend it to anyone. “It is so hard to get on the property ladder nowadays but shared ownership gives you that added security that you are buying with a reputable housing association and you have the option to invest more money when you can afford it. I am so pleased we were able to do it and we finally own our own home.” East Thames have a range of properties across London available for shared ownership. east-thames.co.uk 0300 303 7333
CA S E S T U DY
Fed-up renter, 30-year-old Mohammed Nabil used staircasing to get further up the ladder to fully owning his home. He used shared ownership from Notting Hill Sales to get on the property ladder, purchasing a new apartment in Wapping, E1W, four years ago. The availability of shared ownership was crucial for Mohammed, as it allowed him to get on the property ladder without having to move away from the area of London he grew up in. Last year, he purchased an additional share in his home, and plans to use the equity he has built up, to move up the ladder again in a few years’ time. Commercial Finance Manager Mohammed explains, “I’ve lived in Wapping all my life, and I didn’t want to move away in order to buy a home – I was born here, and my parents still live locally, plus I like the proximity to central London and Docklands. When Quatro, Notting Hill Sales’ development, launched in the area, it was a no-brainer. “I made my initial purchase in 2012, when I bought a 40% share in my two bedroom apartment. The process of buying through Notting Hill Sales’ shared ownership scheme was so simple, they gave me contacts to all the services I needed to make my purchase run smoothly, including a mortgage broker and solicitor. Having lived in Wapping for years, I’ve seen the area develop and recognise the investment potential, which is one of the main reasons I decided to staircase. Last year, I bought another 20% share, so I now own 60%. Again, Notting Hill Sales made the process straightforward, helping me to find surveyors and get the apartment re-valued. The whole process took around three months and not having to move during it was nice!” Mohammed added, “I’ve been in my apartment for almost four years, and I hope to live here for a little while yet; I have a fixed rate mortgage for five years from my second purchase, after which I will consider my options, as my partner and I would like to settle down. Shared ownership has been a great way on to the ladder, and staircasing means I will see even more equity if the property value has increased when I decide to move on, which will help me to move up the ladder elsewhere.” The homes at Quatro are now all sold. For those looking to get on the ladder with shared ownership, Notting Hill Sales has recently launched Horizon’s Tower in Poplar, just east of Wapping, offering one, two and three bedroom apartments in a new development overlooking the Poplar Marina Dock. Residents benefit from their own private balcony or terrace, on-site gym, 24-hour concierge, cycle storage and communal children’s play area. Prices for a one bedroom apartment at Horizons Tower start at £151,000 for a 40% share of £377,500, from £205,000 for a 40% of a two bedroom apartment priced at £512,500 and from £236,000 for a 40% of a three bedroom apartment priced at £590,000. nottinghillhousing.org.uk/horizons 0203 815 1234
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CROSSRAIL
THE CROSSRAIL EFFECT The arrival of Crossrail in 2018 is set to slice commuting times from Essex, Berkshire and Bucks into London, and increase the desirability of the towns along its route. We take a look at some of property hotspots about to benefit and the homes looking to be snapped up Crossrail, the much-talked-about new railway for London and the South East is nearing completion, and is bringing a great deal of excitement with it. The high-speed Elizabeth Line (or Lizzie Line, for short) promises to transform the journeys of huge numbers of travellers and is putting a spotlight on the locations along the route. Areas previously disregarded by first time buyers as ‘too far out’ are now being put on the ‘easy commute’ list. Naturally, buyers and homeowners are getting excited. So, if you’ve been put off buying further out, perhaps now is the time to change your mind.
SLOUGH, BERKSHIRE Twenty miles west of London, the town of Slough borders Colne Valley Regional Park, an area of natural beauty separating the capital from the greener suburbs. It is an exciting place to live and work, with key tech and creative services boasting a Slough address, many new businesses setting up here and residents earning higher than the national average. With great open spaces, it is perfect for families and those seeking respite from city life, while buzzing cafés and bars, and great shopping, ensure lively days out. The beautiful towns of Windsor and Eton are also just a few minutes away. Commuting times from Slough to London Paddington are already good, but Crossrail will shave minutes – even hours – from journeys. Direct trains to Liverpool Street will reduce in time from 50 to under 40 minutes, while travelling to Woolwich will take under an hour – impressively halving the current journey time. TAPLOW
MAIDENHEAD
BURNHAM
SLOUGH
LANGLEY
IVER
WEST DRAYTON
HANWELL
HAYES & HARLINGTON SOUTHALL
TWYFORD HEATHROW
READING
TWYFORD, BERKSHIRE This large, pretty village, a few miles east of Reading, is an ideal spot for house-hunters looking to combine semi-rural life with fast commuting times to the city. With plenty of country pubs – try the Horse and Groom and the Royal Oak – quaint village shops and high street, as well as good schools, Twyford is a great place for countryside roamers and growing families alike. The bustling city of Reading also lies within easy reach – just a six-minute train ride, or 20-minute drive away – for a fantastic range of shopping facilities, restaurants, bars, theatre and cinema. Head a few miles north and you’ll reach the charming town of Henley-on-Thames, from where you can enter the Chiltern Hills, an area of outstanding natural beauty, in no time. Certainly the break from city life that many homebuyers are looking for. Twyford is poised for super-fast connections to London and Essex. City workers will be overjoyed that the direct journey time from Twyford to Liverpool Street will be cut by a third, arriving in just over 50 minutes (down from 1 hour 15 minutes, with three changes), while Paddington will be reached in just over 40 minutes.
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What’s on offer near Twyford? WOODLEY, BERKSHIRE
FROM £410,000
Dinton Heights
Surrounded by beautiful Berkshire countryside and just a 10-minute drive from Twyford station, this pretty new development is home to several two to four bedroom houses. The homes range from two bedroom coach houses to larger detached homes and all feature at least one private parking space, or driveway. The coach houses feature plenty of natural light, hallway cupboard space, fully fitted kitchen and en suite from one of the two double bedrooms. The local facilities make it the perfect place for family life and include high street stores, markets and schools as well as plenty of clubs and societies. taylorwimpey.co.uk 0118 402 8031
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CROSSRAIL
What’s on offer in Slough? FROM £314,995
SLOUGH, BERKSHIRE Crossways
This new development of one, two and three bedroom homes forms part of the major redevelopment of Slough’s town centre and is a great chance to buy a home in an up-and-coming area. These contemporary homes are just a 15-minute walk from Slough rail station, while the town centre, boasting 100s of shops along with cafés and bars, is even closer. The apartments feature open-plan living areas, with fully integrated Zanussi appliances and doors opening to a private balcony, while the cosy bedrooms are carpeted and include fitted wardrobes. SHENFIELD
bellway.co.uk 0333 202 5176
BRENTWOOD (See page 36) HAROLD WOOD
ILFORD (See page 36) MARYLAND STRATFORD
EALING BROADWAY
WEST EALING
ACTON MAIN LINE
BOND STREET PADDINGTON
FARRINGDON
TOTTENHAM COURT ROAD
SEVEN KINGS
FOREST GATE
CHADWELL HEATH
ROMFORD GIDEA PARK
GOODMAYES
MANOR PARK
WHITECHAPEL
LIVERPOOL STREET
CUSTOM HOUSE ABBEY WOOD
CANARY WHARF
CUSTOM HOUSE, EAST LONDON
WOOLWICH
The dockside enclaves of east London have become increasingly popular in recent years, and are set to become even more so with Crossrail’s arrival in 2018. Custom House and the surrounding areas, including Canning Town and East India Dock, are all within easy reach – sometimes walking distance – of some of London’s most iconic landmarks. Of course, Canary Wharf is just a few minutes away by DLR, making it a perfect home for Isle of Dogs workers, but the O2, beautiful Greenwich, Billingsate Market, the Queen Elizabeth Olympic Park and Westfield Stratford City are in close proximity too, making it a great spot for those simply looking to enjoy London life. The Thames lies just a short walk away for some riverside walks, truly magnificent bike rides, and boat journeys east to west. Custom House is currently served by the DLR and the arrival of the Elizabeth Line will transform travelling times, ensuring direct 10-minute journeys to Liverpool Street (currently 25 minutes), and to Ealing, West London, in under 30 minutes.
What’s on offer near Custom House? CANNING TOWN, EAST LONDON
FROM £320,000
East City Point
The Atrium Building at East City Point marks the latest phase at this plush new development, close to Custom House and Canary Wharf. The stylish homes here, which will total 649 when all building is completed, have been created to maximise natural light and space, and all feature outdoor living space in the form of a balcony, or terrace. Custom House DLR station is just a 15-minute walk, where you’ll also find the Excel Centre and the Emirates Air Line, for an unusual cable car commute south of the river. eastcitypoint.com 020 7473 1198
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ILFORD, ESSEX
What’s on offer near Ilford?
The lively town of Ilford lies in the east London borough of Redbridge and is surrounded by great parks and amenities, all just a few miles from the beautiful Essex countryside. The diverse population gives way to several exciting cultural celebrations and events throughout the year, including the Redbridge Dance Festival – as well as some fantastic restaurants serving cuisine from around the globe. The thriving town centre is home to good shopping facilities, eateries and bars, as well as the Kenneth More theatre, which runs a fun programme of plays, concerts and comedy. The town lies around 10 miles east of the capital and is currently undergoing a great deal of regeneration, including along the banks of the Thames, just a few miles south. Ilford’s new place on the Crossrail map will revolutionise transport in the area – and brings it closer to central London and beyond than ever before. Trains from Ilford into Paddington will take just 27 minutes direct, a journey that takes around 50 minutes now, and includes at least two changes.
BARKING, EAST LONDON Caspian Quarter
FROM £244,995
This new collection of homes sits on the rejuvenated Barking Bankside on the River Thames, just four miles south of Ilford. The one, two and three bedroom apartments will be released in phases and are set out across several buildings. The homes have been built with modern living in mind, with integrated appliances, open-plan living and dining areas in addtion to a generously-proportioned balcony or terrace. The larger of the homes also feature an en suite from the master bedroom alongside the family bathroom. bellway.co.uk 020 8594 9709
What’s on offer near Brentwood?
BRENTWOOD, ESSEX If you’re not the TOWIE type (the hit TV show is filmed here), there’s still plenty to love about this bustling Essex town. Located just over 20 miles east of the capital (just outside the M25), it is ideally located for first time buyers looking to enjoy a mix of city and suburban life. If you’re not content with the bustling and rather well-equipped town centre that’s great for shopping, eating and nights out, then Romford, Chelmsford and Basildon are all just a short drive away. Lovers of both countryside and coastline will feel right at home, too; the seaside town of Southend-on-Sea is around a 30-minute drive, while, closer to home, walkers and cyclists will love Thorndon Country Park. Of course, should you wish to round off a day out walking at a country pub, stop off at the Olde Dog Inn or the Bull for an excellent roast. Journey times from Brentwood to central London will be significantly cut once the Elizabeth Line is up and running. Direct trains to Paddington will take 47 minutes (as opposed to a journey of over an hour), while trains to Canary Wharf will take just over 30 minutes, compared to a current (non-direct) travel time of 45 minutes.
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FROM £TBC
BRENTWOOD, ESSEX Connections
This aptly named development is perfectly positioned for travelling into town in just over 30 minutes. This collection of homes, located a few minutes from Brentwood station, will consist of several one and two bedroom apartments – perfect for young professional commuters. The homes will be smart and modern, with bright open-plan living/dining areas, fitted kitchens and integrated appliances. They’ll be just a short walk from busy Brentwood High Street, for a great selection of shops, bars and restaurants, while, of course, being surrounded by sprawling Essex countryside, perfect for exploring. taylorwimpey.co.uk 01277 289 377
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LOCATION
HOTspot Photo © Queen Elizabeth Olympic Park/Facebook
There’s something about Stratford
FAC T F I L E
Average property price (Aug 2016) – £218,964 Property breakdown:* (Stratford) Detached – £330,574 Semi-detached – £205,239 Terraced – £177,087 Flat – £198,183 *According to the UK House Price Index, August 2016
S O M E FA M O U S RESIDENTS
With world-class amenities, great new venues, and plenty of new homes attracting fresh, young buyers, the East London town that fell under the world’s gaze in 2012 continues to bloom The East End town of Stratford enjoyed a stratospheric rise to fame when the London Olympics landed on its doorstep in 2012. The area attracted attention from around the world and, with billions invested in regeneration, it was touted as a new London hotspot for young buyers. Nearly five years on, Stratford continues to bloom. There is a strong arts and culture scene, with theatre, performance and music at its heart, as well as a love of on-trend eateries, bars and cafes. It is, after all, a stone’s through from the trendy East London locales of Hackney and Hackney Wick. Aside from the brilliant local amenities, including world-class sporting and shopping facilities, getting around London is also easy. From the zone 2 stations, commuters will arrive in central London in around 15 minutes.
HOMES AND RESIDENTS There have been thousands of new homes built in Stratford and the surrounding areas in the past few years, with new developments continuing to be planned and constructed. With these new homes, many of which are affordable, comes a younger demographic of professionals
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looking for a well-connected part of town that still fits a certain budget. The town’s population is increasingly younger: in 2011, 70% of the population was under 40, and 33% under 25, and the area’s transformation continues to attract a younger resident. It is also a diverse population – with the 2011 census showing that over 70% of residents were from an ethnic group, or background, other than white British. The area is also big on arts and culture – with several arts organisations helping to embed performance, art and theatre into the local culture.
OUT AND ABOUT In recent years, East London has become a byword for trendy and alternative fun – and Stratford has certainly played its part. You’ll find everything from table tennis bars and outdoor cinemas to rooftop golf, all accompanied, of course, by a cocktail in a jam jar! Climb the steps at Stratford's original multi-storey car park to rooftop bar Roof East. After supping some spectacular cocktails, step into a cosy cabin for some karaoke, courtesy of Lucky Voice, or
• Poet Benjamin Zephaniah • Actor Idris Elba • Actor Danny Dyer • Actor Honor Blackman • Singer Vanessa White
partake in some seasonal sports. Last summer, the vast car park space was used for crazy golf, while this winter, guests can enjoy a spot of curling. For more by way of sporting fun, visit Bat & Ball in Westfield Stratford City to enjoy ping-pong, pizza and craft beer. Lovers of all things craft must make a stop at Tap East, a specialist beer bar and microbrewery located in the Great Eastern Market, also at Westfield. The bar is home to over 100 types of bottled beer, as well as many, regularly changing draughts, and also serves up plenty of pizza and snacks to keep you going. If you’re looking for something a little more cultured, book tickets at the Theatre Royal East. This wonderful Victorian playhouse, known as ‘the people’s theatre’ has a long and varied history of putting
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LOCATION
SHOPPING The arrival of Westfield Stratford City in 2011 really helped to put Stratford on the map. The shopping centre is one of the largest in Europe and is home to over 250 shops, eateries and bars as well as several destination venues. All Star Lanes Bowling is a popular choice, where, as well as tenpin bowling, you’ll also find live music, a cocktail bar and an American Diner. Step out of the comfort of Westfield (which is conveniently under the same roof as the tube station) and there’s still plenty of shopping opportunities to explore. Stratford
Westfield Shopping Centre Photo © Flikr/e Guide Travel
on plays ‘for the people’ and is a great advocate for new writers. Catch plays and live music throughout the week. There is also plenty to do in the great outdoors. The River Lea runs through the town, along which you’ll find plenty of great walks and cycle rides. Visit the huge Queen Elizabeth Park – a legacy of London 2012 – and wander the many acres, take a swim at the aquatics centre, or even try track cycling at the VeloPark. Victoria Park, one of London’s most beautiful green spaces, is around two miles away and is a great space to visit for lazy summer afternoons, picnics and outdoor concerts.
Shopping Centre, just across the road from Westfield, has really stepped up to the plate to provide some local competition. As well as the 50+ stores, including many independent retailers, this centre hosts one of the borough’s oldest East End markets, which has over 30 stalls. And if you love picking up a bargain and a nice bite to eat, head to the outdoor market on Broadway, which is open Tuesday to Saturday.
TRANSPORT Stratford sits on the border of the London travel zones 2 and 3, and boasts fantastic transport connections. Stratford rail station is served by the Jubilee and Central Line tubes, as well as TFL Rail, DLR and
Overground, aiding fast and easy journeys into central London (around 15 minutes), west London as well as further east and to Essex. From Stratford International, commuters can reach St Pancras in seven minutes, for Eurostar connections, while Dover – for international ferry connections – can be reached in under one hour. Stratford Coach Station runs a regular shuttle bus service to Stansted Airport and is also a stop for coaches travelling all over the country. Local transport is also excellent – there are multiple bus routes travelling through and around Stratford town centre, 24 hours a day, including regular services to nearby West Ham, Leyton and Canning Town as well as into central London and south of the river to Lewisham.
5 REASONS WE LOVE… …STRATFORD 1 A choice of great parks 2 First-class transport connections 3 World-class sports facilities 4 Young, creative population 5 Amazing shopping facilities
HOMES on offer in the area… CUSTOM HOUSE
STEPNEY
Royal Dock Gardens
STRATFORD
Ocean Estate
FROM £122,500*
Prospect East
FROM
FROM £139,375*
£TBC – SHARED OWNERSHIP
Just over half of the 34 one and two bedroom homes available at this new development in Custom House – four miles south of Stratford – are available to buy through shared ownership. These truly modern homes have been carefully designed to maximize space and light, and combine quality design with eco-friendly features. Each features private outdoor space and are arranged around a communal area, where residents can relax, or entertain. Private parking is also available. The already good transport links in the area are set to become even better, when the Crossrail arrives in 2018.
Over the past six years, more than 800 new homes have been created at the Ocean Estate – part of a huge regeneration project that has injected £45m into the Stepney area. The latest phase of this landmark development will deliver 225 new homes, ranging in size and tenure – with many available through shared ownership. Homes are bright and contemporary, with open-plan living and dining areas, fitted kitchens and integrated appliances. Just over three miles south of Stratford, Stepney is an up-andcoming part of town, with great transport links into central London.
Several three bedroom apartments by East Thames remain at this popular development in the centre of Stratford. The homes here, which are arranged across several blocks, feature open-plan living/dining areas, en suite bathroom from the master bedroom and private balcony or terrace. There’s also a communal landscaped garden, which includes fruit trees, as well as a children’s play area. The local amenities are second to none. Stratford and Stratford International stations are just a few minutes walk, along with Westfield Stratford City, the Olympic Park and Stratford High Street.
east-thames.co.uk
east-thames.co.uk
prospecteast.co.uk
*Based on a 35% share of the full market value of £350,000
*Based on a 25% share of the full market value of £557,500
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CAMPAIGN
FTBS URGED, “ENJOY THE EXCITEMENT OF HOUSE HUNTING BUT BE VIGILANT OF THE RISKS” The Suzy Lamplugh Trust, set up in the name of a young estate agent who disappeared while on a house viewing, is warning ftbs to be mindful of the risks of house hunting Suzy Lamplugh, 25, had arranged to show a man around an empty property in 1986 – she hasn’t been seen since. The Suzy Lamplugh Trust is marking the anniversary of her disappearance by launching #SuzysCode – a personal safety guide for people working in the housing sector. “Looking for your future home can be one of life’s highlights,” said Saskia Garner of Suzy Lamplugh Trust. “Research we carried out for our report Safe as Houses shows that consumers are far more likely to feel ‘hopeful’ and ‘excited’ when they view a property than anything else – which is great. But we are also encouraging them to be mindful of their personal safety when they are meeting someone they don’t know to view a property.” In fact, a quarter of consumers surveyed said they felt house viewing should be safer, with almost three quarters of them saying it should be down to estate agents to make it so. Meanwhile, on the other side of the coin, 29% of female estate agents surveyed by the Trust said they have felt unsafe at a house viewing – this equates to one in three working in the role. We spoke to one estate agent, Michelle* who told us, ““I have worked as an estate agent for 14 years and, touch wood, nothing has actually happened to me, but every single time I do a viewing, the risks I am taking are at the back of my mind. Just think about it, you are going into a house on your own with someone who could potentially hurt you, because you don’t really know who you’re meeting; who they
are, what they want etc. It’s really hard to make sure someone knows where you are all the time, too. It is scary when you stop and think about it. I think it would be nice for house viewers to understand how we feel – to appreciate that maybe we feel uneasy, or at risk doing the job.” Suzy Lamplugh Trust teamed up with leading estate agents Knight Frank and Savills, as well as SoloProtect, The Guild of Letting and Management and The National
SUZY LAMPLUGH TRUST TOP TIPS FOR FIRST TIME BUYERS
Always try not to go on your own, but if you do have to visit a property alone: 99 Take a charged phone 99 Let someone know where you’re going and who you’re meeting 99 Plan your journey by viewing Google maps/Streetview 99 Try and arrange to visit in daytime hours 99 Carry a personal alarm, or discreet lone worker device
Association of Estate Agents to produce, Suzy’s Code for all UK estate/letting agents and housing associations. The code can be viewed here: suzylamplugh.org/npsd-2016. “We’re hoping that, by signing up to #SuzysCode, estate agents, letting agents and landlords will reassure first time buyers that they take the personal safety of their staff and customers seriously” said Saskia. “What we’d also say to first time buyers, and anyone else looking around a property, be mindful of your own safety and the situation you’re in; effectively, meeting a stranger in unfamiliar surroundings. If you think ahead and minimise potential risks, you can get on and enjoy the excitement of house hunting without any of the anxiety.” suzylamplugh.org * Not her real name
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AFFORDABLE HOMES
FIND AN ALTERNATIVE COMMUTE AT ROYAL DOCK GARDENS
According to research¹ by the Royal Society for Public Health, commuters in London have an average journey of 79 minutes with 55% of those surveyed reporting that it leads to increased stress levels. Home hunters keen to transform their travel time should look no further than Royal Dock Gardens in Custom House by East Thames, with a variety of alternative routes for getting into your workplace, including cable car, ferry, cycling, train and even plane. In the heart of Docklands E16, the development comprises a selection of 18 cutting-edge, one and two bedroom shared ownership apartments, available to those currently living or working in East London Only a short walk from Royal Dock Gardens, commuters can bid goodbye to the traffic below and soak in the beautiful riverside views by travelling to work via the Emirates Air Line. This is the UK’s first urban cable car, providing access across the Thames between The O2 and ExCeL exhibition centre. With a journey time of just 10 minutes, commuters can enjoy a bird’s-eye view of the skyscrapers of Canary Wharf, historic Greenwich, the Thames Barrier and the Queen Elizabeth Olympic Park. Oyster cards are accepted for use on this service and it is also easily accessible for cyclists who wish to cycle the remainder of their journey. Royal Dock Gardens also benefits from being located less than two miles from London City Airport, perfect for professionals who often have to travel further afield for work, with regular flights across Europe and beyond. Making that commute all the more enjoyable, other transport methods include the river bus service, running between Woolwich and the Embankment as well as the Docklands area. Tony Harker, East Thames’ Director of Sales & Marketing said, “The length and ease of a commute is often an important consideration for house hunters. Royal Dock Gardens is not only ideally located for commuting
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into the city, but, in addition, it offers lots of alternative routes providing commuters some enjoyment within their daily travel experience. We have also had lots of interest from professionals who often have to travel abroad for work and are particularly attracted to the close proximity of London City Airport to the development.” For those who prefer a more conventional way of travelling, Royal Dock Gardens boasts excellent transport connections, including a bus route to West Ham and Canary Wharf only five minutes away. The development is also only a four-minute walk away from Prince Regent DLR train station for fast connections into the
centre of the capital. In addition, Custom House, a stone’s throw from the development will see the opening of the new Crossrail station in 2018, shortening times to Bond Street, Liverpool Street and Heathrow. For connecting to other parts of the country, residents can travel by road via the A13, which links to the North Circular and the A12. All homes at Royal Dock Gardens boast a high specification, with attention to detail paramount. The apartments feature views of the communal gardens, integrated kitchen appliances, oak hardwood flooring to the open-plan living and dining areas, and fitted wardrobes in the bedrooms. Residents will
also enjoy a private balcony or terrace, with many apartments benefiting from additional Juliette balconies, or oriel windows, providing plenty of natural light. There is also access to lifts, bicycle storage, and a telephone entry system, with parking available on a selection of homes. Prices start from £115,500 for a 35% share, based on a full market value of £330,000. For further information, or to register your interest in the scheme visit east-thames.co.uk, or call 0300 303 7333 ¹ personneltoday.com/hr/longcommute-work-linked-poor-diet-stresshigh-blood-pressure
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OPEN MARKET
ART DECO DESIGN AT IT’S BEST! With it’s name deriving from art deco roots, Southern Home Ownership have just launched Deco, their brand new development, hosting a collection of one and two bedroom apartments, set in the heart of Woolwich SE18 – a newly sought-after location within the Royal Borough of Greenwich The development is a conversion of the old art deco-style Co-op building, which was built as a department store in 1938 by the Royal Arsenal Co-operative Society. Needless to say, with such stylish foundations, the bar had already been set high when it came to the quality of the conversion, and many of the original building features – including period railings to the stairwell and ceilings up to three metres high – have been retained. Southern have then gone on to include a modern specification, providing a selection of classical apartments with a modern twist.
THE LOCATION Woolwich is undergoing a period of intensive regeneration, with huge investment in new housing, transport and leisure. Deco is situated in the main shopping area of Woolwich, with a number of great restaurants nearby. Some favourites include the Blue Nile, an Eritrean-Italian restaurant on Woolwich New Road – described as an unexpected gem by the The Guardian,
Koffees & Kream on Calderwood Street and Curry Asia on Thomas Street. If you fancy more traditional pub grub, head to Dial Arch, or Taproom – both located in the historical Royal Arsenal, or the Woolwich Equitable on Vincent Road in General Gordon Square. The main shopping area features a number of high-street brands and a market runs six days a week in Beresford Square, in front of the Royal Arsenal gatehouse. If outdoor space is something you’re after, then there are a number of open spaces around, including Woolwich Common, Charlton Park, Plumstead Common and, of course, Greenwich Park. For fitness fans
there is the Waterfront Leisure Centre and The Charlton Lido and Lifestyle Club.
GETTING AROUND TOWN For commuters you couldn’t ask for a better location; direct routes from Woolwich Arsenal Station include services to Charing Cross (30 mins), Cannon Street (28 mins), and London Bridge (23 mins). There’s also a DLR service with trains to Stratford (19 mins), Bank (27 mins), and City Airport (six mins). Canning Town is a short journey away (13 mins), where you can pick up the Jubilee Line and be in Canary Wharf in just under 25 minutes.* Over 90 buses each hour link to central and south east London and that’s not all, 2018 will see the launch of the Crossrail, with Woolwich benefiting from links to Reading and Heathrow in the west, through London to Shenfield and Abbey Wood in the east. To find out more about the homes available at Deco, visit shosales.co.uk/deco This development also includes two beautiful wheelchair-adapted apartments. For more information, call 0300 555 2171
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* nationalrail.co.uk and tfl.gov
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OPEN MARKET
HISTORIC COLCHESTER – A HOTSPOT FOR FIRST TIME BUYERS Discerning home-hunters have been quick to secure their pick of the plots, following the successful launch of Arena Place, Taylor Wimpey’s sought-after new development in Colchester, Essex This exciting collection of new homes – located off Napier Road – offers a stunning selection of one, two, three and four bedroom designs, comprising newbuild properties and beautiful homes within refurbished former garrison buildings. There is currently a choice of carefully refurbished two and three bedroom homes available to reserve at Arena Place, with prices starting from just £215,000 – ideal for first time buyers. Michael O’Leary, Regional Sales and Marketing Director for Taylor Wimpey, said, “We are absolutely delighted with the fantastic response we’ve received, following the launch of Arena Place, and would urge property-seekers to visit us without delay to discover what this outstanding development of high-quality homes has to offer. “By acting now, home-hunters can be among the first to choose their perfect property from this fabulous collection – and make sure someone else doesn’t beat them to it!” Each of the new homes at Arena Place has been finished to a high standard specification, including a fully fitted kitchen, complete with integrated appliances and half-height tiling in the bathrooms and en suites, while the refurbished properties also boast stunning features such as vaulted ceilings, exposed internal brickwork and original windows. Situated on the outskirts of Colchester, Arena Place is located on the historic site of the former Colchester Garrison, while the remains of Britain’s only known Roman circus were discovered on the southern part of the site in 2005. The town offers a wide variety of amenities for everyday living, including a
range of supermarkets and convenience stores, a selection of pubs and restaurants, plus an array of high street shops and cafés in the nearby Lion Walk Shopping Centre. For leisure opportunities, Colchester boasts several museums, including Colchester Castle, which is home to the biggest keep built in the UK and provides opportunities for picturesque walks around the grounds. Arena Leisure Centre is also near to the development, while Colchester Zoo is just over three miles away. Families will appreciate that Arena Place is situated within close proximity to a wide
choice of schools and nurseries, including Butterfly Blue Day Nursery and St John’s Green Primary School – which was rated ‘good’ in its latest Ofsted report. For further education, Sixth Form College Colchester is also nearby. For commuters, Colchester Town railway station is just a short walk from Arena Place, and provides regular direct services to Colchester, London Liverpool Street and Walton-on-the-Naze. For road links, the nearby A12 offers routes northeast for Ipswich and southwest for Chelmsford and Romford. Prospective buyers can visit the Sales and Marketing Suite, located off Napier Road, Colchester, Essex, CO2 7GA, which is open Thursday to Monday from 10am until 5.30pm. Alternatively, the Sales Executive can be contacted on 01206 581 096. Further information about Taylor Wimpey developments across the region is available by calling 01277 280 544, or by visiting taylorwimpey.co.uk
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FTB HOME SHOW
WW OO SH SH ME! STITO PPER We were very excited to put on our very first First Time Buyer Home Show in Manchester in September wh ich was a huge success where many exh ibitors and potential first time buyers we re able to find out everything they needed to know about getting on the ladder. Here is a round-up in pictures, from a busy LCCC in Manchester.
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PHOTOS: JON PARKER LEE
FTB HOME SHOW
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WW OO SH SH ME! STITO PPER sy and successful We all enjoyed a very bu Show at the First Time Buyer Home ce in ntral London Business Design Centre tion of pictures in October. Here’s a selec time buyers from the day where first rts to find out could meet property expe home. Check how to buy their dream tails of our next ftbhomeshow.com for de , east London on Home Show in Stratford March 25th 2017.
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PHOTOS: BUILDING RELATIONS | BUILDINGRELATIONS.CO.UK
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REAL LIFE
ILJA WINS THE £5,000 PRIZE! When Ilja Trubilin and his girlfriend Victoria Luchita went along to the First Time Buyer Home Show in October, they knew it would be helpful but they had no idea that it would change their life Ilja, 37, and Victoria, 27, have been saving hard for their deposit, as they both want to get on the property ladder as soon as possible. Victoria who works in interior design heard about the Home Show through Eventbrite and she and Ilja thought that it would be a great opportunity to come along and talk to the experts. Little did they think that they would win the £5,000 towards the cost of their first home that First Time Buyer gave away in the day’s prize draw. IIja, a heating control engineer, said, “We have spent a great deal of time researching good areas to buy and trawling the internet for information about suitable homes for first time buyers in and around London. So, when we heard about the First Time Buyer Home Show in Islington, where all the information we needed would be under one roof, we registered and came along on the day. We weren’t disappointed as the show was brilliant and we found out everything we needed to know about buying our first home.” As well as entering the £5,000 prize draw given away to one lucky visitor on the day, the couple were able to speak to all the experts and find out exactly what they could afford. Victoria adds, “The show gave us a few more ideas about buying on a budget and it was really good to have one-to-one conversations with people who are experts in the housing market. We then went home and never really thought about the prize draw until Ilja got the phone call from the magazine’s editor Lynda to tell him the good news. After realising that it wasn’t a scam and it sunk in that we had genuinely
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won the £5,000, we were over the moon! Ilja and his family moved to the UK from Estonia in 2006. He lived with his parents in Aylesbury for a few years while he saved as much as he could before eventually moving to Wembley where he and girlfriend Victoria have been renting a furnished flat for two years. Ilja continues, “I really wanted to buy a home of my own and when I met Victoria she was very keen to get on the property ladder too. I had been saving for a long time and although I had a reasonable amount saved, it wasn’t enough for a deposit on the sort of property I really wanted. After I met Victoria we both continued to save but we were still at least six months away from being able to seriously buy a home. This £5,000 has been a real boost to our savings pot and means that we now have nearly £50,000 to put down as a deposit and towards the cost of finally buying our first home.” Now the search to buy their first property is in full swing and Ilja and Victoria think they may have found their dream home. Having originally looked in Mitcham, they were soon put off as property prices were too high for their budget.
Like many first timers in London, the couple decided to look further afield and are thrilled to have found a beautiful semi-detached, three bedroom house in High Wycombe for their maximum budget of £300,500. The couple used a mortgage advisor to help them get the best possible deal and are looking at taking a two-year, fixed rate mortgage, with monthly repayments of around £1,050. This is slightly more than they are paying in rent, but with the knowledge that they are paying their own mortgage and investing in their future, they are more than happy. Ilja hopes to work from home as often as he can and Victoria plans to commute into London every day, just over a half an hour train into London Marylebone. Ilja continued, “The property we have found is exactly what we were looking for and we can’t believe it is now all finally happening. We wanted an older property and as I am good at DIY, I can do any work myself, which will save us a lot of money. We are now just waiting for our mortgage offer to come through and, if things go to plan, we might even be able to move in the New Year.” Lynda Clark, editor of First Time Buyer magazine comments, “We are delighted that, by coming along to our show in London, we have been able to help one couple to realise their dream of homeownership. When saving to get on to the housing ladder, every penny counts, so this £5,000 should go a long way to help cover some of their costs, meaning they can put every penny they have into buying their dream home. We wish them well as they take those first all important steps on to the property ladder and move into their new home.” Victoria said, “It is a dream come true and, until we actually move in, I won’t believe it. Thank you First Time Buyer. Without your help, we would not have been able to buy just yet – it has helped us so much.”
“THANK YOU FIRST TIME BUYER. WITHOUT YOUR HELP WE WOULD NOT HAVE BEE ABLE TO BUY JUST YET – IT HAS HELPED US SO MUCH”
First Time Buyer December 2016/January 2017
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AFFORDABLE HOMES
MAKE THE MOVE IN 2017 WITH A METROPOLITAN SHARED OWNERSHIP HOME Metropolitan’s new range of homes could be perfect for those in London, the South East and the East Midlands, looking to buy their first home in 2017 There’s no doubt that the events of 2016 have caused more of an uncertain outlook for the economy in the future as the terms of Britain’s exit from the European Union are negotiated over the next two years, but the housing market has continued to perform strongly nationally, with prices growing at around 8% over the year and pushing up property values in all but the highest value areas of central London. Given both these contexts, shared ownership offers a welcome opportunity to buy a home for less than its full market value, taking the heat out of the market and, reassuringly, a way to buy a home without the risk of financially over-stretching yourself. Shared ownership allows you to buy a percentage of the full market value of a property (usually between 25% and 75% of the full market value, depending on what you can afford) and you pay a subsidised rent on the remainder. The rental element is index-linked – which means it rises predictably in line with inflation. If you can afford to, you can increase the share that you own to the point where you own the home outright. It’s a way of lowering the costs of buying and owning a home, whilst offering the option to buy it outright by stages (staircasing) – as and when you can afford to. Metropolitan are currently selling a selection of new homes, available to own for less through shared ownership, at a range of locations in London, the South East, East Anglia and the East Midlands during the course of 2017. From high-specification apartments at landmark London developments to houses offering the best of village life in the Midlands, Metropolitan’s 2017 range of new shared ownership homes offer something suitable for any first time buyer. At the iconic Aldgate Place, Metropolitan has a range of Barratt-built apartments currently available on the fringe of the
Aldgate Place
City. At Barrington Lodge in south London, on the cusp of the Brixton buzz, there are over 80 apartments under construction due for launch in the spring. Commercial to apartment conversion projects, in commutable locations such as Times Square, Welwyn Garden City – where more than 300 apartments are being developed across the next few years, offer stylish art-deco touches and a way to live in London without a London price tag. In the East Midlands, Metropolitan offer more traditionally-built homes, providing starter family houses at a range of sites, with a focus on the Rushcliffe villages to the southeast of Nottingham. Stephen Williams, Metropolitan’s Sales Strategy Manager, explains, “Our new homes being developed in London and the South East will provide much-needed affordable options to own, where the housing crisis is at its most acute and so many people are priced out. We’re building in both established
hotspots and in up-and-coming areas, particularly in the A1 and M11 corridor, meaning that our homebuyers don’t just buy into a good-quality, affordable home, they’re also buying into locations that have a lot to offer for a wide range of lifestyles. “New homes developed for Metropolitan’s homeowners come with a level of specification designed to give the new buyer everything they need in order to make the move into homeownership a smooth one, including fitted appliances in the kitchens, fully fitted bathrooms, carpeting, storage space, car parking or bike storage and a NHBC warranty.” To find out more about Metropolitan’s new homes, get in touch with the sales team on 020 3535 2555, or by email to mhosales@metropolitan.org.uk mho.co.uk
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AFFORDABLE HOMES
A RARE OPPORTUNITY TO BUY AN AFFORDABLE HOME IN ZONE 1 It seems too good to be true, but this exclusive collection of five one, two and three bedroom shared ownership apartments, plus six for intermediate rent, from Octavia, is situated in the heart of Paddington – where you can enjoy everything central London has to offer Living in central London is many first time buyers’ dream. This exciting new development is a rare opportunity to be part of the ‘new Paddington’, which is the largest regeneration zone in the past 50 years. Ideally situated between Paddington and Edgware Road stations, where there are five underground lines within easy walking distance and the incoming Crossrail in 2018, will only make this area even more popular. Octavia has been working with developer, Taylor Wimpey and these stunning apartments are part of the exclusive Paddington Exchange, set within the fourth and fifth floors of a contemporary-style building. The highspecification interiors include designer fitted kitchens, with integrated appliances including an oven, hob and extractor fan, fridge/freezer and washer/dryer, plus stylish bathrooms. All apartments come Typical Octavia Living interiors
with a private balcony and residents can also benefit from the beautiful landscaped communal gardens.
PADDINGTON AND BEYOND Paddington Central is buzzing with restaurants and bars and many one-off events take place in the neighbourhood, from global food markets to pop-up shops, which keep the area constantly alive. Nearby is Marylebone Village, one of W1’s major shopping and eating areas, centered around Marylebone High Street, plus Oxford Street with its huge selection of shops is just a 10-minute walk away. If you fancy a stroll, then Hyde Park is on the doorstep, which is one of
London’s largest open green spaces, and you can be in Kensington Gardens in around 16 minutes. Even closer to home, a leisurely 10-minute stroll along and across Paddington Basin brings you to the Maida Basin, the embankment point for water taxis to Camden Lock via the Regents Canal. For local shops, there are convenience stores and cafes including a Tesco Express and an M&S café near to the development.
GETTING AROUND Less than five minutes walk away, Paddington offers services on the Hammersmith & City, District, Bakerloo and Circle tube lines and, from 2018, the station will be a primary stop on the new Crossrail east-west London service. Lancaster Gate on the Central line is less than 15 minutes’ walk away, making Bond Street, Oxford Circus, Bank and Liverpool Street all easily accessible. Paddington has a unique character of its own and is certainly one of London’s most sought-after locations – and is a vibrant place to live, work and play. The development is located next to the newlydeveloped Merchant Square, where you will find designer shops, bustling markets and art galleries as well as a wide variety of bars, restaurants and cafes. Applicants should live/work in Westminster. Guide prices are £165,000 for a 25% share of a one bedroom apartment, with a full market value of £660,000. octavialiving.org.uk
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AFFORDABLE HOMES
GET PLANNING FOR THE FUTURE WITH PRICEDIN As shared ownership becomes an increasingly popular way for first time buyers to make their move on to the property ladder, some remain unsure about their options after purchasing a shared ownership home Housing association L&Q’s latest campaign, PricedIn Future, explores staircasing and resales. Offering buyers a complete guide to what happens after the initial purchase, the campaign demonstrates how shared ownership can really help first time buyers plan for their future. Shared ownership can provide a perfect opportunity to get on to the property ladder; allowing purchasers to buy shares in a property – usually between 25% and 75% – paying a mortgage on the owned share, and a subsidised rent on the share that they do not own. After the initial purchase, shared ownership continues to work around the buyer and their circumstances. So, if your Jamie Blake
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income was to increase, you would have the opportunity to buy more shares through a process known as staircasing. Jamie Blake, 27, explains how straightforward staircasing was through L&Q PricedIn. “L&Q held my hand throughout the staircasing process and sent me the easy step-by-step guides on how to do it. They were on the phone whenever I needed them, keeping me updated with what was going on from their side. They were also very helpful in introducing me to solicitors who have previous experience with staircasing. I bought the remaining 40% of the property and the process only took around a month to do. In the end, it worked out that the stamp duty was pretty much half of what it would have been if I had purchased the property in one go.” Purchasing a shared ownership home doesn’t necessarily mean that you are tied down until you own 100% of the property. If you decide to move on to somewhere else, or need to upsize for a growing family, you also have the option to sell your shares at any time via a process known as resales. L&Q are there to help every step of the way – helping you to instruct a valuation, liaising with a surveyor and marketing the property to eligible buyers for an agreed period, ensuring that
Seventeen
the process is as stress free as possible. L&Q offer a wide range of quality homes across the capital – ranging from one bedroom apartments for young professionals and couples to three and four bedroom maisonettes that are ideal for families. New developments include Seventeen, a collection of 28 shared ownership apartments in the popular commuter area of Sutton. Ideal for those who wish to swap the hustle and bustle of inner city life for a more relaxed approach to living, this market town is well suited to families and provides easy access to the Surrey countryside. Prices start from £98,875 for a 35% share of a £282,500 one bedroom apartment. At Bolingbroke Park in Cockfosters, two bedroom shared ownership homes
offer the opportunity to buy a spacious home with private outdoor space, in a leafy corner of north London. What’s more, residents can enjoy the landscaped grounds, featuring mature trees, a pond and a trim trail – an outdoor running and exercise course which winds through the woodland. On the Piccadilly tube line, linking Cockfosters to central London in just half an hour, Bolingbroke Park is the perfect choice for the busy commuter, while the nearby vast open green spaces – including 413-acre Trent Park – offer the perfect rural setting, with countryside charm. The apartments are available from £111,250 for a 25% share. For further information about the next steps after buying a shared ownership property, visit lqpricedin.co.uk/future
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AFFORDABLE HOMES
A FIRST TIME FOR EVERYTHING Owning your very own Cheshire village home is more affordable than you could have possibly imagined GETTING ON THE LADDER WITH LANCET Buying your first home is an incredibly exciting and emotional time. It’s a time in which we make possibly the most expensive purchase of our lives, so when it comes to putting your first foot on the ladder, Lancet Homes makes the process as stress-free and affordable as possible.
ACCESS TO AFFORDABILITY Amidst the daydreaming about interiors, colour schemes and furniture, there’s the financial side of purchasing to contend with and, at Lancet, we work with customers to ensure it’s an enjoyable process. We offer the Help to Buy scheme on our Kempton* two bedroom starter home – a government-backed scheme which opens the door to home ownership; why rent when you can buy? Anyone who doesn’t already own their own property – or has sold their existing home – can apply and, if successful, will be granted an equity loan from the Government. You simply contribute at least 5% of the property price as a deposit and the Government will provide you with a loan for up to 20%, while the remaining 75% must be mortgaged. It’s a programme which could bring your monthly payments down significantly, meaning owning your very own home maybe more attainable than you think.
A CHESHIRE STARTER-HOME Most first time buyers rule out perceived expensive areas, but they’re often home to wonderful communities. Cheshire, with its leafy green villages, its gastronomical highlights and access to three major northern cities, Manchester, Liverpool and Warrington, is a wonderful place to start. Lancet Homes’ Mere’s Edge development in Helsby gives buyers a first home with a Cheshire postcode and, with two bed homes starting at just £128,000 using Help to Buy
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Helsby
– with large living space, off-road parking, a garden and a downstairs WC – it becomes a viable option for all. The Kempton and Sandown properties aren’t the only option for buyers – they neighbour a range of house types and plots, including a bungalow, semi-detached, midmews and detached properties boasting two to four bedrooms. Each home is designed to the highest specification, complete with Porcelenosa tiles, luxury kitchens by Magnet, Rocca sanitary ware, Hansgrohe taps and Aqualisa rain showers. It’s a beautiful balance of a starter home, which you can move straight into, but one with which you can also work with the developer to add your own taste before completion.
A QUINTESSENTIAL ENGLISH VILLAGE Helsby village exudes quintessential English rural charm. Located in rural Cheshire, it’s
nestled on the edges of the desirable market town of Frodsham. Boasting a population of under 5,000, Helsby village has so much to offer to young buyers who want to put down their roots. An array of shops, restaurants and cafes are all within easy reach, Helsby’s wellconnected train station is less than a mile away and, for those thinking ahead to education options, Helsby is home to two primary schools and Helsby High School – which boasts some of the highest A-Level results in Cheshire. The Mere’s Edge development overlooks a quaint fishing pond, a peaceful haven for couples and families, yet the M56 motorway is only a short drive away, making Helsby an ideal location for commuters to the northwest’s major cities of Manchester, Liverpool and Chester. With properties due to be ready for occupation from early 2017 – you could be just weeks away from holding the key to your very own front door. Just four of these homes will be available for sale, so register now by emailing info@lancet-homes.co.uk, or call 0161 969 4919 for more information. *Two properties are available on the Government’s Help to Buy scheme for £128,000, where customers must meet the eligibility criteria. The remaining two properties will be available for £160,000.
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AFFORDABLE HOMES
CGI subject to change
GREAT CONNECTIONS
Located at the heart of South Ruislip’s exciting major regeneration project, Avedis from Thames Valley Housing offers an exclusive collection of unique, contemporary shared ownership apartments, which are perfectly positioned to provide the ideal setting for a true work/life balance Avedis is built on the site of the former Arla Dairy and, when complete, will be home to a thriving community of homes, restaurants, independent shops and more. Built to a high specification, there are one and two bedroom apartments with open-plan kitchens, while several homes offer balconies. Set in lush green spaces, with extensive landscaping, these shared ownership homes are the perfect choice for ftbs, young professionals and families.
AN ENVIABLE LIFESTYLE Avedis is located in South Ruislip, in the west London Borough of Hillingdon and is ideally positioned for the commuter, yet also far enough away to enjoy long weekend walks around Ruislip’s Lido – where you can enjoy some leisure time
on its own sandy beach. Locally, there is a wonderful selection of eateries, offering every type of world cuisine, or wander down to Duck Pond Market where you will find a superb selection of organic foods. For the weekly shop, Asda is on the doorstep and Ruislip’s high street offers a good variety of popular brands, while Westfield is just an 18-minute direct train ride away. Get out and about at the weekend and discover 755 acres of woodland at Ruislip Woods – the largest woodland in greater London.
LOCATION, LOCATION Just five minutes walk away from Avedis is South Ruislip tube and railway station, which provides great connections into central London. Be in Oxford Street in around half an hour, Notting Hill Gate
or Marylebone in about 20 minutes and Liverpool Street in just 43 minutes.
HIGH QUALITY FITTINGS Avedis offers fully fitted kitchens, with Zanussi appliances, including an electric oven, ceramic hob, dishwasher, fridge/ freezer and washer/dryer. Natural coloured carpet is fitted in the living and bedroom areas, with floor tiles in the bathroom and kitchen. There is also allocated parking. A one bedroom apartment starts at £119,000, based on a 40% share of the full market value of £297,500. A two bedroom apartment starts at £142,450, based on 35% share of the full market value of £407,000. For more information, call 020 8607 0550, or visit tvhsales.co.uk
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LOCATION
Always wanted to live in the apartment from Friends? ? Or lusted after the LA mansion that the Fresh Prince grew up in? As a little bit of fun, find out if you could afford them, with new research from Which? Mortgage Advisers
FRIENDS
Which? Mortgage Advisers has calculated the cost of some of the most famous fictional homes and how much you’d need to save for a 10% deposit to secure your dream home. Just a little bit of fun, but it’s always good to dream and set your sights high – enjoy! Not all the houses you’ve just looked at exist in real life. We have estimated house prices based on a number of factors, and the fictional homes are purely for entertainment purposes only. Check out the full list of fictional homes at mortgageadvisers.which.co.uk/fictional-houses
EXPERT COMMENT Whether you’re moving home or looking to take your first step on to the property ladder, it is important you can separate the facts from the fiction and know just how much
£3.08 million ($4 million)
you should be paying and need to budget for. Seeking independent advice from a reputable mortgage adviser can also help you to get the best possible mortgage deal.
David Blake Which? Mortgage Advisers
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Apt. 20. 495 Grove Street, New York City, USA An open-plan, two bedroom apartment in soughtafter Greenwich Village is available immediately. Private exterior balcony and roof access, with stunning Manhattan views would make a great investment, or suit young professionals now. A 10% deposit would set you back £308,000 ($400,000)
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LOCATION
HARRY POTTER
THE FRESH PRINCE OF BEL AIR
£475,000 4 Privet Drive, Little Whinging, Surrey, UK A four bedroom, semi-detached family home, located in a vibrant area with excellent schools. A real character house with rich history, the sellers have owned the house since 1977 and are looking for a quick sale. A 10% deposit would set you back £47,500
£15.4 million ($20 million) Bel Air, Los Angeles, California, USA Situated in the heart of affluent Bel Air, this five bed, five bath, 6400 sq. ft. home is available now with no onward chain. Invest in a near one-acre estate, with pool, garage and 17 rooms in total, featuring unique and clean Greek Revival architectural lines. A 10% deposit would set you back £1.54 million ($2 million)
THE SIMPSONS
£150,000 ($195,000) 742 Evergreen Terrace, Springfield, USA A two-story, detached, suburban tract house, with an attached garage, basement and loft. Large bay windows feature in spacious sitting and dining rooms, with an ample four bedrooms, including en suite to the master. Friendly neighbours. A 10% deposit would set you back £15,000 ($19,500)
Disclaimer: We have not viewed the properties in question, nor have we consulted a property expert in calculating our estimated sale price. Not all the houses exist in real life and the fictional homes are purely for entertainment purposes only. We have estimated house prices based on a number of factors. There are several things that may impact on our estimations (property improvements, for instance). Which? Mortgage Advisers calculated the cost of fictional homes by looking at previous estimates of their worth, then working out their current possible worth taking into account the growth in property prices. For the properties that do exist, they used property listings sites to estimate value, based on similar properties in the area. Dollar – British Pound exchange rates correct as at 21st September 2016 Which? Mortgage Advisers is one of Which?’s commercial services. When an important market fails to deliver value for customers, we develop products and services that put customers’ needs first. Which? Mortgage Advisers provides truly independent, whole-of-market mortgage advice. You can find out more by visiting mortgageadvisers.which.co.uk
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FOR SALE
FOR SALE THE CREAM OF THE CROP Each month, FTB scours the market for the best starter homes for first time buyers. Whether you’re looking for a new home in the heart of the Capital, something for a growing family, or simply a new place to call home that fits your budget, we hope you will enjoy our selection (Prices and availability correct at time of going to press)
H A R R O W, N O R T H W E S T L O N D O N
HOIC FIRST C
E
NDON PRETTY LO
N TO★W ★★
London Abodes p70-71
S T R AT F O R D , E A S T L O N D O N
HOIC FIRST C
E
MING UP AND CO
A★R★E★A
Affordable Homes p72-73
LAINDON, ESSEX
HOIC FIRST C
E
TH BEST OF BOS
WO★R★L★D
Family Homes p74-75
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FOR SALE
LONDON ABODES H A R R O W, N O R T H W E S T L O N D O N
HOIC FIRST C
FROM £375,000
E
NDON PRETTY LO
N TO★W ★★
Lyon Square The pretty northwest London town of Harrow on the Hill is just a stone’s throw from these new one, two and three bedroom apartments, which have been built with luxury in mind. Best known for the Harrow School, the town has some beautiful architecture and a quaint high street – all just 25 minutes away by train from King’s Cross. Inside, the homes are bright and spacious and have been finished beautifully and to a high specification. All apartments benefit from a wellsized balcony, while residents can also enjoy more outside space in the communal gardens. Redrow London 020 3733 4049 redrow.co.uk
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First Time Buyer December 2016/January 2017
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FOR SALE FROM £130,000*
BECKTON, EAST LONDON
FROM £94,375*
POPLAR, EAST LONDON
Royal Albert Wharf When complete, this transformed brownfield site will be home to 1500 apartments, available through both private sale and shared ownership. The one to three bedroom waterside homes, are situated around the Albert Basin and offer a great chance to live in an iconic part of London – moments from the River
Thames, the ExCel Centre and the O2. The homes are bright and contemporary, with fully fitted kitchens, integrated appliances, open-plan living areas and large balconies or terraces. Notting Hill Sales 0203 627 0612 nhillsales.com
*Based on a 40% share of the full market value of £325,000
MILL HILL, NORTHWEST LONDON
FROM £415,000
Horizons Tower The homes at this towering new development in east London offer some fantastic views out over the Isle of Dogs and the rest of city and are perfectly located for enjoying some of London’s best sights. The one, two and three bedroom apartments have been built with modern living in mind – open-plan living/
dining areas, contemporary fitted kitchens and a balcony or private terrace. Blackwall DLR station, for services into the city, or north to popular Stratford, is less than 10 minutes away. Notting Hill Sales 0203 815 1234 nhillsales.com
*Based on a 25% share of the full market value of £377,500
BETHNAL GREEN, EAST LONDON
FROM £615,000
Millbrook Park This stunning new collection of one and two bedroom apartments and three, four and five bedroom houses lies in the northwest London town of Mill Hill, surrounded by plenty of parks and green spaces. The two bedroom apartments feature large open-plan living and kitchen areas, built in storage
cupboards in the hall, en suites from the master bedrooms and a terrace or balcony. Getting around is easy – Mill Hill East station is just a 10-minute walk away, for services to Euston in 21 minutes. Taylor Wimpey 020 3675 9435 taylorwimpey.co.uk
Titanium Point Lovers of London life will adore these new homes in the heart of the East End. There’s such a great deal to do in the local area, including bustling markets, great parks and lively pubs and restaurants, while getting into the City is an absolute dream by bus or tube. This collection of one and two bedroom homes
sits on the canal side at Bethnal Green – hop on a bike and you can cycle towards Camden or Canary Wharf. Inside, the homes are beautifully finished, with high-quality fixtures and fittings, and integrated appliances. Guinness Homes 0300 456 0522 guinnesshomes.co.uk
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FOR SALE
AFFORDABLE HOMES FROM £139,375*
S T R AT F O R D , E A S T L O N D O N
HOIC FIRST C
E
MING UP AND CO
A★R★E★A
Prospect East Prospect East is the first phase of a major new integrated neighbourhood close to the East Village, Stratford City, Westfield and the Queen Elizabeth Olympic Park. There are several three bedroom apartments for sale through shared ownership at this popular development. Prospect East is imaginatively arranged around a central landscaped garden and will also benefit from planned community amenities, including a local grocery store and café. The homes feature open plan living/dining areas, en suite bathroom from the master bedroom and private balcony or terrace. Prospect East has excellent transport connections with nearby Stratford Station just a 10-minute walk away with fast services to central London and Canary Wharf. East Thames east-thames.co.uk 0208 003 1718 *Based on a 25% share with a full market value of £557,500
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First Time Buyer December 2016/January 2017
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FOR SALE GREENWICH, SOUTHEAST LONDON
FROM £118,500* CROYDON, SOUTH LONDON
FROM £87,000*
The Gramercy Located just moments from the world-famous Cutty Sark ship, these new two and three bedroom apartments and two, three and four bedroom homes are ideally located for getting around town. Canary Wharf sits just over the river, while the DLR, mainline and tube stations take care of getting into the West
End and beyond. The homes are bright and spacious, with floor-to-ceiling windows, plenty of storage in the form of hallway cupboards, and all residents benefit from some private outdoor space. Family Mosaic 0207 089 1315 familymosaicsales.co.uk
*Based on a 30% share of the full market value of £395,000
WE ST B R O M WICH, WE S T M ID LA ND S
FROM £168,950
Lennard Road With the recent launch of the Croydon Box Park, Croydon’s popularity is certainly on the rise and first time buyers are flocking here for the great transport links and city-like town centre. Lennard Road in West Croydon is home to just 17 new one, two and three bedroom apartments, each with their own balcony,
and is just a four-minute walk from West Croydon rail station. The homes are beautifully designed, with smart, modern kitchens, fully fitted with Zanussi appliances, dark wood-effect flooring and tiled bathrooms. Family Mosaic 0207 089 1315 familymosaicsales.co.uk
*Based on a 30% share of the full market value of £290,000
ALTRINCHAM, GREATER MANCHESTER
FROM £44,975*
The Lyng The new collection of homes at The Lyng, located close to the heart of the centre of West Bromwich, is perfect for growing families. The town centre and high street lie within easy reach and there is plenty of green space, including the sprawling Sandwell Valley Country Park, just a short walk away. The
three bedroom homes start at £168,950 and include a fitted kitchen, separate lounge, French doors on to a private garden and a tandem parking space. The bustling city of Birmingham is just a 15-minute drive away. Barratt Homes 0844 811 9933 barratthomes.co.uk
The Acorns The well-connected market town of Altrincham is home to this new collection of one bedroom apartments, perfect for young professional ftbs. Inside, the high-spec homes include fully tiled bathrooms and fitted kitchens with integrated appliances. Residents also have allocated parking as well as
secure cycle storage. Locally, the town centre boasts an awardwinning market, large shopping centre and a variety of pubs. Manchester city centre is just eight miles north and takes under 25 minutes on public transport. Plumlife 0161 447 5050 plumlife.co.uk
*Based on a 35% share of the full market value of £128,500
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FOR SALE
FAMILY HOMES LAINDON, ESSEX
HOIC FIRST C
FROM £429,995
E
TH BEST OF BO
WO★R★ L★DS
Dunton Fields Residents at Dunton Fields can enjoy the best of both city and country worlds. Surrounded by beautiful Essex countryside, the four and five bedroom homes are also just 30 minutes – and an easy commute – from central London. The four bedroom semi-detached home features an open-plan kitchen/dining area, with integrated appliances, a separate living room, and en suite from the master bedroom. French doors open from the dining area on to a private rear garden. There are some good local amenities, while busy Basildon is only eight miles away, for a wider selection of shops, bars and facilities. Bellway 01268 412 132 bellway.co.uk
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First Time Buyer December 2016/January 2017
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FOR SALE ADDISCOMBE, SURREY
FROM £287,995
FROM £579,995
OXTED, SURREY
Penhurst Square With a mix of one, two and three bedroom apartments and four bedroom houses, Penhurst Square, is close to central Croydon and all it has to offer with an excellent variety of restaurants, bars and shops. The one bedroom apartments feature an open-plan living/ dining area, fully fitted kitchen
HEADCORN, KENT
with high-quality appliances plus a balcony. There are plenty of good local parks to choose from, while commuters benefit from the quick and easy train commute from nearby East Croydon station into central London. Bellway 0333 577 0664 bellway.co.uk
FROM £499,995
Meridian Square Only one four bedroom home remains at this development in leafy Oxted. The home is arranged over three floors and features a kitchen with breakfast bar, a first-floor living room, en suites from two bedrooms, a downstairs cloakroom, a private garden, a parking space and a garage. Oxted is a pretty town
with great amenities, including independent shops, leisure centres and quality restaurants. Nearby Oxted station has frequent services to East Croydon, from which London can be reached in 20 minutes. Taylor Wimpey 01883 770 565 taylorwimpey.co.uk
S A L F O R D , G R E AT E R M A N C H E S T E R
FROM £48,125*
Kingsbridge This new collection of three and four bedroom homes lies in the heart of the Kent countryside, surrounded by areas of outstanding natural beauty. The four bedroom homes are arranged over two floors, with a family bathroom on the first floor along with an en suite from the master bedroom. Downstairs
has a large living room and a kitchen/dining area opening to a rear garden. Maidstone and Ashford are nine and 14 miles away, respectively, while London, or the Kent coast, can be reached in just 40 minutes. Countryside 01622 891 473 countryside-properties.com
The Firs These new two and three bedroom, red-brick homes represent a great opportunity to buy in a bustling area, just a few miles from the centre of Manchester. The properties are thoughtfully designed and finished to a high standard. Downstairs, open-plan living/ dining areas open to a private
terrace, with the bedrooms on the first floor. The eco-friendly homes feature energy-efficient boilers and double glazing throughout. Langworthy tram stop is a few moments away, for services to Salford and beyond. Plumlife 0161 447 5050 plumlife.co.uk
*Based on a 35% share of the full market value of £137,500
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REAL LIFE
Help to Buy: Croydon When David, 33, and Laerke, 29, Ghosh visited the First Time Buyer Home Show two years ago, they didn’t imagine that they would actually be able to afford to buy their own property. Yet, after several years of saving and moving back home with David’s parents, the married couple are about to celebrate their first wedding anniversary in their brand new home. Thanks to the discovery of Help to Buy London, they have been able to buy a stylish, two bedroom home at Green Dragon House by Inspired Homes in Croydon David said, “Laerke dragged me along to the First Time Buyer Show one Saturday in Islington a couple of years ago and, at the time, I thought it was a ridiculous idea. I had a whole lot of debt and we had just moved back in with my parents in Notting Hill, in order to get back on track and start saving for a deposit. However, we went along and I’m so glad we did as we were able to find out exactly what we needed to do in order to get ourselves in a great position to buy. We learned all about improving our credit rating, received excellent financial advice and were able to have a look at some of the schemes available which would help us get on to the property ladder sooner. We were also able to speak directly to a range of companies to find out what types of properties we could afford with different deposit amounts and it was there we first met Inspired Homes, who are now helping us buy our first home.” Sports teaching instructor David and nurse Laerke are planning to move into their Inspired Homes apartment in Croydon imminently. Having also discovered Help to Buy London through the specialist homebuying show, David and Laerke realised that the governmentbacked equity loan scheme was the best option for them. Requiring just a 5% deposit, the couple have only had to pay a deposit of £17,000 in order to buy their stylish, £340,000 two bedroom home, secured with a five-year fixed mortgage and with an interest rate of 2.39% – and now can’t wait to move in. David added, “It really was a no-brainer. Help to Buy London meant that we could afford to offset 40% of the cost of the property now and pay it back over five years. Unlike some of the other schemes, we don’t need to pay any rent and that
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FAC T F I L E
Property: Two bedroom apartment Market value: £340,000 Deposit: £17,000 Monthly mortgage repayments: Just over £800 Mortgage rate: Five-year fixed mortgage, with an interest rate of 2.39%
“HELP TO BUY LONDON MEANT THAT WE COULD AFFORD TO OFFSET 40% OF THE COST OF THE PROPERTY NOW AND PAY IT BACK OVER FIVE YEARS” really appealed to us. Our mortgage will end up costing us just over £800 a month in mortgage repayments and we plan to overpay a little every month into a savings account, so that we can pay back the equity loan within five years. A similarsized property in the same building at Green Dragon House is on the market for £1300 for rent alone, so factoring in all the costs and after doing the sums, our decision really was very easily made.” Green Dragon House is the latest range of stylish apartments by Inspired Homes to be released in booming Croydon. The award-winning 119-apartment scheme is a contemporary office-to-residential conversion in central Croydon and offers residents a communal roof terrace with barbecue and seating areas, a secondfloor garden with table tennis tables, residents’ lounge, yoga and exercise room, free superfast wi-fi, bike storage as well as a concierge lobby.
Laerke added, “We love the design and feel of our lovely new home, especially with the range of facilities it offers its residents, and we can’t wait to be able to call it home. We knew as soon as we met Inspired Homes at the show, that it was a company that we could trust and we loved their conversion projects. Croydon is a great location for us and, actually, due to the excellent transport links and fast commute, we will be no worse off getting into central London than we had been when living with David’s parents in Notting Hill. “Our journey to buying our first home feels like we were looking for our very own nugget of gold and, thanks to a little direction and guidance from the First Time Buyer Show over the last two years, we really feel that we have now found that in our new home.” inspiredhomes.uk.com
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SCHEMES
MORE THAN JUST THE MORTGAGE GUARANTEE SCHEME...
The end of September saw Theresa May’s Conservative Government signal the end of the Help to Buy Mortgage Guarantee scheme, but panic not! First time buyers can still benefit from a number of other great financial schemes, designed to help them take that first (sometimes tricky) step on to the UK property ladder: New Home Finder reports SO WHAT SIGNALLED THE END FOR THE MORTGAGE GUARANTEE?
first home together can each open a separate Help to Buy: ISA and double up on the benefits 2.
Available since January 2014, the Mortgage Guarantee scheme, which is just one part of the wider Help-to-Buy policy, has helped thousands of first time buyers make it on to the property ladder. However, the Chancellor Philip Hammond said in a letter to Mark Carney (Governor of the Bank of England) that increasing confidence in the mortgage market has reduced the reliance on the Mortgage Guarantee scheme, hence the decision not to extend it beyond 2016 1.
HELP TO BUY SHARED OWNERSHIP
FREE MONEY AND OTHER INCENTIVES FOR FIRST TIME BUYERS So, with the Mortgage Guarantee scheme soon to be over, what other options are available to help first time buyers get on to the property ladder?
HELP-TO-BUY TAX-FREE ISA Under this government-backed scheme, first time buyers can save up to £12,000 in one of these Help to Buy: ISAs and the Government will top it up by 25%. All you need to kick-start your ISA is a £1,000 lump sum and, from there, you can top it up with monthly deposits of up to £200. For every £200 you pay in, the Government will add on another £50, as long as you’ve saved a minimum of £1,600 of your own money. Better still, couples saving for their
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First time buyers can also take advantage of the Help to Buy shared ownership scheme, but not all buyers are eligible. To qualify, your household must earn less than £80,000 per year outside London and less than £90,000 inside London. If that’s you, then the scheme works by offering buyers the opportunity to buy a share of a property between 25% and 75% of the home’s value. You then pay rent on the remaining share. This reduces the mortgage amount required in order to get on to the property ladder 3.
HELP TO BUY EQUITY LOAN To be eligible for the Help to Buy equity loan, you need to be buying a newbuild home with a purchase price under £600,000 in England (or £300,000 in Wales) from a registered Help to Buy builder. You’ll need a 5% deposit, then the Government will lend you up to 20% of the value of the home (or up to 40% in London) and you’ll need a mortgage of up to 75% for the remaining value (or up to 55% in London). There are different rules for equity loans in Wales. Once you have bought your home using the Help to Buy equity loan, you’ll have five years before
you’ll have to pay equity loan fees on the 20% that the Government lent you 4.
STARTER HOMES Another government-funded scheme is the Starter Homes scheme, which will support home-builders in offering first time buyers a 20% discount on the purchase price of new homes worth up to £250k across the UK, or up to £450k if you’re buying in London 4.
LIFETIME ISA Announced in the Chancellor’s 2016 Budget, the new Lifetime ISA offers a tax-free boost of up to £1,000 per year, which can be put towards buying your first home. These accounts will be available from April 2017 and they are open to savers aged under 40 years old. You can contribute a maximum of £4,000 per year and then opt to use your Lifetime ISA cash as the deposit on a home worth up to £450k 5. So, with so many schemes still on the table, 2017 will continue to offer first time buyers a wealth of great incentives to take that first step on the property ladder, even without the Mortgage Guarantee scheme. If that’s you, start your home buying journey today with New Home Finder. newhomefinder.co.uk References 1 independent.co.uk/news/uk/politics/help-to-buy-enddate-2016-government-philip-hammond-theresa-may-davidcameron-a7337311.html 2 newhomefinder.co.uk/New-Home-Info/Finance-Legal/AFirst-Time-Buyer-Bonanza 3 newhomefinder.co.uk/new-home-info/finance-legal/ how-shared-ownership-can-help-you-get-on-the-prope 4 newhomefinder.co.uk/new-home-info/affordable-
housing/what-affordable-housing-schemesare-available 5 gov.uk/government/uploads/system/ uploads/attachment_data/file/508117/ Lifetime_ISA_explained.pdf
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COMPETITION
Designed for living Rustling up a meal for friends and family in your first new home is very exciting and serving it on Elements, this beautiful new range of tableware from Denby, is certainly designed with modern life in mind Light Grey
Green
WIN !
A RAN STUNN IN GE TAB OF DE G L E W NBY WO RTH ARE £1 80
H OW TO E N T E R Answer the following question:
How many colourways are there in the Elements range?
Blue
Natural
Send your answer, with your full name, address and telephone number to: lynda@firsttimebuyermag.co.uk Closing date: 17 January 2017
THE PRIZE… THERE ARE 3 PRIZES WORTH £180 EACH A 12-piece tableware set of 4 dinner plates, 4 medium plates and 4 cereal bowls worth £100; 4 coffee mugs worth £40; 4 wine glasses, worth £20; 4 tumblers worth £20 Winners can select their choice of colourway from: Light grey, green, blue, or natural The new Denby Elements range of essential tableware is simple, beautiful and practical and just perfect for the first time buyer. This no-fuss range is hardwearing, yet still stunning, and would fit perfectly into any home and lifestyle. Made in England, Elements features iconic Denby shapes, made from high-quality stoneware and is available in four contemporary new colourways – green, light grey, blue and natural.
T&Cs The prize is non-transferable and no cash alternatives will be given. Competition is open to UK residents only.
These multifunctional dining items include plates, bowls, mugs and a useful serving bowl, all of which feature their unique glazes to make them both practical and durable. Also, all the Denby ranges are designed for living, so every piece is dishwasher, oven, microwave and freezer safe. denby.co.uk
First Time Buyer December 2016/January 2017
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FIRST MEAL
FIRST HOME, FIRST MEAL Christmas is a time to enjoy a special meal with friends and family. Justin Leclair, Executive Chef at 28°-50° Wine Workshop and Kitchen creates this delicious recipe for the perfect festive lunch Justin is an integral member of 28°-50° restaurants. He relocated from the United States to London in 2012, and joined Texture as a sous chef before he was promoted to Head Chef at 28°-50° Maddox Street in 2013. He became the Group Executive Chef in 2016, and currently heads up kitchens at 28°-50° Fetter Lane, 28°-50° Maddox Street and 28°-50° Marylebone Lane. He holds a bachelor’s degree from the Culinary Institute of America.
TURKEY WITH SAUSAGE AND APRICOT STUFFING
Ingredients (serves 8 generously) Turkey breast 3 kilo of turkey breast, skin on 50g butter Salt and pepper Sausage stuffing with onions, sage and apricots 1 kilo of pork sausage meat 100g dried apricots, cut into quarters 3g fresh sage, chopped finely ½ onion, small diced 100g fresh white breadcrumbs 2g salt Black pepper Olive oil Turkey gravy 2 onions, peeled and cut into bite-size pieces 1 large carrot peeled and cut into bite-size pieces 2 litres of turkey or chicken stock Any turkey trimming you may have (i.e. wings, necks, etc.) optional 5 tbsp plain flour 8 tbsp sherry wine (can substitute white wine, or water) Vegetable oil
METHOD FOR THE TURKEY 1 2 3 4 5 6 7 8
9
Remove turkey breast from fridge about an hour before you plan on cooking it. This will help keep the breast moist when cooked. Pre-heat oven to 225oC. Rub with butter and season generously with salt and pepper. Cover very loosely with a piece of aluminium foil to help keep the skin from colouring too much. Put in a roasting pan and place in the middle of the oven Cook for 25-30 minutes. Remove foil and spoon some of the dripping from the bottom of the pan on top of the turkey to baste. Lower oven temperature to 180oC and continue to cook for about 45 minutes or until the juices run clear when pierced with a wooden skewer in the thickest part of the breast. If you are using an instant-read thermometer, cook in the oven until turkey temperature reaches 70oC when probed in the thickest part. You may need to re-cover with the foil, if you see that the skin is getting too dark in colour. Once turkey is cooked, remove from oven and allow to rest for at least 30 minutes. Slicing into the breast straight away will cause the turkey to become dry.
METHOD FOR THE STUFFING 1
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Place a pan on medium heat, add oil and onions to pan and cook slowly until onions have become tender, with no colour. Season with salt and pepper, remove from pan and allow to cool.
2 3 4
In a mixing bowl, place the onions and breadcrumbs, add 50 ml of water and mix together with your hands. Add the remaining ingredients and mix thoroughly. Cook in a greased baking dish, covered with foil, for 30 minutes at 190oC, then uncover and continue to cook for another 15 minutes, to allow top to get caramelised and crunchy.
METHOD FOR THE GRAVY 1
In a large pan, heat some vegetable oil, add carrots and onions and cook until nicely browned. 2 Add turkey trim and continue to cook until everything is nicely coloured (optional). 3 Add turkey stock and simmer for 1 hour. 4 If you have used turkey trimmings, remove from the pan, leaving only the vegetables behind. 5 Using a hand-held stick blender, blend the carrots and onions with the stock until smooth. 6 Mix the flour with the sherry and blend into gravy. 7 Slowly bring the gravy to the boil, stirring frequently to avoid sticking to the bottom of the pan. The gravy should start to thicken as it gets closer to boiling point. (NB: Everything above can be done a day or two in advance) 8 When the turkey has come out of the oven, drain any dripping and mix it into the gravy. 9 Taste, adding salt and pepper if needed.
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TRIED AND TESTED
FTB’S FAST FOOD
E BEST VALUEY N O M R FO
Planning the perfect Christmas dinner, or inviting friends round for drinks? We tested a range of seasonal fayre, to see which are the tastiest and the best value for money
RHUG ESTATE
Turkey, from £69.75 FTB SAYS: Christmas is a time to TESCO
indulge and treat yourself. This
BEST TURKEY
organic, free-range, Dee Valley
finest* Christmas dinner in a box, £25
Bronze turkey won the Great Taste
FTB SAYS: Perfect for a couple or friends to share, the finest*
Award in 2015 and is certainly
Christmas dinner for two includes succulent turkey, vegetable
delicious. The meat is very moist and
accompaniments, half a bottle of champagne and a delicious
we thought it was the tastiest turkey
Christmas pudding. We thought this was an ingenious idea at a
we had eaten for a long time.
great price.
rhug.co.uk
ED BEST SMOKN SALMO
BEST MINCE PIES
ASDA
Free From mince pies, £1.75 FTB SAYS: We were very impressed with these mince
BEST CHRISTMASS CRACKER
pies, which are gluten free and perfect for celiacs. The filling was deep and packed full of fruit, and the pastry lovely and crumbly.
LAKELAND
MARKS & SPENCER
6 Build-a-Snowman crackers, £19.99
Smoky and robust smoked salmon, £15
FTB SAYS: Great fun for all the family! Just pull
FTB SAYS: A deliciously delicate flavour, with a
the cracker, roll the dice to win a part and
subtle smokiness, which is not overpowering – ideal
start building your snowman – the person who
for breakfast on Christmas morning.
completes their snowman first is the winner. Each cracker also contains a hat and joke.
BEST CHOCOLATE LOG
PAUL
Chocolate log, £29.95 FTB SAYS: This classic chocolate log is incredibly indulgent, but utterly delicious! The rich roulade is stuffed with almond biscuit, milk chocolate cream and dark chocolate mousse, all topped with a sprinkling of chocolate shavings.
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First Time Buyer December 2016/January 2017
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TRIED AND TESTED
LAKELAND
The Lakeland Christmas pudding, £5.69
BEST ROASTING TRAY
FTB SAYS: This is a truly traditional
BEST CHRISTMAS PUDDING
pud, made from a 100-year-old recipe, which uses Irish stout and French brandy. It tastes homemade and is very moist, packed full of fruit and is excellent value.
STELLAR
Best roasting tray, from £19.50 FTB SAYS: Cooking a roast, or that special Christmas turkey, means getting the right roaster. This one from Stellar is made from alloy, which provides superior thermal conductivity for even heat distribution and has been anodised for durability and a longer lifespan. It should only be hand-washed, but can happily go under the grill, or on the hob, making the roaster also suitable for creating the perfect gravy. stellarcookware.co.uk
BEST CANAPÉ ASDA
Extra Special DIY treacle gammon in edible spoons, £3.50 FTB SAYS: Something very different, to give your party that extra
BEST E CHAMPAGN
special touch. British pulled slow-cured gammon is served in a black treacle glaze on rich, buttery spoon shaped pastry and topped with crispy fried onions for a crunchy bite.
ASDA
Christmas pudding smash cake, £10 FTB SAYS: Everyone will love this really indulgent, moist MARKS & SPENCER
chocolate sponge cake, sandwiched and covered with
Oudinot Champagne, £26
chocolate frosting. The fun starts when you smash the
FTB SAYS: This bubbly would be perfect to serve before
dome on top, to reveal scores of malt balls and gold star
Christmas lunch or to welcome in the New Year. It is not overly
sprinkles. A great way to end the perfect meal!
dry, has a delicious mellow citrus taste and is not too fizzy.
BEST DESSERT BEST PANETTONE BEST PROSECCO
CARLUCCIO TESCO
Valdobbiadene Prosecco Superiore, £10 FTB SAYS: This makes the perfect aperitif and has a wonderfully fresh taste, with delicious apple and citrus fruit flavours and a sherbet-like softness.
Panettone Tradizionale, £16.95 FTB SAYS: A great alternative to traditional Christmas cake, the bakers in Piemonte only make Carluccio’s award-winning Panettone from September to December. It is light, moist, not too sweet and would make a perfect gift.
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SQUATTING IN YOUR OWN FLAT!
Over six years ago, I moved flats and found I had owned a different flat to the one I had lived in! I have been involved in property for nearly 40 years, having started life as an Estate Agent during school holidays while doing A levels. Therefore, I should know a thing or two. But what caught me out has now happened to two thirds of the owners of a block of flats in Carlisle The problem I am talking about is when you find out that the flat you bought and have lived in is not the flat registered at the Land Registry! Now sitting reading this, you are likely to say “how on earth can that happen?” How on earth indeed?! Well, in reality, it is fairly simple to see how this can occur. If there is a new block of flats, the individual units will usually be given a plot number – that may not be the same as the eventual postal number. Equally, the conveyancer for the developer may be preparing leases and agreements for leases for a very large number of units. Either of these two factors can result in a very simple error, but one that can cause stress and create a challenge to sort out. If the wrong flat is identified in the lease plan, or the wrong plan used in filing at the Land Registry, then you can find that you live in one flat, but legally have registered a different flat. I was lucky, because in my case, the error turned out to be on just my flat. So we only had to rectify the manifest error at the Land Registry on my flat title. However, with Willow Court in Carlisle, the issue affected 10 out of the 15 apartments in the building. The problem only comes to light when someone sells their flat. So how and why does it occur? Well, the simple answer would be lazy conveyancing from your lawyer, although this doesn’t take into account the reality of the transactional process. Now, at this point, I must make it clear, I am not making excuses for the errors or to excuse the errors themselves. It should never happen and, when it does, it can create a huge amount of distress and even result in loss of a sale of the flat. Housebuilders and developers rely on the sales of the flats to fund the development of the flats. Their conveyancing solicitor may oversee a large number of buildings and flats. The work of putting the leases together will fall to an administrator and, depending on workload and time of the year, will lead to pressures to produce documents quickly – or it can just be simple human error. Now, one would hope the solicitor or conveyancer
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acting for you would pick up the problem. But how would they? Unless they send the paperwork they are going to file at the Land Registry to you to check first and you can read a plan, then it is possible to create the problem. If your solicitor hasn’t been to the property (and in reality that is extremely unlikely!) they would not necessarily know the right flat. This is compounded if the plot numbers and the postal numbers differ. The following example really highlights the need for checking and speaking with the advisors when buying your home. Years ago, a neighbour of mine had a bigger problem, which really highlights the challenge of conveyancing and buying your home. They bought a house in a small village. The house was ‘L’ shaped and had a small single storey extension at the corner of the ‘L’. When we went to build on top of the extension, they discovered the extension had been built with no planning permission and the foundations would not support the additional floor on top; he thought either his building surveyor or solicitor had been negligent in not picking up either of these
Roger J Southam, Non-Executive Chair of Leasehold Advisory Service
issues. On breaking it down, however, it became apparent that, in reality, it was communication that was lacking. The only person who knew the whole picture was my neighbour. He hadn’t told the solicitor of the extension and the conveyancing plan did not show the extension, so the solicitor would not know it existed. The building surveyor hadn’t seen the conveyancing plan and, therefore, thought all he saw was in order. The building surveyor hadn’t been told my neighbour wanted to build on top and, therefore, would not comment on foundations – they were doing the job for the single storey. In light of this, I would always advocate making sure you check the plans, reports on title and all the information you receive, to make sure it is correct. The only person who has a full picture of what you are buying and is able to determine the lines are in the right place is you, so, dull as it sounds, it is always worth checking! After all, you don’t want to squat in your own home! lease-advice.org
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Credit Clinic
Experian expert, Joe Green,, answers your credit-related questions If you have a question for Joe, please get in touch by emailing us at lynda@firsttimebuyermag.co.uk and you may see your question answered in the next issue.
Comparison websites
My bank informed me that the interest rate on my savings account will reduce, so I have been looking at comparison websites to see what options there are for me. I am saving up to buy my first home and want to get the best deal I can. My friend told me that, by looking at these websites, it might affect my credit score – is this the case? Rachael Hope If you’re looking for the best deals on your savings account, price comparison sites are a great place to start your search. I understand why you may be concerned about these searches damaging your credit score, but in general, there’s no need to worry. Many lenders use credit reports to help confirm your identity when you apply to open a savings account, to meet certain regulations, such as Anti-Money Laundering requirements, but will only leave a footprint called a soft search. This type of search just looks at key information in your credit report and, while you’ll be able to see the details of the search on your credit report, it doesn’t leave a footprint that other lenders can see and won’t impact future credit applications. However, it makes sense to always check the terms and conditions on the website in question before you do a search, to make sure this is the case. It’s worth noting that details about your saving account will not appear on your credit report, as it is information about credit and debt – which helps prospective lenders assess your creditworthiness – not investments and savings. When you are in a position to apply for a mortgage, it might be worth consulting a price comparison site to help you find deals suited to you. Each time you apply for credit, a hard search is recorded on your credit report, which is visible to potential lenders who may view having a number of these as a negative factor. By getting a quote through a price comparison site, it will record a soft search on your
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credit report, which will have no impact when you do find the deals you want to apply for.
Going back on the electoral roll
I have been living overseas for a few years and I have not been on the electoral roll during this time. I have now returned to the UK and have registered to go back on to it. I want to buy my first home, but could you tell me if this will go against my credit rating and how long I should be on the electoral roll before I start house hunting? George Butler When you apply for any type of credit (including mobile phone, gas and electricity contracts), the lender will usually carry out a check using information from your credit report. This includes details about where you are registered to vote. Lenders use this information to help confirm you are who you say you are, as part of their overall assessment of your creditworthiness and to prevent fraud. If you are not registered, lenders may ask for further documents or even turn down an application completely – so being on the electoral roll is a simple way to boost your chances of getting credit and it’s great that you’ve already taken steps to do this. Having no evidence of your residential history within the time period you were overseas could cause problems with your mortgage application. To help put you in a better position, you may want to consider adding a Notice of Correction to your credit report, explaining that you lived overseas for a few years, which lenders may take into consideration. You could also say in this note that you have documents to prove where you lived and how long you lived there (if you have this available). The note will mean that credit applications you make may take the lender a little longer than normal to deal with, but it may be worth the short delay, if it helps you get credit when you want it.
Gift from mum
I want to buy my first home and I think I have just about saved up enough for a deposit. My credit rating is absolutely fine, but my mother is going to give me some money as a gift to help me out with all the other costs. A few years ago, when my parents divorced, she got into some financial problems, which are now all sorted but would this have any impact when I try to get a mortgage? Catherine Cunningham Simply receiving a gift of money from your mother shouldn’t have any bearing on your ability to get a mortgage, irrespective of her past problems with her own finances, as long as you’ve never applied for credit together, such as for a loan or joint account. When you apply for credit with someone else, this creates a link on your credit reports known as a ‘financial association’. As long as your credit reports aren’t linked, credit checks take place on you as an individual, and cannot be influenced by someone related to you, or even living at the same address. Being financially associated means a lender might also want to check anyone linked to your credit report, to see if the way they manage money might affect your ability to keep up repayments. If one of you has a poor history of managing credit, it may have a negative effect on your chances of getting approved for a mortgage, even if your credit rating is in a good state. To save any unwanted surprises when you do decide to apply for a mortgage, it might be worth checking your credit report with each of the credit reference agencies, to uncover any unwanted links. If you do find any on your credit report, you will need to ensure any shared accounts are closed and then ask the credit reference agency to create a ‘financial disassociation’, which will break the link. If you want help understanding how credit referencing works and how to improve your chances of getting a mortgage, visit experian. co.uk/consumer/guides/mortgage-application
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Mortgage Clinic As a first time buyer, understanding mortgage terminology and knowing what mortgage is right for you can be difficult, so David Blake at Which? Mortgage Advisers has joined up with First Time Buyer, to answer your mortgage-related questions
Q
Will Brexit have serious implications on the mortgages available for first time buyers? At present, the answer to this question is no. Recent research shows there are cheaper mortgages on the market for first time buyers since the result of the EU referendum and demand for property remains strong. Fast forwarding two years, it’s impossible to tell. The reality is that no one can predict what will happen as negotiations progress. If we look at what we have seen following the EU referendum and apply this to the EU exit, we could see further impacts on the demand for property in the lead up to, and following, our exit from the EU. That said, in the long term, it is unlikely people will put their lives on hold for an indefinite period of time. In terms of mortgage options, the mortgage market is very strong right now for residential lending and it is unlikely this will change dramatically in the short term. This means that there are a good range of mortgages available to first time buyers, giving you choice. We are seeing new lenders entering the market promoting competition, which is a great sign for first time buyers. However, the Government’s mortgage guarantee scheme, which protects lenders lending to those with a 5% deposit, will come to an end at the end of this year. It will be interesting to see what impact, if any, this has on people with lower deposits.
A
Q
Are interest rates expected to rise in the near future? If so, how will this impact mortgage products?
A
It’s impossible to predict with any certainty when interest rates will rise. If you’re worried about rates rising, a fixedrate mortgage might be a good option as this will keep your monthly mortgage payments stable for a period of time. Variable rates, known as trackers, which are directly linked to the Bank of England’s base rate, will increase as the base rate rises. It’s also likely mortgage lenders will increase their own variable rates with any upwards
David Blake has more than nine years experience in the financial services industry and prides himself on helping first time buyers get on to the property ladder. In his current role at Which? Mortgage Advisers, David and the entire team provide independent, impartial advice and search thousands of mortgage deals, to help buyers find the deal that is right for them.
movement in the base rate. It can often be confusing as to how different types of mortgage work and so which one is right for you. I would always recommend speaking to an independent mortgage adviser to help you understand your options and the differences between products. However, as a basic starting point: A fixed rate will stabilise your mortgage payments for a set period of time by keeping your rate of interest the same. A tracker rate will ‘track’, or follow, a base rate of some description, often tracking at a certain percentage above this rate. This will lead to fluctuating mortgage payments, if there is a change in the rate it follows. A standard variable rate is a lender’s own set rate. The lender is in control of this rate and can change it at their discretion. It is not linked to an external rate, such as the base rate, and is typically the high rate you default on to at the end of any initial deal. A discounted variable rate is linked to the lender’s own standard variable rate and can change at the lender’s discretion. As these rates are discounted, they will be lower than the standard variable rate for a set period of time. Fixed rate mortgages remain popular because people like to budget around their
monthly mortgage payment. That said, tracking rates, or variable rates of interest can offer a higher degree of flexibility, enabling you to refinance, or switch products at any time, without incurring high fees. For some, having this flexibility is more important than having a fixed rate of interest. Of course, everyone is different and has different requirements from a mortgage. That said, your mortgage should match your attitude towards risk, budget and both short and long-term plans. Additionally, I would urge you not to choose a mortgage purely on the headline rate of interest. It’s vitally important to make sure you understand the full cost, taking into account both the rate of interest and fees. It’s also equally important to understand the benefits of each option so you can work out which is best for you.
Q
What does a drop in the Bank of England’s base rate mean for mortgages?
A
Although the base rate does not have a direct impact on lending rates, the recent drop has lowered costs for lenders. In turn, these savings have been passed on to customers, leading to cheaper mortgages. This is fantastic news for first time buyers. Mortgage rates remain at an all-time low. It is now possible for those with a 5% deposit to obtain interest rates under 4%. For further help and advice from Which? Mortgage Advisers, please visit which.co.uk/ ftbmortgages, or call 0808 159 4852
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Financial
fitness
When the festivities are over, you’ll probably think about joining the gym, starting a diet, or pledging a dry January. So, why not make some financial New Year’s Resolutions while you are at it? Kay Hill has some suggestions
Christmas tends to be a time when we gain lbs and lose £s. Over-eating and over-spending can leave us all with stuffed bellies and lean wallets come January. But never fear; at this traditional time of the year for turning over a new leaf, there are plenty of positive steps you can take. Get organised If you were planning to embark 1 on a training programme, or diet, you would think ahead, plan your goals and get everything in place to ensure success. In the same way, you need to get organised to overhaul your finances. Research by Standard Life has found that UK adults spend more time organising their music collections, photos and wardrobes, than they do their savings; 40% of adults put off organising their day-to-day budget and only a quarter regularly put time aside to review their finances. Jamie Jenkins,
pension expert at Standard Life Savings, urges, “It’s easy to put off things you don’t enjoy, but keeping on top of both day-to-day budgeting and longer-term savings will help you relax, knowing things are under control for the future. Technology is making it easy for people to regularly review their savings online, so there’s no better time than now to get organised.” Do it now – Find all your current account, savings account and credit/store card statements (print them out, if online) and put them in a lever-arch file. Add the monthly statements for any loans or debts. If there’s an app for your current account, download it to your phone now. Demolish your debt “The first few weeks of the New 2 Year really are financial crunch time, as January’s and February’s bank and credit card statements (which
reflect December’s spending) and winter fuel bills arrive, and many people realise that their financial situation has got out of control,” warns Melanie Taylor, debt expert at Debt Advisory Centre. Remember, there’s no point trying to squirrel away money for a deposit at today’s low interest rates, if you are paying higher interest rates on debts. Do it now – Don’t worry about student loans; find out exactly how much other debts, like credit and store card debts, overdrafts and personal loans, are costing you, then start paying the most expensive ones off first. See the box on page 93 for some money-saving tips. Build a budget Making a budget is an essential 3 way to get to grips with finances, especially if you are saving for a deposit. In essence, you work out how much you have to spend on essentials –
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rent, transport costs, utility bills and so on – then how you want to spend what is left. Research by Sun Life in its Cash Happy report showed that, while less than half of Britons work to a budget (47%), that figure reaches 60% among 18-24-year-olds, and that those who did budget reported that they were happier than those who didn’t. Do it now – Work out how much all your essentials cost each month (remember to add in annual costs, like car insurance or train season tickets, and divide by 12) and subtract from your monthly income, to find what you have left. Then decide how much to save and how much to spend on the fun stuff, like eating out and holidays. Prepare for the worst We all hope 2017 will bring health 4 and prosperity, but while you are recovering from the hangover, Andrew Simpson, lead panel solicitor for Ensure Inheritance, says it’s a good time to think about some ‘what ifs’. “Some people think they are indestructible and that because they aren’t old, they couldn’t possibly die,” he says. “But making a Will is really important, especially as a lot of people buy a house together without being married and may make wrong assumptions about what would happen if they died.” Supposing you suddenly became so ill or disabled, that you couldn’t manage your affairs? “We recommend that everyone consider a Power of Attorney – people are wary of them as they don’t want to give up control of their finances, but you can set the circumstances as to when it kicks in,” Simpson says. “Making a Will and Power of Attorney will give you peace of mind – it’s all about making decisions about who is getting what and who is controlling what, while you are still able to do so.” Do it now – If you are buying or saving jointly with an unmarried partner, get that Will and Power of Attorney done this month (and no, it really isn’t tempting fate…) Shake up your savings Yes, the interest rate on savings is 5 dire, but that’s no excuse to give up trying to find the best home for your money. Research by peer-to-peer lending platform RateSetter reveals, “46% believe that the current average interest rate of 0.3% for instant access savings (the lowest on record) is a reasonable rate of return and two thirds (63%) have not moved their money around to get a better return for over a year”. Hopefully First Time Buyer readers are more savvy. Do it now – Get on a comparison site and find out if you could do better. At the time
of writing, for example, Moneysavingexpert. com listed instant access accounts paying 1%, fixed savings at 1.65% and current accounts at 5%. Check your Credit Score According to research from 6 Experian, while 71% of Britons believe they have a good or excellent history of managing credit, two thirds of them have never actually checked their credit score, so might be in for a nasty shock when they try to get a mortgage deal. “Understanding how to properly manage your credit accounts and knowing what lenders look for when reviewing a credit application is the key to building an excellent credit score. We understand that people can find the topic confusing, but the good news is that it is possible for everyone to take control,” says James Jones, head of consumer affairs at Experian, which now offers a free credit score check. Do it now – Get a simple, free credit score check and, if it isn’t as good as you hoped, make sure that any mistakes are rectified and then put a strategy in place to improve matters. Become a Money Master New research from NS&I reveals 7 that over four million Britons feel out of their depth when it comes to managing money on a day-to-day basis – and that’s a recipe for making mistakes. Jill Waters, retail director at NS&I, advises, “Millions of us may be struggling, without a basic knowledge of money, savings and how to plan for different life stages. Having a good understanding of personal finance will help you to make more informed decisions.” Plan ahead – If you’re planning any big financial decisions (like opening an ISA, taking out life insurance, or finding a mortgage), try to educate yourself as much as possible. Visiting moneyadviceservice. org.uk is a good place to start.
C H O O S I N G A M O RT GAG E A N D S AV I N G S AC C O U N T
Standard Life savings and investment expert Jamie Jenkins has some ideas for gaining £s and shedding lbs this New Year. 99 Save up to £767 by ditching the coffee shop latte and bringing in a flask instead 99 Switch from takeaway to supermarket pizza for your weekly treat and you could save £1,506 99 Cut out the booze for good and save up to £787 a year 99 Give up deli sandwiches and make your own to save up to £1,300 99 Ditch the gym and go jogging instead to save £600 a year 99 Save on your bus, train or parking fees by cycling or walking to work instead 99 Eat breakfast at home instead of on the go to save £520 99 Give up your daily chocolate bar to save £219 a year “It’s surprising how much those seemingly small amounts can add up throughout the course of the year,” says Jamie, “and what better incentive to keeping your New Year’s resolution to get healthy and fit, than an extra £12,000 in your savings?”
Learn how to haggle Research by TopCashback.co.uk 8 reveals only three in 10 consumers regularly negotiate during a purchase, with 73% saying they are too embarrassed to haggle. But there are big savings to be had for those who give it a go. Plan ahead – Practice haggling while on holiday, or in situations where it is the norm, like renewing mobile phone contracts or buying a secondhand car. Soon, you’ll be ready to haggle on the big things, like your first home!
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Market report: Post Brexit and what it means for the housing market Many proclaimed that Brexit would be good for first time buyers, with the prospect of a faltering property market offering an opportunity to finally get on the property ladder. Fast forward several months and we have a new prime minister and pledges from the London mayor to increase affordable housing, with ‘metro mayors’ planned for many of the UK’s cities. But does anything in this post Brexit landscape make much difference to the struggling first time buyer?
EXPERT COMMENT “For the new Government to succeed where others have failed, it must commit to opening up more land for housing and development in the UK’s most successful and least affordable cities – and that will mean taking potentially contentious
POST-BREXIT MOOD Following the EU Referendum on 23 June, flat-sharing marketplace Weroom.com carried out a survey to find out how Brits felt following the leave result. The survey, commissioned by OnePoll, of 1,000 adults who have flat/house shared after moving out of the family home, found that 22% of Brits feel they are now less likely to buy, or be able to buy, a property in the UK, suggesting that consumers are worried about the future of the post-Brexit property market. The stats also revealed that 21% of us are now more likely to leave the UK thanks to the Brexit vote. With many estate agents predicting market changes to properties in London, two in five (39%) of those polled said they were less likely to move to London following the EU Referendum, which could be due to the uncertainty to buy or sell postBrexit. And, with many EU Nationals fearful of retaining their rights to live in the UK after Brexit, a third (30%) of those polled expressed concern that their international friends will leave the UK.
THE PRIME MINISTER’S ‘PLEDGE’ In her recent speech at the Conservative party conference, Prime Minister Theresa May pledged to “repair the dysfunctional housing market”, to help deliver more new
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homes and tackle some of the economy’s issues which hold people back, such as the shortage of affordable homes. Referring to the Communities and Local Government Secretary, Sajid Javid’s speech, May said: “There is an honest truth we need to address. We simply need to build more homes.” May vowed to use publicsector land, along with more government investment: “We will do everything we can to help people financially, so they can buy their own home. That’s why Help to Buy and Right to Buy are the right things to do.” Chancellor Philip Hammond promised an extra £3 billion for the Home Building Fund, along with £2 billion for plans to convert publicly-owned brownfield land into housing. Hammond suggested that he may borrow more in order to fund investment in infrastructure, which could help cities unlock more housing development. In his speech, Javid warned against ‘nimbysism’, with opponents often in greenbelt areas objecting to building programmes on these sites and he warned that ‘difficult decisions must be made’
END OF HELP TO BUY MORTGAGE GUARANTEE SCHEME: WILL IT MAKE MUCH DIFFERENCE?
decisions, such as re-assessing land currently designated as green belt.”
Edward Clarke Analyst, Centre for Cities
EXPERT COMMENT “Brexit has left many of us feeling uneasy about the state of the UK property market. Our findings highlight that consumers are concerned about buying a property after Brexit. Before Britain triggers Article 50, it’s important that a strategic plan is developed to ensure that all potential consequences are set out. That way, if a dip in the market does occur, renters, flat sharers and property owners alike are protected.”
Thomas Villeneuve CEO, Weroom.com
Theresa May backed Help to Buy, but the Government recently announced that the
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scheme will end on 31 December 2016. Brought in by George Osborne back in 2013, over 86,000 households have used the guarantee to buy a home since its launch. The mortgage guarantee helps lenders offer 5% deposit mortgages, with the Government taking on some of the risk if borrowers default. The scheme was initially scheduled to finish at the end of this year, but some lenders had called for it to be renewed. Anyone still wishing to take out a mortgage under the scheme must apply by no later than the end of 2016. Explaining why the scheme is ending, Philip Hammond wrote to Bank of England governor Mark Carney, pointing out that the mortgage guarantee scheme had “achieved its specific purpose” as the mortgage market is now less reliant on mortgage guarantee, with over 30 lenders now offering mortgages worth 90-95% of a property’s value independently. Moneysaving expert Martin Lewis thinks that the scheme’s demise will make little difference to first time buyers: “There won’t actually be that much difference. You’ll still be able to get a 5% deposit mortgage if you want one.” But Lewis warns that mortgages with just a 5% deposit are expensive: “If you can do anything to push to get yourself to 10%, interest rates plummet at that point and everything becomes much cheaper.”
MARKET FORECAST AND MORTGAGE INFORMATION According to the latest Mortgage Monitor from e.surv, 63,972 house purchase mortgage approvals (seasonally adjusted) were made during August 2016, a figure 10.3% lower than the number of approvals made in the same month a year ago. The UK mortgage market continues to experience a degree of flux following the decision to leave the European Union at the end of June, but there is an improving picture for would-be borrowers, says e.surv, pointing to signs of confidence being boosted by policy announcements made by the Bank of England. The decision to reduce the base rate to an historic low of 0.25% at the start of August has caused mortgage rates to fall and is expected to entice more borrowers to the market. The flux in the market has actually benefited borrowers with smaller deposits. Some 18.6% of all loans were made to these borrowers. This level is significantly above the 17.3% seen in August 2015.
LONDON MAYOR Current figures suggest that at least 200,000 homes need to be built in the UK annually, to keep pace with growing demand, but cities with high land values such as London are falling behind. Appointed London mayor in May, Sadiq Khan estimates that 50,000 homes are needed annually in the capital. In 2015, 24,610 were built, the highest number for 10 years. After an election in which voters identified housing as their top priority, Khan aims to overhaul the system for affordable housing, to boost schemes which have at least 35% affordable homes, with the ultimate aim to increase this to 50%. Khan has already made decisions on certain schemes; for example, 10,000 new homes in Barking, where up to 50% could be affordable. In planning guidance expected this autumn, Khan’s team is also likely to introduce a new definition of ‘affordable’ rents. Deputy mayor James Murray, is looking at ways to use the planning system to encourage more construction of build-to-rent developments – large schemes that are popular among big financial institutions seeking steady income.
METRO MAYORS Other UK cities will also soon have their own mayors, thanks to The Cities and Local Government Devolution Act, which came into force on 28 January 2016. The law means that combined authorities can take on greater powers than under previous legislation, provided they have an elected ‘metro mayor’. As a result, seven UK cities/areas will elect mayors in May 2017, according to Centre for Cities. These directly-elected metro mayors will be responsible for setting out a strategy for growing the city region economy, and will have certain powers over issues such as housing. Cities which will elect their own mayor include: Greater Manchester; Liverpool; Sheffield; Tees Valley; West Midlands and West of England, with more announcements expected over the coming months. Some experts believe that the new law will make a difference to local housing markets as they could bring in programmes similar to the Mayor of London’s affordable housing programme. Their powers exceed those of regular councillors and they can therefore have a wider impact.
EXPERT COMMENT “The devolution of power to metro mayors could spell excellent news for local UK property markets. I’ll be watching all of the metro mayor regions closely during the latter half of 2017, to see what the mayors there can achieve in terms of creating local property hotspots. Smart investors will certainly be buying with metro mayor regions in mind as we head towards the elections in May.” Jean Liggett CEO, Property Investment Consultancy, Properties of the World
EXPERT COMMENT “The appointment of metro mayors could mean a significant boost to the property sectors in certain areas of the UK. The correlation between those areas electing mayors and the property hotspots of 2017 definitely warrants watching. London is a prime example. We’ve seen mayors in the capital push through housing programmes that other cities could definitely benefit from. Sadiq Khan’s affordable housing programme is precisely the kind of move that can stimulate a local property market, so it’s exciting that Birmingham and other large cities will soon be able to benefit from similar measures.”
Ray Withers CEO, Property Frontiers
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EXPERTS
Agony agent Our readers put their property questions to our guest panel of experts: solicitors, mortgage advisers, property gurus and Help to Buy providers
THIS MONTH’S PA N E L O F E X P E R T S
Deon-Nadine Butler Marketing Manager, Notting Hill Sales
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Helen Griffin-Booth Director, Bluerow Homes
Simon Scott Head of Sales and Marketing, Origin Housing, and Chairman of the London Home Ownership Group (LHOG)
T E S T T H E PA N E L
We need your questions... If you have any queries, or difficulties in understanding the property buying process, our panel of experts is waiting to help. Send our team your questions on buying property, Help to Buy, legal issues, or your financial problems and we’ll find the best person from our panel to give the advice you need. Email your questions to: lynda@firsttimebuyermag.co.uk
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Worried about guzumping
Q
I’ve been trying to get on to the property ladder for over a year now and have finally found my dream home. I’ve made an offer just under the asking price, which has been accepted, but I’m worried that I am going to be gazumped. I’m not in a position to raise my offer financially, should this happen.What can I do to make sure my offer stays on the table? Sarah O’Byrne, Liverpool
A
Gazumping is one of the biggest fears for buyers, especially those taking their first step on to the property ladder. Having an offer accepted, only for it to be later rejected in favour of a higher offer, is a frustrating and disappointing situation to be in. Unfortunately, the agent is legally bound to report all offers received to vendors upon receipt and it’s not until contracts have been exchanged, that the house sale itself becomes legally binding. However, just because a higher offer is made, does not necessarily mean that it will be accepted. The important thing to remember is that
vendors will not always be looking purely at the financial aspect of your offer and there are a number of other cards which you could play to make you stand out as a buyer. For instance, as a first time buyer you are not constrained by any risky chains which could fall through, meaning that the sale will be able to move along more quickly. Make sure you highlight what else you bring to the table as a buyer, other than cash. This might be worth more to a vendor, who is looking to complete as soon as possible. Another action you can take is to set a timescale for completion with your estate agent. Not only will this help the sale to complete as quickly and smoothly as possible, but will also show the vendor that you are serious about the property and establish confidence in your offer. Make sure that you have your mortgage in place and that there’s nothing holding the process up on your side. Gazumping is always a hard lesson to learn, but there are precautions you can take in the future, before making an offer. For example, making a verbal offer on the grounds that the property will be taken off the market and that no more viewings will take place. Helen Griffin-Booth
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EXPERTS
Is shared ownership for us?
Q
My wife and I are looking to buy a property in London; we are both teachers and haven’t been able to save enough for a deposit to buy on the open market, so we have been looking at shared ownership. It sounds like a great scheme, which I know helps lots of people on to the property ladder each year, but does it mean we could ever own a property outright? And what happens if we need to sell the property? James Mattersey, Camden You are right to look into shared ownership, which is a scheme that allows buyers to purchase a share in the property (at least 25%) and rent the unowned share at a subsidised
A
level. Buyers require a much smaller deposit than they would need if they were looking to buy a home on the open market – usually a minimum of 5% of the share they buy. It is perfectly possible to own the property outright through a process called staircasing, which allows buyers to purchase additional shares in their property. You can staircase any time after you have moved into your home, and can usually staircase a maximum of three times, until you own the property outright. As you staircase, the rent you pay on your unowned share will decrease – and when you own the property 100% you won’t pay any rent at all. Selling the property is equally as straightforward. If you have staircased to 100% and own the home outright, you can
Time to move on
Q
I own a 30% share in my shared ownership apartment. When it’s time to move on, how do I sell the property? Can I only sell my share, or can I sell 100% of the property? Joseph Redman, Hackney
A
When you want to sell, your housing provider will be responsible for marketing and selling the property on your behalf, for a certain period, usually eight weeks, under the terms of your lease. It is intended that, as an affordable housing product, any shared ownership property is offered to other people struggling to get on to the property ladder. In the unlikely event that your housing association is unsuccessful after this time, you’ll have the option to switch the sale to the open market, and sell via an estate agent, or privately. You’ll still be entitled to a share of the selling price
market the property and sell on the open market through an estate agent, or, if Origin Housing is your landlord, we will market this for you – which will save you money on agent fees. If you haven’t fully staircased up, there is an initial eight-week period where the housing association will try to sell the property, if the property hasn’t sold after this period, you can then sell it privately. In
equivalent to what you own; so, in your case, you will receive 30% of the final sale price. This means the greater percentage you own, the more profit you will make if the value of your home has increased, so there’s a benefit to staircasing your amount of equity. If, by the time you do decide to
my experience as Head of Sales and Marketing at Origin Housing, the majority of re-sale shared ownership properties are sold by the housing association within the nominated eight-week period. Simon Scott
move on, you have staircased up to 100% ownership, then you can just list your property directly, through an estate agent of your choice. To determine your property’s current worth, an independent valuation – via a RICS approved valuer – will be required, prior to marketing the property. Notting Hill Sales has a dedicated resales service for residents looking to sell their share. With such high levels of demand for shared ownership homes, we are usually able to find another purchaser very quickly. Helping to resell properties from shared ownership sellers allows housing associations to keep the properties in the affordable housing market for future purchasers, so it is always in their interest to do so. As a result, many properties get to stay in the affordable market and even more people are helped to buy a property they probably would not have been able to afford on the open market. If you’re still worried about selling your shared ownership property, contact your housing association. Deon-Nadine Butler
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Buyers’ guide FTB EXPLAINS ALL THE OPTIONS TO HELP FIRST TIME BUYERS
Your options What are your funding options if you want to get on the housing ladder?
FIRST STEPS
ARE YOU ELIGIBLE FOR A GOVERNMENTBACKED SCHEME? The government runs several Help to Buy schemes to help people get on to the property ladder. To be eligible for Help to Buy your household income needs to be less than £60,000 a year. For more details, contact a Help to Buy Agent. Help to Buy Agents are housing associations that handle the application process for Help to Buy products. Details of Help to Buy Agents start on page 106.
BUYING ON THE OPEN MARKET
FUNDING OPTIONS
JARGON EXPLAINED
G O V E R N M E N TBACKED SCHEMES
EQUITY LOAN
HELP TO BUY The government will provide you with a 20% equity loan that is interest free for the first five years with interest charged at 1.75% in the sixth year and at annual RPI (retail price index) inflation plus 1% after that. The loan must be repaid when the property is sold or within 25 years. Buyers need to raise a deposit of 5% and a 75% loan-to-value (LTV) mortgage. Only new build homes valued up to £600,000 can be bought. The scheme is available for ftbs and movers.
This is a loan for a certain percentage of a property’s value. If you remain in the property, you repay the equity loan within 25 years. If you sell the property, you repay the percentage of the property price the loan was for. For example, if the equity loan was originally £30,000 on a £100,000 property (30%) and you sell the property for £200,000, you’ll have to repay £60,000 (30% of £200,000).
HOMES AND COMMUNITIES AGENCY
NEWBUY Available on all newly built properties offered by homebuilders participating in the scheme up to the value of £500,000.Under the scheme, the house builder will put 3.5% of the sale price into an indemnity fund, and the government provides an additional 5.5%. The mortgage lender is then able to offer 90-95% LTV mortgages, and the purchaser only needs a 5-10% deposit.
NEW BUILD HOMEBUY, ALSO KNOWN AS SHARED OWNERSHIP OR PARTBUY, PART-RENT
Most people buy property on the open market. Homes are either offered for sale by estate agents or sold privately. These include flats, houses and former local authority properties.
This scheme gives buyers the chance to purchase as little as a 25% share in a property and pay the rest in the form of subsidised rent. In the majority of cases, there is the opportunity to own the rest of the property outright by a method known as ‘staircasing’.
PRIVATE INITIATIVES
RENT TO HOMEBUY
Some house builders offer first time buyer incentives on new build homes. These include cash back, a loan to help you with costs or paying your mortgage for a set period of time. To find out more, contact developers directly.
With this scheme you rent a newly built property for up to five years and pay a reduced rent. This gives you the chance to save for a cash deposit so you can apply to buy a share of the home later.
This is a government organisation that funds affordable homes including those under Help to Buy.
STAIRCASING This applies to New Build HomeBuy schemes and occurs when the resident tops up the number of shares they own in their part-owned, part-rented home until they own the maximum share or own the property outright. The shares can be bought in 10% increments.
FUNDING OPTIONS BUYING ON THE OPEN MARKET & P R I VA T E I N I T I A T I V E S
To buy on the open market or from a house builder you’ll need to get a mortgage from a bank or other mortgage lender. To do so you’ll need to save a deposit and meet the lender’s lending criteria.
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The ftb process
Buying your first property can be a daunting experience. It’s a big decision, so it’s important to get it right. We take you through all the steps involved
F
TIPS
Unless you have enough money to buy a property outright you’ll need a mortgage. A mortgage is a loan used to buy a property and is normally repayable over 25 years. The loan is ‘secured’ on the property, which means the mortgage lender could repossess your home if you fail to make repayments on time. For this reason it’s vital only to buy a property you can realistically afford. Before you start, find out how much money you can borrow. A mortgage adviser at a bank will need details of your income, outgoings, savings and credit history – they will then be able to give you an ‘agreement in principle’, which will state, in theory, how much they will be able to lend you. An agreement in principle, however, doesn’t tie you, or the bank, to anything. Instead, it will just give you a rough idea of how much money you’ll be able to borrow. You’ll also need a deposit, normally at least 10% of the property price. The bigger the deposit, the better the mortgage rate you’ll be offered. Each mortgage product will have a maximum loan-to-value or LTV.
inance
APPLICATION You will need to have at least three months of bank statements, payslips or tax returns, a valid passport and information on any outstanding loans. Banks will look at your outgoings to assess how much you can afford to pay on your mortgage each month. The bigger deposit you have and the better your credit score, the better the mortgage rate you’ll be offered.
BUDGET Work out how much you can afford to repay each month. Look at your income and outgoings, including bills, council tax, food, insurance and travel. If you are buying a leasehold flat, you’ll also have to budget for service charges, so find out how much they will be.
MORTGAGE BROKERS VS BANKS You can apply for a mortgage via a mortgage broker (or financial adviser) or direct from a lender. A broker can look at the deals available and advise you which one would be best for your circumstances. Some mortgage products are only sold through brokers, not directly to customers. A broker will help you with the paperwork and deal with the lender on your behalf up until completion. You may have to pay them a fee or they may earn commission from the lender – find out how they are paid before committing to anything. Mortgage advisers in banks will only be able to sell you products offered by that particular bank, so it’s unlikely they will be able to offer you the very best deal for your circumstances. It’s important to shop around. You can compare mortgage deals yourself using websites such as
CREDIT SCORE Get a credit report from Experian or Equifax, and make sure there are no default accounts, CCJs (county court judgements) or missed payments. If you are making lots of enquiries to find the best deal, make sure the lenders log your enquiry as a ‘quotation’ (soft) search rather than an ‘application’ (hard) search. Too many applications will leave ‘footprints’ on your credit score and can affect your rating. To improve your credit score, make sure you’re on the electoral roll, and pay your bills and any loan repayments on time.
SET A BUDGET
FINANCE
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Work out how much money you have for fees, deposit and the monthly mortgage you can afford.
CREDIT SCORE
Make sure your credit rating is sound, and pay off any debts you can.
moneysupermarket.com or moneynet.co.uk, then apply directly to your chosen lender.
FIXED-RATES Some mortgages are fixed-rates. This means you’ll pay the same rate of interest for a certain period of time, and your repayments won’t change. If interest rates go up, you’ll be protected from the increase, but you won’t benefit from any fall in interest rates. Normally at the end of the fixed period your mortgage rate will revert to the lender’s standard variable rate (SVR) for the rest of the term. You can either pay this rate or remortgage to another lender. Remortgaging to another lender will usually mean you have to pay a fee or early redemption charge (ERC).
VARIABLE-RATE MORTGAGES Variable-rate mortgages are either linked to the lender’s SVR or the Bank of England base rate, and the rate you pay can change. Lenders can change their SVR whenever they want, but they normally only change it when the Bank of England base rate changes. ‘Tracker’ mortgages have repayment rates directly linked to the base rate and are liable to fluctuate, so you need to be sure you could afford higher repayments if rates rise.
REPAYMENT OR INTEREST-ONLY You can either pay your mortgage on a repayment or interest-only basis. If you choose a repayment mortgage, your monthly payments will pay off some interest and some capital. At the end of the term, you’ll own your home outright. With an interest-only mortgage you’ll have smaller monthly payments, but these only pay the interest on the loan. At the end of the term you’ll still owe the original mortgage sum. If you take out an interestonly mortgage, you’ll need to have a plan in place (such as an investment) as to how you’ll pay off the capital.
SHOP AROUND
Speak to a mortgage broker, but also look at lenders’ direct products and search the internet for the best deal.
RESEARCH
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BUYERS’ GUIDE
TIPS
RESEARCH AN AREA
T
a floor plan. Sign up with as many estate agents as you can (and your local HomeBuy Agent housing associations if you’re looking at shared ownership properties). They should send you new properties that match your description, but it’s worth phoning agents regularly.
Buying a home is a big investment. You need to buy a home you can afford and one
horough research
you’ll be happy living in.
LOCATION IS KEY The first step is to shortlist the locations you feel you’d like to live in, then check if you can afford the house prices in those areas. It’s also worthwhile visiting places you like: it may be that there’s an up-and-coming hot spot just down the road you didn’t know about that’s much more affordable. Ideally, you will have rented in the area before buying, but if this isn’t the case, at least spend some time there, check out the commuting time to work, and visit local pubs, shops and leisure facilities. Visit the area at night, too.
PROPERTY SEARCH Once you have found the right location, go online and check out what’s on offer. Most properties are listed on property portals such as findaproperty.com or propertyfinder.com or estate agents’ own websites. Most of the properties featured have pictures and descriptions and some have DECIDE ON A LOCATION
Be practical. Think about the commuting time and if you can afford to buy in the area.
RESEARCH THE AREA
Check out crime rates, future regeneration or new transport links.
Check online for prices of sold properties in the area, and make sure properties you like fit your budget. You can search for recent sold prices of property in any area at nethouseprices.com, although be aware that prices have dropped significantly in the past year. If you like a property, aerial shots of the area can be viewed at earth.google.com
VIEWING Once you see a property you like, arrange a viewing. Most people see at least 10 properties before putting in an offer. It’s worth bringing a friend or relative and also arranging a second viewing to check out any bits you may have missed. Don’t get taken in by the furnishings and décor too much. Remember that a property that is slightly run down can still be a great investment and may only need a touch of paint and a change of furniture.
Before you put in an offer, visit the street at different times to make sure it’s safe. Ask neighbours and local shop owners about the area.
BEFORE YOU BUY When looking at buying apartments, check exactly what is included in the service charge and how much it is. Also, ask about the terms of the lease and its length. If the lease has less than 80 years left, use this as a negotiating tool and make an offer below the asking price.
ESTATE AGENTS It’s a buyers’ market, so make use of agents’ legwork in finding properties that fit your requirements. Be aware that estate agents are paid commission by the seller on the sale, so try to inspect the property yourself rather than just the parts the agent shows you. Don’t get sucked in by the hard sell. SEARCH
Register with local estate agents, and use the internet to search for properties.
VIEWINGS
Look at several properties, and visit ones you like more than once and with someone else.
OFFER
When making an offer, don’t be afraid to ask for less than the asking price. If the property needs work done on it, use this as a negotiating tool.
SURVEY
BUYING
Make sure you get a survey done – it could save you money in the long run.
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uying process
BUYERS’ COSTS SURVEYS AND VALUATIONS
Once your offer is accepted, tell your mortgage lender. They will do a valuation to ensure the property is worth the money being advanced. At the same time, instruct a surveyor to carry out a survey. If this shows problems, find out how much they would cost to rectify and use this information to renegotiate the sale price. Or, tell the seller certain repairs need to be carried out before contracts are exchanged.
SOLICITOR’S/CONVEYANCING COSTS £500-£1,500
MORTGAGE FEE £0-£1,000
VALUATION £0-£300 (depending on your mortgage deal)
SURVEY £300-£500 (depending on the type of survey you have done)
SOLICITORS After the offer is accepted, you will also need to appoint a solicitor or conveyancer who will oversee the contract, deal with the finances and exchange the deeds. Your solicitor will carry out searches, check the terms of any lease and tell you how much stamp duty you have to pay. The seller will also appoint a solicitor, and the two legal teams will be in regular contact to make sure the purchase goes as smoothly as possible.
TIPS
A QUICK SALE Push the seller to take the property off the market. This will limit the chances of being gazumped (another buyer making a larger offer). The seller can insist on continuing to show the property, especially if you haven’t offered the asking price.
EXCHANGE AND COMPLETION Once the mortgage offer is in place, the contract is satisfactory and buildings insurance has been organised, both parties will agree an exchange date. On exchange of contracts, you pay a deposit, and a completion date is set. At this point, there’s no going back – the seller could sue you if you pull out, and you could lose your deposit. The exchange can be on the same date as the completion, but they are usually a week to 10 days apart. On completion, the final paperwork is done, and the property is legally yours.
Use a recommended solicitor who you know to be reliable and can move fast. Never get pressured into an exchange and completion date without knowing all your finances and documents are in place. If you can’t complete, you may have to pay the seller’s costs. English property law is different to Scottish law: in England, if you put in an offer and then have a change of heart, you can legally back out of the deal or negotiate up until the exchange date. But, in Scotland, an agreed price is binding.
SOLICITORS
Compare quotes from solicitors, and ask your friends if they can recommend someone. A good solicitor can make a big difference to a purchase completing or falling through.
LOCAL AUTHORITY SEARCH FEES £300 (included in your solicitor’s bill)
LAND REGISTRY FEES £50-£920 (depending on the property’s value, e.g., £200 on a property costing between £100,000 and £200,000).
MORTGAGE BROKER’S FEE 0-1%
STAMP DUTY 0% for properties costing up to £125,000
2% for properties costing between £125,001 and £250,000
5% for properties costing between £250,001 and £925,000
10% for properties costing between £925,001 and £1,500,000
BUILDINGS INSURANCE £300 per year, payable monthly or in advance. Buildings insurance can cost a lot more if your property is at risk of flooding.
TIME SCALE From offer to completion usually takes about six weeks to three months, but don’t feel pressured or rush into anything you’re not sure of just because the seller or estate agent wants you to exchange.
SEARCHES
Look at the results of searches your solicitor has done. They will tell you, for example, if a main road is about to be built at the end of your garden.
INSURANCE
After you’ve exchanged contracts, arrange buildings insurance – this will be a condition of your mortgage offer.
REMOVALS
Shop around for a removals firm, and find one that can move your possessions on completion day.
SERVICE CHARGES AND GROUND RENT ON LEASEHOLD FLATS £100-£4,000
COMPLETION
Your solicitor or estate agent will call you to tell you the property is yours. The solicitor will have some final paperwork to do, and you will then have to pay the solicitor’s bill and your stamp duty payment (if applicable).
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Home buying glossary Confused by financial acronyms and industry terminology? Buying your first house is daunting enough without having to decode property lingo. FTB’s home buying glossary is here to make the process a whole lot easier to understand AGREEMENT IN PRINCIPLE
DISBURSEMENTS
The initial document your lender will give you outlining the amount you are likely to be lent. An agreement in principle is not a guarantee of getting a mortgage.
These are additional charges incurred during the home buying process such as stamp duty and Land Registry charges. You must give the money to your conveyancer or solicitor who will then pay the charges on your behalf.
APR APR stands for annual percentage rate. It is the interest rate you’d pay over a year. It takes into account not just the interest on your loan but also any other additional charges.
EARLY REPAYMENT CHARGE
ARREARS
EQUITY
This is a term used to describe payments that haven’t been made on time.
The difference between the value of the property and the value of the mortgage you have secured.
BASE RATE The interest rate set by the Bank of England. Lenders use the Bank of England base rate to set their own charges.
BROKER
This is an amount of money you have to pay a lender if you decide to move mortgage providers or if you pay off your mortgage quicker than expected.
EXCHANGE OF CONTRACTS This is when you exchange contracts with the seller. When this has happened, both sides are legally bound to complete the transaction.
A broker is someone who gives you advice on your mortgage. Some are independent, while others work for lenders.
FREEHOLD
BUILDING SURVEY
When a seller accepts an offer and then later on rejects it in favour of a higher offer from another bidder.
A survey carried out by a qualified surveyor to spot any structural problems or faults in the home you are buying.
COLLATERAL Something of value that is offered as a guarantee against a loan. With mortgages, your home is collateral.
COMPLETION The finalisation of the sale. Completion day is when all money is transferred and you become the legal owner of your new home.
CONVEYANCING The legal process of transferring ownership of a property.
A freehold is when you fully own a property and the land it stands on.
GAZUMPING
GUARANTOR A person, usually a parent, who guarantees that you can pay your mortgage repayments. You often need a guarantor if you are struggling to get a mortgage based on your own income. If for some reason you cannot pay your mortgage, your guarantor has to pay it for you.
HIGHER LENDING CHARGE If you take out a large mortgage on a property, some lenders charge you an extra fee. This is because the more money you borrow the more of a risk the lender is taking.
LAND REGISTRY FEES This is a fee you have to pay in order to register your ownership of the property with the Land Registry.
LEASE A type of contract where you buy the right to occupy the property for a fixed period of time. You usually have to pay annual ground rent each year.
LTV This stands for loan to value – the ratio between the amount of money you have taken out as a loan and the valuation price of the property.
LUMP-SUM REDUCTION In order to reduce your mortgage, you can make a lump-sum reduction. This is where you pay more than you owe each month in mortgage repayments.
REDEMPTION Paying off your mortgage in full is known as redemption.
REPAYMENTS The amount you have to pay back each month to your mortgage provider
STAMP DUTY Stamp duty is a shortened name for stamp duty land tax. This is an amount of money that the government tax you when you purchase a new property. Your solicitor or conveyancer will organise the payment for you.
TITLE DEEDS The legal documents that outline your rights and liabilities in relation to your new property. The title deeds also act as proof of ownership.
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BUYERS’ GUIDE
Things that can hold up your purchase – and what you can do Buying a home can take some time, especially if complications crop up in the legal process. There’s no need to worry, though, because Adele Barker, Director of Conveyancing at Beaumont Legal – First Time Buyer’s Best Law Firm for Conveyancing in 2013, 2014, 2015 and 2016 – has some tips to follow!
TOP 3 THINGS TO REMEMBER… Don’t panic! Very few things in life are perfect. Your new home might be your dream and you might be in love with it, but remember, if you find something wrong – either before or after you move in – there’s no need to panic. Trust your lawyer Pick carefully and choose a lawyer you can trust. So long as you do your research and choose someone who has plenty of experience of properties like the one you’re buying (such as Beaumont Legal!), you should have confidence in them to handle any issues which crop up. Look at their credentials, choose wisely and trust your judgement. Remember, if something crops up, it’s better to know before you buy Most issues are straightforward and nothing to worry about but, if conveyancing highlights serious problems with the home, you want to know about them before parting with hundreds of thousands of pounds! You could find something you can use to reduce the price, or which makes you realise the home isn’t right for you. So long as you’ve picked a no-completion-no-fee solicitor, you won’t have to pay for the time spent on your case.
FOUR KEY AREAS AND HOW TO HANDLE THEM… Know your boundaries If there’s a hedge, fence, or wall, you want to know who’s responsible for maintaining it. Is there a future potential cost for you, or is there shared access you share with a
neighbour, such as a driveway? If so, whose responsibility is it to maintain and can you park there? How you should approach it: Keep an eye out for where the access routes and boundaries are when you view the home, and tell your lawyer about anything specific you want them to check. This way, you’ll be able to highlight any potential issues to your conveyancer before they start looking at the files. When you get the plans from your lawyer, check them carefully – you’ll know what’s actually there, because you’ve visited the property. Find out what local issues there may be You’ll know how close the home is to things like a station, shops or a school, but is it in a flood zone? Are there new building works planned nearby? How you should approach it: Property searches tell you the answer, and they’ll be required by your mortgage lender. Searches can highlight issues such as flooding, which could cost you thousands of pounds, or restrict your ability to get insurance. Your solicitor will ask you which local, environmental and planning searches you’d like, but your mortgage lender will insist you get some of them done. Have patience once they’re ordered – some authorities respond to requests the same day, while others take weeks – and go for a comprehensive package from the start – it’ll give you extra peace of mind.
YOUR MORTGAGE Do you have a mortgage offer lined up? When does it expire? How long will your
mortgage lender take to provide the money for your purchase? How you should approach it: Get a mortgage in principle before you find the home you want. If you have a mortgage offer in place, in theory, it means you should be able to move more quickly, so sellers like it. Get as much flexibility in your mortgage offer as you can. There are many reasons a transaction can be delayed – more so, if you’re in a long chain – so the more flexibility they’ll give, the better. The solicitor has to complete a series of requirements for your mortgage provider, for the lender’s security – they want to know that there won’t be any problems with the home you’re buying. In reality, what they’re looking for are the same things you should be looking for – so answer any questions they have as quick as you can. Delays from other parties Are your sellers dragging their heels? Why isn’t their lawyer replying? What’s happening further up the chain? How you should approach it: Any of the issues above could affect anyone in a chain, which can be frustrating. Be helpful and flexible where you can and show understanding with the other side on things like a potential moving date and other factors such as offering to clear out the house. Ask your solicitor if there’s anything you or they can do to help and remember, as a first time buyer, you’re in the most comfortable position in the chain as the purchase of your dream home doesn’t depend on you selling another property. Be patient – you’ll get there in the end!
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BUYERS’ GUIDE
Adele Barker is Director of Conveyancing at Beaumont Legal – who won First Time Buyer’s Best Law Firm for Conveyancing Award in 2013, 2014, 2015 & 2016. Beaumont Legal let you buy your first home without hanging around for the paperwork – you send and receive documents online, securely and instantly, to really speed up the whole legal process. You can start your conveyancing anywhere, anytime, with any device, by visiting beaumont-legal.co.uk, or calling 0345 122 8080
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Directory
ZONES, HELP TO BUY AGENTS, HELP TO BUY PROVIDERS AND MORE... HELP TO BUY NORTH EAST, YORKSHIRE & THE HUMBER Tel: 0113 243 6893 helptobuyneyh.co.uk
HELP TO BUY NORTH WEST Tel: 0300 790 0570 helptobuynw.org.uk 1) 2) 3) 4) 5)
Cumbria Lancashire Merseyside Greater Manchester Cheshire
1) 2) 3) 4) 5) 6) 7)
1 2
Northumberland Tyne & Wear Durham North Yorkshire West Yorkshire South Yorkshire East Riding of Yorkshire
3
1
HELP TO BUY EAST AND SOUTH EAST
HELP TO BUY MIDLANDS Tel: 0345 850 2050 helptobuymidlands.co.uk
Tel: 03333 214044 helptobuyese.org.uk
4
1) Shropshire 2) Staffordshire 3) Derbyshire 4) Nottinghamshire 5) Lincolnshire 6) Herefordshire 7) Worcestershire 8) West Midlands 9) Warwickshire 10) Leicestershire 11) Rutland 12) Northamptonshire
1) Norfolk 2) Cambridgeshire 3) Suffolk 4) Bedfordshire 5) Buckinghamshire 6) Hertfordshire 7) Essex 8) Surrey 9) Kent 10) West Sussex 11) East Sussex
7
2
5 4
3
6
5
3
5
4
2 HELP TO BUY SOUTH
8
Tel: 0800 456 1188 helptobuysouth.co.uk 1) 2) 3) 4)
Gloucestershire Oxfordshire Bristol Bath & NE Somerset, Mendip and North Somerset 5) Wiltshire 6) Berkshire 7) Hampshire 8) Isle of Wight
7
6
1
5
6
5
4
89 7
8 1 HELP TO BUY SOUTH WEST Tel: 0300 100 0021 helptobuysw.org.uk Cornwall Devon South Somerset Dorset
7
1
6
4
1) 2) 3) 4)
3
4 2
3
2
12
9
3 2
1
11
10
1
10
11
HELP TO BUY LONDON Tel: 0300 500 0996 helptobuylondon.co.uk 1) London
Map supplied by Help to Buy South
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USEFUL CONTACTS ZONES, HELP TO BUY AGENTS & HELP TO BUY PROVIDERS – RECEIVE ADVICE ON PROPERTY FUNDING OPTIONS
LONDON
LONDON
MIDLANDS
Help to Buy London
guarantee, please contact the participating lenders
Tel: 0300 5000 996
Tel: 0345 850 2050
0300 500 0996
directly.
helptobuylondon.co.uk
helptobuymidlands.co.uk
helptobuylondon.co.uk Shropshire Share to Buy sharetobuy.com/firststeps
EAST & SOUTH EAST
Staffordshire Derbyshire Nottinghamshire
Please note:
Tel: 03333 214044
Lincolnshire
Help to Buy agents administer the Help to Buy: equity
helptobuyese.org.uk
Herefordshire
loan scheme but not the mortgage guarantee scheme.
Worcestershire
They have the authority to give the go-ahead for you
Norfolk
West Midlands
to purchase a home with help from the equity loan
Cambridgeshire
Warwickshire
scheme. The agents make other key decisions during
Suffolk
Leicestershire
the purchase process. For the Help to Buy: mortgage
Bedfordshire
Rutland
Buckinghamshire
Northamptonshire
Hertfordshire Essex
NORTH WEST
Surrey Kent
Tel: 0300 790 0570
West Sussex
helptobuynw.org.uk
East Sussex
Cumbria Lancashire Merseyside
SOUTH WEST
Greater Manchester Cheshire
Tel: 0300 100 0021 helptobuysw.org.uk Cornwall
NORTH EAST, YORKSHIRE & THE HUMBER
Devon South Somerset
Tel: 0113 243 6893
Dorset
helptobuyneyh.co.uk Northumberland
SOUTH
Tyne & Wear Durham
Tel: 0845 604 11 22
North Yorkshire
helptobuysouth.co.uk
West Yorkshire South Yorkshire
Gloucestershire
East Riding of Yorkshire
Oxfordshire Bristol Bath & NE Somerset, Mendip and North Somerset Wiltshire Berkshire Hampshire Isle of Wight
ADVERTISE IN THIS SPACE Speak to our advertising team to find out the best ways to give your organisation maximum exposure. Call 020 7258 1777 or email lynda@firsttimebuyermag.co.uk
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USEFUL CONTACTS HELP TO BUY PROVIDERS – OFFERING NEW BUILD SCHEMES, INCLUDING HELP TO BUY (SHARED OWNERSHIP) AND RENT TO BUY PROPERTIES Newlon Housing Trust
Shepherd’s Bush Housing
Affinity Sutton
Circle Living
newlonhomeownership.
sbhg.co.uk
affinitysutton.com
circleliving.org.uk
co.uk
020 8996 6666
0300 100 0303
0845 304 1002
0800 058 2544 Southern Home
Aster Group
Estuary Housing
Notting Hill Housing
Ownership
aster.org.uk
Association
nottinghillhousing.org.uk
sho.org.uk
01380 735 391
estuary.co.uk
020 8357 4444
020 7553 6420
01702 462 246 Chelmer Housing
LONDON
Octavia Housing
Swan Housing
Partnership
Family Mosaic
octaviahousing.org.uk
Association
chp.org.uk
familymosaicsales.co.uk
020 8354 5500
swan.org.uk
0300 555 0500
020 7089 1315
Gateway Housing
0300 303 2500
Association
One Housing Group
CHS Group
First Wessex
A2Dominion New Homes
gatewayhousing.org.uk
onehousinggroup.co.uk
Thames Valley Housing
chsgroup.org.uk
firstwessex.org
a2dominion.co.uk/
020 8709 4409
0800 234 6242
Association
0300 111 3555
0800 0191 470
newhomes
tvha.co.uk Genesis Homes
Origin Housing
genesishomes.org.uk
originhousing.org.uk
033 3000 4000
0800 040 7989
Guinness Partnership
Paradigm Housing
wandle.com
(South)
paradigmliving.co.uk
0300 2000 116
Catalyst Housing
guinnesspartnership.com
0845 337 4877
chg.org.uk
0300 111 321
0800 783 2159 Affinity Sutton
Wandle Housing Association
affinitysutton.com 0300 100 0303
0845 351 2345
Peabody
0845 601 7729 Hexagon
peabody.org.uk
Circle Living
hexagon.org.uk
020 7021 4444
circleliving.org.uk
020 8778 6699
SOUTH EAST A2Dominion New Homes a2dominion.co.uk/
Places for People
newhomes
Home Group
placesforpeople.co.uk
0800 783 2159
Clapham Park Homes
homegroup.org.uk
0845 850 9571
metropolitan.org.uk
0845 230 2074
0845 304 1002
Accent Nene Sanctuary London
accentnene.org
Hyde New Homes
sanctuary-housing.co.uk
01733 295 400
East Thames
hydenewhomes.co.uk
0800 781 4755
east-thames.co.uk
020 8297 7555
020 3535 3535
Accent Peerless Servite Houses
accentpeerless.co.uk
Islington and Shoreditch
viridianhousing.org.uk
0800 294 2280
Estuary Housing
Housing Association
0800 012 1442
Association
isha.co.uk
estuary.co.uk
020 7226 3753
0845 600 0830
01702 462 246 London and Quadrant Family Mosaic
lqgroup.org.uk
familymosaicsales.co.uk
0844 406 9800
020 7089 1315 Metropolitan Home Gallions Housing
Ownership
Association
mho.co.uk
gallionsha.co.uk
020 3535 2555
0300 123 1141
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USEFUL CONTACTS HELP TO BUY PROVIDERS
SOUTH WEST
Flagship Homes
Hyde New Homes
Origin Housing
Rosemary Simmons
Swan Housing
flagship-homes.co.uk
hydenewhomes.co.uk
originhousing.org.uk
Housing Association
Association
01603 255 444
020 8297 7555
0800 040 7989
rsmha.org.uk
swan.org.uk
Aster Group
01372 461 440
0300 303 2500
aster.org.uk
Genesis Homes
Jephson Homes Housing
Orwell Housing
genesishomes.org.uk
Association
Association
Sanctuary South East
Thames Valley Housing
033 3000 4000
jephson.org.uk
orwell-housing.co.uk
sanctuary-housing.co.uk
Association
Cornerstone Housing
01926 339 311
01473 218 818
0800 781 4755
tvha.co.uk
cornerstonehousing.net
0845 351 2345
01392 273 462
01380 735 391
Guinness Partnership (South)
Knightstone Housing
Paradigm Housing
Sentinel Homescope
guinnesspartnership.com
Association
paradigmliving.co.uk
sentinelha.org.uk/
London and Quadrant
CURO
0300 111 321
knightstone.co.uk
0845 337 4877
homescope
lqgroup.org.uk
curo-group.co.uk
01256 338 800
0844 406 9800
01225 366 000
01934 524 300 Hastoe Housing
Peabody
Association
LHA-ASRA Group
peabody.org.uk
Servite Houses
Town and Country
DCH
hastoe.com
lha-asra.org.uk
020 7021 4444
viridianhousing.org.uk
Housing
dchgroup.com
0800 783 3097
0116 257 6716
0800 012 1442
tchg.org.uk
01752 856 037
Places for People
01892 501 626 Elim Housing
Home Group
Metropolitan Home
placesforpeople.co.uk
Soha Housing
homegroup.org.uk
Ownership
0845 850 9571
Soha.co.uk
Western Challenge
elimhousing.co.uk
0845 230 2074
mho.co.uk
01235 515 900
Housing Association
01454 411 172
020 8920 7777
Raglan Housing
spinnakergroup.co.uk/
Association
Southern Home
westernchallenge
GreenSquare
housingsolutions.co.uk
Moat
raglan.org
Ownership
01425 283 600
greensquaregroup.com
0800 876 6060
moat.co.uk
0800 011 6420
sho.org.uk
Housing Solutions Group
0300 323 0011 Howard Cottage Homes
020 7553 6420 Rosebery Housing
01249 465 465 Worthing Homes worthing-homes.org.uk
Guinness Partnership
01903 703 100
(Hermitage)
howard-cottage.co.uk
One Housing Group
Association
Sovereign Housing
01462 683 307
onehousinggroup.co.uk
rosebery.org.uk
sovereign.org.uk
guinnesspartnership.com
0800 234 6242
01372 814 000
0845 712 5530
0300 303 8034
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USEFUL CONTACTS HELP TO BUY PROVIDERS Hastoe Housing
Severn Vale Housing
Acis Group
East Midlands Housing
Association
Svhs.org.uk
acisgroup.co.uk
Association
hastoe.com
01684 272 727
0800 027 2057
emhomebuy.org.uk
Signpost Housing
Asra Housing Group
Jephson Homes Housing
Association
asra.org.uk
Family Housing
Assoc. Ltd
sha.co.uk
0116 257 6716
Association
jephson.org.uk
0800 783 7837
0800 783 3097
0844 892 9000
family-housing.co.uk Black Country Housing
01926 339 311
0121 766 1100
Sovereign Housing
Group
Nectar Homes
sovereign.org.uk
bcha.co.uk
Friendship Care and
nectarhomes.co.uk
0845 712 5530
0121 561 1969
Housing
Synergy Housing
Bromford Group
Places for People
Part of the Aster Group
bromfordgroup.co.uk
placesforpeople.co.uk
synergyhousing.co.uk
0845 601 0878
0845 850 9571
01202 308600
0845 850 4505
midlandheart.org.uk 0345 60 20 540
Homes
Muir Group
longhurst-group.org.uk
yourownspace.org.uk
0845 309 0700
01928 728 0399
Merican Housing
Nottingham Community
Association
Housing Association
Guinness Partnership
mercian.org.uk
ncha.org.uk
(Northern Counties)
0121 322 7373
0845 650 1204
0300 111 7000
raglan.org
01803 200 300
Sanctuary Southwest
Midland Heart
01926 339 311
01902 571 100
caldmoreaccordha.org.uk
0800 0421 800
jephson.org.uk
Longhurst and Havelok
westcountryha.org.uk
rooftopgroup.org
Heantun Housing
020 8920 7777
heantun.org
Westcountry Housing
MIDLANDS
Assoc. Ltd
Caldmore Accord Association
Rooftop Housing Group
Jephson Homes Housing
08456 019 095
Association
Raglan Housing
0800 011 6420
fch.org.uk
Home Group De Montfort Housing
homegroup.org.uk
Society
0845 230 2074
demontforthousing.co.uk 0116 223 3700
Accent Nene accentnene.org
Derwent Living Housing
guinnesspartnership.com
01733 295 400
Association
0845 605900
Metropolitan Home
Orbit HomeBuy Agents
Sanctuary-housing.co.uk
derwentliving.com
Ownership
orbithomebuyagents.co.uk
0800 083 9283
01332 346 477
mho.co.uk
0345 850 2050
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USEFUL CONTACTS HELP TO BUY PROVIDERS Places for People
Equity Housing
placesforpeople.co.uk
equityhousing.co.uk
0845 850 9571
0800 733 233
Raglan Housing
Guinness Partnership
Association
(Northern Counties)
raglan.org
guinnesspartnership.com
0800 011 6420
0845 605900
Riverside Housing
Headrow Limited
Association
headrow.org.uk
riverside.org.uk
0133 250 4337
0845 111 0000
PROPERTY SERIES COMING TO THE UK WANTS TO HEAR FROM HOUSE-HUNTING COUPLES! £15,000 UP FOR GRABS!
Based on an American Show this exciting series sees Property Expert Max Blake help couples on the journey of buying a house. He’s even putting £15,000 of his OWN money towards helping YOU secure your home!
Home Group Rooftop Group
homegroup.org.uk
rooftopgroup.org
0845 230 2074
0800 0421 800 Jephson Homes Housing Sanctuary Midlands
Association
sanctuary-housing.co.uk
jephson.org.uk
0800 131 3348
01926 339 311
If you are a couple currently house-hunting and you need the cash injection from Max – please get in touch now! E-mail: casting@helpusbuy.co.uk
NORTH EAST
Tees Valley Housing
Cosmopolitan Housing
Outlook Homes
Group
Association
outlookhomes.com 0161 248 2363
Servite Houses
Leeds Federated
Accent Foundation Ltd
teesvalley.org
cosmopolitanhousing.
viridianhousing.org.uk
Housing Association
accentgroup.org
08000 461600
co.uk
0800 012 1442
lfha.co.uk
01274 717 500
South Staffordshire
0151 227 3716 Three Rivers Housing
0113 386 1000
Places for People placesforpeople.co.uk
Bernicia
Association
Eden Housing
0845 850 9571
Housing Association
Longhurst and Havelok
bernicia.com
threerivershousing.co.uk
Association
ssha.co.uk
Homes
0844 800 3800
08000 461 452
edenha.org.uk
Progress Housing Group
0800 096 8690
longhurst-group.org.uk
01768 861 400
progressgroup.org.uk
0845 309 0700 Staffordshire Housing
Erimus Housing Ltd
Two Castles Housing
erimushousing.co.uk
Association (North East)
Equity Housing
01642 707910
twocastles.org.uk
equityhousing.co.uk
Regenda Homes
0191 261 4774
0800 733 233
regendahomes.co.uk
Association
Manningham Housing
staffshousing.org.uk
Association
01782 744 533
manninghamhousing.
Gentoo Sunderland
co.uk
gentoohomes.com
01274 771 144
0191 525 5000
Waterloo Housing
0344 736 0063 Guinness Partnership
NORTH WEST
Association waterlooha.org.uk
Muir Group
Guinness Partnership
Accent Foundation Ltd
0121 355 4501
yourownspace.org.uk
(Northern Counties)
accentgroup.org
01928 728 0399
guinnesspartnership.com
01274 717 500
WM Housing Group
0845 605900 Adactus Housing Group
wmhousing.co.uk
Outlook Homes
01214 574604
outlookhomes.com
Home Group
adactushousing.co.uk
0161 248 2363
homegroup.org.uk
01942 608 715
0845 230 2074
YORKS/ HUMBER
Arcon Housing
Places for People
01772 450600
(Northern Counties)
Riverside Housing
guinnesspartnership.com
Association
0845 605900
riverside.org.uk 0845 111 0000
Home Group homegroup.org.uk
Sanctuary North
0845 230 2074
sanctuary-housing.co.uk 0800 781 0401
Impact Housing impacthousing.org.uk
Servite Houses
03448 736290
viridianhousing.org.uk
placesforpeople.co.uk
ISOS
Association
0845 850 9571
isoshousing.co.uk
arcon.org.uk
Irwell Valley Housing
0300 300 1505
0161 214 4120
Association
Your Housing Group
irwellvalleyha.co.uk
yourhousinggroup.co.uk
0800 035 2212
01925 236 400
Accent Foundation Ltd accentgroup.org
Rosa Homes
01274 717 500
rosahomes.co.uk
Live Smart
CDS Co-operatives
0845 077 0027
livesmarthome.com
cds.coop
0800 028 3629
020 7397 5700
Acis Group
0800 012 1442
Knowsley Housing Trust
acisgroup.co.uk
Sanctuary North
0800 027 2057
sanctuary-housing.co.uk
Places for People
Chester and District
0800 781 0401
placesforpeople.co.uk
Housing Trust
0845 850 9571
cdht.net
Liverpool Housing Trust
0808 100 7701
lht.co.uk
Broadacres
k-h-t.org 0151 290 7000
broadacres.org.uk
Wakefield and District
01609 767 900
Housing
Sanctuary North
wdh.co.uk
sanctuary-housing.co.uk
Contour Homes
0845 850 7507
0800 781 0401
contourhousing.co.uk
Muir Group
0845 602 1120
yourownspace.org.uk
Crucible Homes cruciblehomes.co.uk 0114 421 3430
01928 796000
01928 728 0399
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LAST WORD
Spotlight on... KUSH RAWAL SALES AND MARKETING DIRECTOR, THAMES VALLEY HOUSING
Buying a house for the first time can often be quite daunting. We talk to some of the key players in the property world to get their views on what is happening in the market and how to get on the ladder
Kush has worked in the housing and development industry for over 10 years, in roles focused on developing affordable intermediate products as well as market sale and rental housing, in the challenging London and South East housing markets. More recently, he has worked on delivering innovative adaptations to existing products to improve the performance of the secondary market. How would you summarise shared ownership in a few sentences? Shared ownership is a tried and tested opportunity for people who are locked out of buying their first home to get a foothold on the property ladder. It gives them a chance to invest in owning a home and, as circumstances change, there is availability to own more of the property. What are the advantages of shared ownership for first time buyers? Our market provides first time buyers, who are facing a daunting and difficult journey, all-important help and advice. It is our job to explain the process of buying their first home. We are all experienced and have perfected the way to help deal with their needs. Shared ownership has many advantages and does not compromise on specification, location, or size and, without this help, many first time buyers would be unable to afford a home of their own. Can you tell us a little bit about Thames Valley Housing? We are a very agile organisation and when
114
it comes to taking customers feedback and translating that into how we do things, we take it very seriously. We have invested a great deal of money into making our customers' journey an easy one – one which is transparent, open, fast and totally meets the purhcaser's needs. We have also created shared ownership PLUS, which allows people to purchase an extra 1% of their home every year, at a predetermined price. We carried out research in conjunction with the University of Cambridge on the traditional shared ownership model. It showed that once people had bought the first percentage of their home, they were rarely able to afford more. This is especially true in the South East, where house prices are very high compared with salaries. Shared ownership PLUS was developed to address this and allows homeowners to buy more of their home in affordable yearly increments. It also dispenses with extras, such as valuation and solicitors fees, and stamp duty, since the value is pre-determined when the first percentage is purchased. Thames Valley builds homes offered through shared ownership for people to grow into as we realise that many first time buyers will have, or plan to have, a family and will need space. What are the biggest misconceptions about shared ownership? Who it is for and how it works. The scheme works like this: you buy a share of your home – usually between 25%75% – and pay a subsided rent on the part
you don’t own. Over time, you can buy more shares, until you own the property outright – called staircasing. It is open to people of any occupation and those earning up to £90,000 in London and £80,000 outside the capital are eligible. Also, many people believe shared ownership homes are of a different standard to those on the open market, but there is a requirement put on shared ownership funding stating that properties have to meet certain criteria, including the amount of space and storage. Often you will get a larger and better-quality home. Also, the subsidised rent you pay is way below market rent. Finally, research shows that a shared ownership home sells quicker and faster and, on average, is only on the market for around seven days! What are Thames Valley Housing's plans for the future? Now is the time that shared ownership has come into its own and the Government are focusing on their commitment to deliver many more homes. We have just seen the launch of a massive £3 billion Home Building Fund, to help build 25,000 new homes immenintly and up to 200,000 in the longer term. The housing sector is mobilised and really tuned in to what’s out there and, thanks to Help to Buy, it has legitimised subsidised housing. We are now scaling up our programme and pushing it out to the masses to help address the housing crisis. There is such a need for more housing right now and Thames Valley are committed to help.
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