First Time Buyer – October/November 2016

the Ultimate Guide to... GETTING ON THE LADDER, THE PROPERTY MARKET AND HELP TO BUY October/ November 2016 £2.95 firsttimebuyermag.com

TOP CHEF ANJULA DEVI CREATES THE PERFECT CHICKEN CURRY

WIN!

A JUDGE 5-PIECE COOKWARE SET WORTH OVER £250

AFFORDABLE HOTSPOTS OUTSIDE THE CITY CENTRES

A SIMPLE GUIDE TO: HELP TO BUY SHARED OWNERSHIP

ARE THE INTEREST RATE CUTS GOOD NEWS FOR FTBS?

“Follow your heart – when you first walk into a home you will know if it’s the right home for you” Danni Menzies 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 EILIDH MACLEOD

Contributors DAVID BLAKE, RACHEL COLGAN, JOE GREEN, KAY HILL, LAURA DEAN-OSGOOD, EMMA NEWBY, 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 With autumn just around the corner I hope you have all had a great summer. In this issue we highlight two very affordable ways to buy your first home – Help to Buy (page 24) which is a resounding success story and shared ownership (page 32), which is also helping many first time buyers get on the ladder. If you are struggling and facing everincreasing house prices in London and also in many other key areas of the country, it might be time to think about moving further afield. We look at the various options (page 30) and highlight some of the more affordable places to consider looking at.

We are very excited that we will be holding our First Time Buyer Home Show in central London on October 8th at The Business Design Centre, Islington. This is a real chance to meet housing associations, developers, legal and financial experts plus find out about the Help to Buy scheme and shared ownership. It is free to attend and useful seminars on key topics run all day – so do go to ftbhomeshow.com and register now. This is the perfect opportunity to find out everything you need to know about buying your first home and I look forward to meeting many of you on the day.

I hope you find this issue packed full of useful information to help you buy your dream home.

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 SWITCHBOARD 020 7258 1777 FAX: 020 7258 1787 THE ULTIMATE GUIDE COMPANY LTD, 37 IVOR PLACE, LONDON NW1 6EA All advertising copy for December 2016/January 2017 must be received before 16 November 2016.

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.

EDITOR’S PICKS…

Renting is good for the flexibility it brings, but for many, owning their first home is a Buying a property dream. is an emotional Chris Madelin, At experience and home with, Page 14 nothing could have prepared me for the rollercoaster ride Yasemin Kiani, Last word, Page 98

My monthly outgoings are now less than the monthly rent payments I made at my previous home.

Peter Cumming, Real Life, Page 64

We’re surprised this falls within our budget, so it’s an exciting prospect.

The difference in prices between London and outlying towns has become extraordinary.

Terry Holmes, Should I stay or should I go?

Page 30

Martha McKay, House hunter, Page 16

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CONTENTS

OCTOBER/NOVEMBER 2016 / ISSUE61 / FIRSTTIMEBUYERMAG.CO.UK

What’s in…

61

Affordable homes

64

Peter Cumming was delighted when he found he could afford to buy his first two bedroom apartment in Islington, which is in Zone 1 of the London travel network. Through shared ownership he bought a 25% share at Affinity Sutton’s The Lexicon development and is delighted he now has his own home.

12

HOMEPAGE

11 FTB Loves...

What’s hot in the shops? Some of our favourite buys.

FEATURED

20 The View: Danni Menzies TV presenter Danni has had a very interesting and varied career and is now on the team on Channel 4’s, A Place in the Sun. She talks to Lynda Clark about her exciting career and buying her first home.

12 Living This autumn add some pretty woodland inspired accessories to your home.

14 At home with…

Chris Madelin Chris is CEO of Magna Asset Management and together with his business partner they are building six

We try and find Martha and Matthew McKay their dream home around Deptford, south London.

18 Developer’s doctor

11 4

With prices still high in London and in many prime cities, Ginetta Vedrickas looks at whether you should consider moving further out to find a home you can afford.

luxury developments perfect for ftbs.

His story of how he got to the top is really inspiring as he explains to Lynda Clark.

16 House Hunter

Deon-Nadine Butler, Marketing Manager at Notting Hill Sales, answers your property questions.

30 Should I stay or should I go?

24 How Help to Buy can help you

32 Shared ownership – the smarter way to buying a home

The Government’s Help to Buy scheme has helped thousands of homebuyers and is a true success story. We explain in simple terms how the scheme works and highlight homes that are perfect for first time buyers.

We look at shared ownership, which offers a very affordable way to get on the housing ladder.

First Time Buyer October/November 2016

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CONTENTS DANNI MENZIES, PAGE 20

I FOUND A TWO BEDROOM APARTMENT BUT I DIDN’T THINK IT THROUGH PROPERLY AND THAT WAS A MAJOR MISTAKE

20 Danni Menzies

78 Market

HOMEMAKER

Ginetta Vedrickas looks are what can be done to tackle the housing crisis.

FOR SALE

80 Agony Agent All your property questions answered by our panel of experts.

59-63 The best FTB properties.

83 Buyer’s Guide Check out FTB’s Buyer’s Guide, which walks you through the property process.

68 First Home, First Meal Celebrated chef, Anjula Devi has created this mouthwatering recipe for chicken curry. We test the best puddings from the UK’s top supermarkets.

REGULARS

67

Competition Win a fabulous 5-piece set of Judge’s cookware worth over £250.

38 Hotspot

88 Buying new is different

We look at Harrow as a place to live.

Emma Newby, heads the specialist New Build department at Beaumont Legal and explains everything you need to know when buying a brand new home.

72 Mortgage Clinic David Blake of Which? Mortgage Advisors answer your mortgage related questions.

91 Directory

74 Credit Clinic

Where and how to contact your Help to Buy Agents or providers.

The latest in our series in which Experian’s credit expert, Joe Green answers your questions about all things to do with your credit.

98 Last word

76 Finance Kay Hill investigates whether the new Bank of England base rates cuts are good news for first time buyers.

Blogger Yasemin Kiani is just about to exchange contracts on her first home. She explains how she and her boyfriend have fulfilled their dream and what they had to go through to get there in the end.

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LETTERS

Mailbox COUNCIL TAX I am just about to start looking for my first home, but I am confused about Council Tax and how it is worked out.

Could you give me some idea of what I am likely to be paying?

Maia Kawai-Calderhead FTB: Properties are classified into bands between A to H. The band is determined by the value of your property. The seller or the estate agent should be able to tell you which band the property is in. The good news is you can apply for a 25% discount if you live alone. To apply for the single person’s discount, write to your council when you receive your Council Tax bill. They may ask you for supporting evidence and have two months to make a decision. If you disagree with the council’s verdict, you can appeal to a valuation tribunal. For the address of the tribunal contact your council, or go to valuationtribunal.gov.uk

This month’s star letter wins a Judge three-cup cafetiere worth £22.40. There is nothing more tempting than the aroma of fresh brewed coffee so it’s time to take the plunge and make yours with this stylish cafetiere. Both scratch and stain resistant, with a high thermal shock performance, the glass carafe is made to last and the mesh filter within the plunger is fully replaceable – so if the wire gets worn you don’t have to buy a whole new cafetiere. Available in three sizes, it is also dishwasher safe. judgecookware.co.uk 0117 940 0000

LENDERS PANEL I am buying my first home and my solicitor has received the contract papers. There is a small problem, however, as my mortgage lender has contacted my solicitor, as they are not on the lenders panel. What does this mean and what are the implications?

James Collier FTB: Usually, when someone is buying a property with a mortgage, it is common for the buyer’s solicitors to act for the buyer’s lender. To act for a lender, a law firm has to be on the lender’s conveyancing

panel. An application has to be made by the law firm to the lender to become a member of the lender’s panel, and there are strict criteria which the firm must satisfy. The panel is there to try and minimise fraud and to make sure there is an excellent standard of service.

Most lenders now insist on their panel members being part of the Conveyancing Quality Scheme. You can continue to use your own solicitors, in which case you will probably have to pay the lender’s solicitors fees, or you could opt to use the lender’s solicitors, which can be cheaper in the long run.

WRITE TO US! Please send us your questions, comments and suggestions concerning property, or the articles in First Time Buyer magazine.

First Time Buyer Letters, 37 Ivor Place, London NW1 6EA lynda@firsttimebuyermag.co.uk

BUYING OFF-PLAN I am a first time buyer and I have seen the perfect home at a new development, but it means buying off-plan. I am very excited as I have been saving for a long time and this property is exactly what I am looking for, so I am keen to go ahead. A friend told me that this could be the right time to negotiate with the developer.

Kate Day FTB: There are several things you can negotiate on, including the actual price of the property.

You should also negotiate on fixtures and fittings and anything else that you could include in the price. Many new homes will offer standard fixtures and fittings, but will also offer upgrades, so now is your chance to try and get free upgrades, instead of paying extra for them. I suggest you

MANAGEMENT PACK I am a first time buyer and I am buying a property which is five years old. There seems to be a hold up, because my solicitor has requested a management pack from the seller and he is not very happy that he has to pay a fee for this. I have never heard of a management pack and I wondered if you could explain what it is for? I am concerned that the purchase might fall through.

Anne Waters FTB: A management pack is the information about the running costs of the areas outside of the flats. It is produced by the managing agent for the block of flats, because they are responsible for the running and costs. It will inform you of the annual service charge, what

write a letter that outlines any extras you want included in the purchase price. You need to state them from the outset, as this is where your bargaining power is at its strongest. If there is a car parking space, which again comes at extra cost, you could also ask for that to be included. Finally, negotiate around the actual price, as many sales teams have to reach certain targets so, if you offer at the end of the calendar month, they will probably be more open to negotiations, if it helps them hit those targets. One word of advice is to read the specification very carefully, to ensure you know exactly what you are getting.

works have been undertaken or need to be undertaken, if there are any disputes or issues in the building, and if there are any arrears of service charge and ground rent. It is usual for the managing agent to make an administration charge for producing the information, however, it should be reasonable. The person selling should have all the information, but they usually don’t know or don’t keep what is relevant.

It is always worth finding out the service charge, lease length and any other charges before agreeing the purchase, so it doesn’t come as a shock.

VISIT OUR WEBSITE For everything you need to know about buying for the first time, go to firsttimebuyermag.com

First Time Buyer October/November 2016

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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

Reader Offer

25% discount with free delivery! eatsleepdoodle are offering readers 25% off the doodle tablecloth. Just visit the website at eatsleepdoodle.com and enter the discount code FTBLOVESDOODLE at the checkout before 31st October 2016 to claim your discount.

(Code cannot be used in conjunction with other offers.)

Setting up home is an exciting time to express your own individual style, and if you fancy introducing a dash of quirky fun into your new home, you’ll love this customisable tablecloth from eatsleepdoodle.com. Printed to look like a giant sheet of graph paper, the 100% cotton tablecloth comes with a set of washout fabric pens for you to create your own designs or enjoy some hors d’oodles with friends over dinner! Afterwards the ink just washes out on a warm machine wash, ready to start over.

Medium tablecloth, £35; large tablecloth, £40 eatsleepdoodle.com

Dabble wit h Dood ling

Green Fingered Fun Add a touch of nature to your new home with this miniature allotment.

Some fresh herbs can spice up your food, whilst adding some much needed greenery to your house. It comes with all the tools necessary to create your own herbal heaven, including seeds, soil pellets and even herb snips. With a garden shed and white picket fence you can have your own English country garden inside your home.

Indoor allotment, £23.99 gettingpersonal.co.uk

Look Smart We just love technology! The AwoX SmartLIGHT and SmartPLUG are Bluetooth-enabled and can be controlled and programmed from your smartphone or tablet. Download AwoX’s free SmartCONTROL app from the App Store or Google Play Store and activate Bluetooth on your device.

Set the mood with this 100% adjustable, energy-saving light bulb. Just screw it into your light fitting and you’ll be able to adjust the intensity of the light from bright white to a softer, warmer glow.

Further settings let you schedule the bulb to turn on or off at any time, and you can even set it up to switch on when your phone comes within range.

The plug lets you control, monitor and programme appliances from your smartphone or tablet. Plug your SmartPLUG into a power socket then plug your appliance into it. Activate Bluetooth on your smartphone and launch the AwoX app to see and control it. Firstly, it lets you monitor how much energy the appliance attached to the plug uses, showing current consumption and also a history over the last 24 hours, week or 30 days, so you can see where you’re spending and decide how to save. It also enables you to schedule on/off times for the devices connected to your plug – really handy if you’re away from home and want to turn the lights on when it gets dark.

AwoX SmartLIGHT, £19.99; AwoX SmartPLUG, £24.99 lakeland.co.uk

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Homepage LIVING

If you go down to the woods today...

Fall into autumn and add a little woodland wonder with these enchanting animal accessories

Owl trivet, £8, Debenhams

Salt and peppershakers, £12, Debenhams

House tealight holder, £12; porcelain fox table lamp, £20, George Home at Asda

Red stripe dinner set, £18; fox milk jug, £5; Midas cutlery set, £20; set of 2 animal egg cups, £4; cream, coffee, tea and sugar canisters, £5 each; hedgehog butterdish, £6; hedgehog chopping board, £5, George Home at Asda

Owl lamp, £35, Next

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Homepage LIVING Hanging slate heart, £5; Home wooden block letters, £18; pillar candle, £6; deer print cushion, £19; embroidered botanical cushion, £19; pheasant cushion, £22; set of 3 rattan baskets, £18; small glass lantern, £6; large glass lantern, £10; watercolour hare cushion, £19; small pillar holder, £5; slate frame, £12; heart tealight holder, £12; fur trim cushion, £22, M&Co

Fox cushion, £16, Next

House tealight holders, £12; small vase, £4; tealight holder, £1.50; owl table lamp; £30 Yvonne bed, £159; hedgehog cushion, £7; woodshed double duvet, £14; Woodshed throw, £20; chevron striped throw, £15, George at ASDA

Badger mug, £2, Tesco

Fox doormat, £25, Berry Red C O N TA C T S » Berry Red berryred.co.uk » Debenhams debenhams.com » George Home at Asda george.com » M&Co mandco.com » Next next.co.uk » Tesco tesco.com

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Homepage LIVING

At home with:

Chris Madelin

Chris Madelin, 31, is a true entrepreneur. He is CEO of Magna Asset Management and together with his business partner, Oliver Mason they are building six luxury developments in Surrey and Hampshire, which are perfect for first time buyers. Chris has the most inspiring story – initially working as a labourer for £40 a day to now running Magna.

He talks to Lynda Clark about how it all began, his plans and his vision for the future FTB: Tell us how your story began CM: When I was about nine years old my mother decided to send me to a Saturday drama school to learn new skillsets and become a great performer. I met a seven year-old boy called Oliver Mason there, who is now my business partner. We came from very different backgrounds as my parents were middle class and I went to a private school but Ollie came from a tough area and so our upbringings were very different. We really hit it off as friends but we were very bad actors! When it came to putting on a show the only thing we could do was to dress-up and play the cow. I was the head and Ollie was the tail and it’s been like that ever since – me at the front as CEO but Ollie always there as the backbone to the company.

FTB: What happened as you were growing up?

CM: When I became a teenager I started to rebel and eventually I was expelled from the private school I attended. I needed to do something and earn some money so I became a labourer and worked for about £40 a day. I worked for a ground works contractor and had to go down a deep, dark hole and shovel clay. It was hard work but I was learning a lot about building all the time. I then reconnected with Ollie, when we met at a local gym; we were friends throughout our teenager years but grew apart in different social circles because of our two years’ age gap. He was also labouring and we met by chance, as if it was meant to happen. I had met a self-made millionaire who owned bakeries and he became my mentor. I started to read lots of very relevant books like ‘Rich Dad, Poor Dad’ and ‘Think and Grow Rich’, and I knew my life was about to change as I had a clear

vision of what I wanted. Ollie and I always had the same mind-set and eventually we decided to start our own business together.

FTB: What was the business?

CM: Ollie had been working for a landscaping company and so we were both accustomed to hard work and labouring for up to 16 hours a day. We decided to start a construction business and took on different projects like patios, drives and extensions.

We started to get bigger and managed a team of 30 plus staff. Then in 2011 we were really let down by the owner of the new build mansion who we had built it for. It was a learning curve but we were determined to make the business work. We drew a map of the world to highlight where the real money was, but we could hardly pop over to Dubai for the evening. So we bought a couple of £2000 suits and drove to Mayfair in our battered old van as we saw the networking potential there. We would change into our suits and make ourselves look really smart and then go out and meet all sorts of High Net Worth individuals (brokers, fund managers, investors, etc.) – it was an excellent idea.

FTB: Is this when you started to make money?

CM: We decided we had to educate ourselves through personal and professional development and we began buying buy-to-let properties in Yorkshire and Surrey. I really needed more of a challenge though and was introduced to Lease Options and we ended up making £120,000 on a land trade deal and building contract. I read over 700 books and studied in my own time, as I wanted to be ready to take on the challenge that would change

“MAKE SURE YOU LOOK IN THE RIGHT AREA AND YOU GET VALUE FOR MONEY. ALSO, LOOK AT THE LOCATION AND MAKE SURE THERE ARE GOOD TRANSPORT LINKS.”

my life! I want to bring luxury homes to the general public, to first time buyers and also give a luxury aspect to the local community where I grew up.

FTB: What is Magna and what do you do?

CM: We created the Magna brand, which means GREAT based on the translation from Latin and the purple colour from the Monopoly board assigned to the royal and wealthy Mayfair. Since then we have currently got five projects on the go, with 175 homes across our developments in West Byfleet, Woking, Godalming, Maidenhead and Frimley and the difference between us and other developers is that we insist on a luxury specification. Basically, we want people to have a piece of Mayfair in Surrey, Hampshire and Berkshire. Everything is top of the range from real marble in the bathrooms to Neff and MIELE appliances in the kitchens and every apartment is pre wired for Sonos sound systems in the lounge, bedroom, bathroom and hallways to make a real impact and differentiate our sites from all the average ones.

FTB: What advice do you have for FTBs? CM: Make sure you look in the right area and you get value for money. Weigh up if the value of a new build is as good as what you would pay for a conversion and make sure you get as much ‘bang for your buck’ as possible. Also, look at the location and make sure there are good transport links.

Our development in Maidenhead will be on Crossrail so its potential for market growth is really positive.

FTB: What are your plans for the future?

CM: Magna is set to deliver a £41 million turnover by the end of 2017 and we have many more projects in the pipeline. We have just taken on the Governmental Help to Buy scheme which is great especially for first timers and I really want to make a difference – I want to give back, make an impact on the planet and create a positive change. Renting is good for the flexibility it brings, but for many, owning their first home is a dream and I want to make their dreams come true. magnagroup.co.uk

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Photo © LPhoto by McVirn Etienne mcvirnetienne.com

Homepage LIVING

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Homepage FIRST RUNG

The

HOUSE HUNTER

What we found…

THE LANDSCAPED LIFE Marine Wharf East, Surrey Quays

FROM £430,000

THE WILDCARD Grove Place, Eltham

FROM £425,000

This month FTB goes on the hunt with Martha and Matthew McKay who are after a one bedroom home in or around Deptford, south London

PROFILE

Name Martha and Matthew McKay, ages 39, 40 Occupation Music teacher, cafe manager Maximum budget £425,000 Requirements A one bedroom home in Deptford or the surrounding areas, with outdoor space, close to shops, amenities and parks...

What they wanted…

Martha and I are both from Lewisham, and though we moved around a fair bit in our twenties and thirties, we settled back in the area a few years ago and really do love it. Martha teaches at a local college and loves being able to walk into work, while I run a cafe in Shoreditch, which is a short journey on the Overground – we’re really happy with our commutes, so we’re keen to stay in the Deptford, New Cross, Greenwich areas. We both have busy jobs and really enjoy spending our evenings relaxing, eating out, going to see live music and trying out new things in London, so it’s important for us to be close to bars and restaurants and have good transport links into central London.

We also desperately want some outdoor space as we haven’t had any for so long – a balcony or shared garden would be perfect. We have been saving for a while and have a budget of £425,000.”

16

These striking new one, two and three bedroom homes, which are arranged around private landscaped gardens, sit just oneminutes’ walk from the Thames Path. The homes have been designed with generously spaced rooms and sleek kitchens complete with integrated Smeg appliances, and private balcony. There are plenty of options for entertainment and shopping close by, with bars, supermarkets and a watersports centre, while Surrey Quays or Canada Water stations are both within a 15-minute walk.

Located just off of bustling Eltham High Street, these homes lie around five miles east of New Cross. There are many options for shopping and eating out, as well as several beautiful parks just moments away. The one, two and three bedroom properties are beautifully designed, with sleek interiors including spacious living/ dining areas, smart fitted kitchens, with integrated appliances and stone worktops and tiled bathrooms.

Eltham rail station is a few minutes away for services to Canary Wharf and London Bridge.

galliardhomes.com

galliardhomes.com

What they thought…

This looks like a fantastic location – it’s so close to the river! We both love walking and cycling together and this would be the perfect place to do it. We are really impressed with the amount of outdoor space – as well as communal gardens, we’d have a balcony, and Southwark Park is also really close, which is a really great park. It would certainly be good for getting around – you have the Jubilee and DLR line close by, meaning I could get to work and into central London in no time at all.”

Although these apartments are a little further east than we’d originally thought about, we think they look fantastic. As well as the impressive design, we really do like the location.

The high street is really close by, so we’d have lots of shops and things to do right on the doorstep. It’s also nice to have so much green space around – we both love going on evening walks in in the summer months, so it would be perfect. It would mean a slightly longer commute for us both, but it’s a strong contender.”

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Homepage FIRST RUNG

THE CREEKSIDE CATCH Kent Wharf, Deptford

FROM £TBC

What we found…

THE CREATIVE HUB Canvas, Camberwell

FROM £TBC

UN ITY TH E WATE RS ID E CO MM Charters Wharf, Greenwich

This new collection of homes sits on the Deptford side of Deptford Creek, close to the station, high street, market and eateries – and forms part of a growing waterside community. The apartments are finished to a high standard, with open-plan living spaces, en suite shower rooms in the larger apartments, as well as a private balcony for a majority of the homes. There are numerous options for entertainment in Deptford, Greenwich and New Cross, as well as over the river in Canary Wharf and Poplar.

Just a few miles west of Lewisham, these one and two bedroom apartments, 12 of which are available through shared ownership, are thoughtfully designed. Featuring wellproportioned living spaces, fitted kitchen with fully integrated appliances and a private balcony or terrace. The larger homes also feature a cloakroom. Buses from Camberwell run into central London in under 30 minutes, or to New Cross in under 10, while trains from Denmark Hill reach Victoria in nine miniutes.

bellway.co.uk

familymosaicsales.co.uk

We know this area really well – Matt grew up just down the road and we still have a lot of family locally, so it would be really great to live here.

We love the idea of being so close to the water, and there are lots of new homes, so hopefully there’ll be a nice community feel. We know there’s lots to do by way of live music and eating out – and there are so many new bars and restaurants, there’s always something fun to try.”

We’ve always loved Camberwell – and we’ve watched it really grow in the last few years. There are lots of lovely new restaurants and quirky bars, and it’s definitely an exciting place. It would be really fun living in the centre of it all, and it would still be possible for Martha to walk to work from here, which is great. The transport is really great too – with so many buses running through the area, and at all hours, we know we’d always be able to get home easily, no matter what time of day it is!”

FROM £158,363*

d, and Greenwich and Deptfor Ideally located between and three two , one new se the ek, overlooking Deptford Cre of the tle at for enjoying the bus bedroom homes are gre taurants res s, pub dreds of cafes, local area. There are hun sport tran at gre as ll we doorstep as and live venues on the ed finish . Inside, the homes are links into central London ining areas, g/d livin lan n-p ope ht to a high spec, with brig ate space in kitchens as well as priv beautiful contemporary h home. eac for ace terr cony or the form of a private bal familymosaicsales.co.uk *Based on a 30% share of the full market value of £527,876

THE NEXT STEP

“We are very, very keen to move quickly as we just love the look of these homes and the amazing location. We will arrange a viewing as soon as possible, and are already speaking to a mortgage advisor in order to try and get a mortgage approved in principle, so that we’re all ready to go.”

These apartments really are in an amazing location, right by the creek and so close to both Greenwich and Deptford – both of which we absolutely adore.

We really like the idea of having a waterside home, and we’re both surprised that this even falls within our budget, so it’s a very exciting prospect. The apartments are really stylish, too. We really like the design of the kitchens and can see ourselves making our mark with our own style and totally making it ours. Getting to work would be nice and easy, too, and we know that there is so much going on in the immediate area, so we’d always be entertained – and if we don’t fancy going out, we can just relax on our own balcony.”

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ADVICE

Developer’s Doctor Deon-Nadine Butler is passionate marketer with over 11 years of experience, and heads up the marketing team at Notting Hill Sales, helping to raise awareness of the variety of their developments across London. Here, Deon gives invaluable advice about the options for first time buyers in the post-Brexit housing market

Question…

I keep reading the doom and gloom about the economy and the housing market in the newspapers after the EU Referendum – there’s even talk of a ‘mild recession’ – is now the best time to be buying my first home? I worry about mortgage availability and don’t want to be a victim of negative equity.

Answer …

Now that the initial shock and Brexit-hype has worn off, it’s time to be more pragmatic and realistic. Despite the initial reaction on 24th June, a few months later, the markets are recovering and prudent fiscal policy is high on the agenda.

The reality is that nothing has changed,

CORSAIR HOUSE Corsair House is Notting Hill Sales’ brand new scheme at Royal Wharf, offering a selection of 52 one, two and three bedroom apartments available with shared ownership in Silvertown, E16. A great opportunity to buy into the exceptional new riverside community in the centre of London’s Docklands at a more affordable price, Corsair House is ideal for first time buyers looking to make London their home.

or will change until the Article 50 negotiations have been concluded and the UK exits the EU. In the meantime, markets and economies will continue to react and headline-grabbing predictions will dominate the press, so it’s understandable that would-be buyers are cautious.

However, we should not talk ourselves into a recession – rather, adopt a ‘business as usual’ approach.

Notting Hill Sales exists to provide housing for Londoners, and we are committed to that, for the long-term. Both the economy and the population are still growing and while it’s understandable that some may have put off a house purchase in the run up to the referendum, we are now in a position to tap into that pent-up demand.

Residential development is as vital and important now, as it was pre-Brexit – we still need to build 300,000 new homes a year to meet demand. Housebuilding has been and will remain at the heart of central

This computer generated image is indicative only and is subject to change

As part of the expansive Royal Wharf regeneration programme, the spacious apartments are designed with a high quality specification, with light and airy living spaces and contemporary kitchen and bathrooms. Residents at Corsair House will also have access to a 24-hour concierge, shops, cafes and modern leisure facilities.

By allowing purchasers to buy as little as 25% of a home and paying a subsidised rent on the remainder, shared ownership is a great option for first time buyers with the flexibility of being able to increase ownership shares at any time (up to 100%).

Prices at Corsair House are still to be confirmed. For more information call 020 3815 1234 or visit nhillsales.com

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Deon-Nadine Butler, Marketing Manager at Notting Hill Sales

government policy because of the key role the industry plays in the growth of the economy. There are already indications in the wider economy that translate into positive sentiment for the housing market.

The recent reduction of the interest rate to 0.25% for example, is a great boost for mortgage borrowers.

By offering a range of schemes across London, Notting Hill Sales can help first time buyers get on the ladder, with the financial assistance of shared ownership and Help to Buy London offering peace of mind that you are not over-burdening yourself financially. We can recommend IFAs, so you can ensure you get the best advice to suit your situation.

Shared ownership is a great option for those who are looking to buy their first home. The criteria has recently been expanded, and we are delighted to be able to offer this part-own, part-rent solution to more prospective buyers; it’s perfect for those who have a smaller deposit, but are keen to get a foot on the ladder now to benefit from further growth in the market, post-Brexit.

And contrary to popular belief, shared ownership is not just for those on low incomes or for key workers. In fact, the income threshold is up to £90,000 per household; there are no restrictions on number of bedrooms, and your occupation is irrelevant. We are also proud to offer an outstanding specification in our shared ownership homes, in many cases, the same specification as any private market property.

Whatever the outcome of Brexit, Notting Hill Sales is committed to working dynamically and creatively to continue to make home ownership a viable option. We understand that buying your first home is a considerable decision, and with the confusing – and gloomy – headlines, it can make that decision much more difficult.

As a leading developer and a pioneer of home ownership solutions, Notting Hill Sales will continue advising, assisting and supporting as many first time buyers as possible.

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THE VIEW

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THE VIEW

A real zest for living Ä°

Danni Menzies has packed a great deal into her 29 years and loves every minute of it! Having grown up in a Scottish village where she helped with the family property development business she eventually became a model, TV and radio presenter and is now one of the team on Channel 4’s, A Place in the Sun. She talks to Lynda Clark about her exciting career and buying her first home

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THE VIEW

“SAVING FOR A DEPOSIT IS VERY HARD BUT LOOK AT THE SMALL THINGS YOU BUY ON A REGULAR BASIS LIKE COFFEE, BOTTLES OF WATER AND LUNCH.” 22

Danni grew up in the Scottish village of Kenmore, which is very much ‘in the sticks’, and she is definitely a country girl at heart. “My parents took over my grandparents’ caravan park and farm set on a 120 acre estate when I was very young. At that time there were lots of old and derelict farm buildings in need of a great deal of work to make it what it is now. I absolutely loved it. I've always been passionate about animals, I gave the cows names and enjoyed being outdoors, up to my knees in mud! My parents were always very busy and have now turned the farm into a 5-star holiday estate with 50 buy-to-let holiday properties, a golf course, riding stables, a bar and restaurant and animal sanctuary. It is called The Mains of Taymouth Estate and I am really proud of what they have achieved. I have always adored horses and from about the age of six I worked at the local yard to pay for rides. Then, when I was nine, I begged and begged my parents to buy me a pony. I had fallen in love with a pony called Satin and I really wanted her but my parents told me that the owner of the horse was moving away and I was heartbroken. When my birthday came they told me that they had bought me a riding lesson but when I went outside, there was Satin with a bow round her neck.

She was my birthday present and I cried and cried with happiness.”

Danni has never been afraid of hard work and to pay for the pony’s upkeep she worked for her parents doing anything and everything including cleaning the cottages and working in what was then a camping shop.

“My parents were actually delighted I loved horses so much as it kept me away from going out and meeting boys! My whole life was all about animals and one weekend there was a horse show about seven miles away. I really wanted to compete and everyone had a horse trailer to get there but of course I didn’t have one so I got up at 5am and put on my jodhpurs, which were black at the time and rode to the show. Everyone wears cream jodhpurs when they compete at a show, so because I was wearing my black ones I stood out like a sore thumb, plus my horse was exhausted after riding to the show! Eventually, when I was about 15 I started competing and training properly. My parents saw that I was very serious about it all and eventually I got my own horse trailer and was on the winning team at the Scottish school equestrian championships for two years.”

Eventually Danni moved away to university and joined their equestrian team. Things didn’t quite work at university so Danni moved back home and she began buying and looking after horses that were rescued from going to a meat factory in Hungary. “I rescued 10 horses in all, which meant I could start the riding school on the estate which is still there today. It was at this time that I started to seriously help my parents as they were in the process of building the new holiday houses. My mum, who is amazing, did all the interior design and I helped her with things like choosing fabrics and furniture. I worked with my father in the office to understand how the business worked and also in the sales office where I helped

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THE VIEW

“I WORKED WITH MY FATHER IN THE OFFICE TO UNDERSTAND HOW THE BUSINESS WORKED AND ALSO IN THE SALES OFFICE WHERE I HELPED SELL AND MARKET THE PROPERTIES. I LEARNT SO MUCH AND IT WAS A REALLY GREAT EXPERIENCE.” sell and market the properties. I learnt so much and it was a really great experience.”

Danni had some photos taken and she decided to send them to a modelling agency that took her on but it meant she had to move to Edinburgh. “I was 21 and thought it was about time I moved away from home even though I could go back at weekends if I wanted to. I had a little dog called Bo Bo and she came with me.

I started by renting a flat but because the dog barked occasionally I was asked to leave. My father came to the rescue and said he would help me out and would buy me a place of my own. I started looking and I knew I wanted to live in the Marchmont area, as that is one of the loveliest parts of Edinburgh. I found a two bedroom apartment but I didn’t think it through properly and that was a major mistake. My mother found out that there was somebody else interested in the place and we both turned up at the same time to view it.

The estate agent told us that it was a ‘first come’ situation and we literally raced the other person to the estate agents and bought it on the spur of the moment. It was such a rash and silly thing to do! The place was lovely with high ceilings, big windows and when we pulled up the awful laminate flooring we discovered beautiful floorboards, which just needed sanding and varnishing and were quite lovely. But it had a very strange layout and needed to be rewired, as it hadn’t been touched since the 60’s. We did a great deal of work on it

but when we came to sell we didn’t make any profit after working out how much we had spent and coupled with the fact that prices in Edinburgh had not gone up like they had elsewhere in the UK. After modelling for a couple of years Danni made a commercial, which she thoroughly enjoyed. “It was rather funny because my auntie Julie had always said that I would end up being a presenter and it had planted a seed in my head so I was always very keen to try it out.” Having had a very bad experience when she was modelling in Mexico, she came back and decided to move to London. “I started by sleeping on friends’ sofas, but eventually rented my own place. Now I live with my boyfriend, but we want to buy as soon as we can. It is in Parsons Green in south west London and we love the area and so does our little Jack Russell, Kinky, who enjoys all the green space we have nearby”.

Danni has presented at T in the Park, London Fashion Week and hosted the Walk the Walk charity event to a live audience of 17,000 people. She has also been the co-host of Car and Country. “It has been a very varied and interesting presenting career so far but when my agent said that a TV show was looking for somebody with property experience to present a show I got very excited. It turned out to be A Place in the Sun and I am so happy that I got the chance to be one of the presenters. I have been to Spain and the Caribbean and I am just off to the French Riviera. I have also

just signed another contract with them, which is wonderful.”

Not one to sit back and enjoy her success, Danni is working on some ideas for a show and she and a friend are also developing a very special dating app, which she is very excited about.

She has some very good advice for first time buyers: “From my own personal experience, if you are buying an older property then check your wiring as this can be very expensive if you have to replace it. Follow your heart – when you first walk into a home you will know if it is the right one and the home for you. Invite friends and family to view it as well so you get a second opinion, which is always a very good idea. Saving for a deposit is very hard but look at the small things you buy on a regular basis like coffee, bottles of water and lunch. It is easy to take a packed lunch and your own coffee as this will be far cheaper and these small things really add up, so if you are careful you should really see a difference to your spending and saving."

I am sure Danni will be on our television screens for a long time and with all her hard work, passion and enthusiasm I am absolutely confident that she is going to be very, very successful – so watch this space!

Danni Menzies presents A Place in the Sun, which goes out every Saturday and Sunday afternoons on Channel 4

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HELP TO BUY

HOW HELP TO BUY CAN HELP YOU Help to Buy has helped thousands of homebuyers right across the country move on to or up the property ladder over the last three years. The success of the scheme is down to its affordable route to homeownership; reducing the amount usually required to pay for a deposit whilst making monthly mortgage repayments more affordable By paying as little as a 5% deposit on any new home up to the value of £600,000, homebuyers can then borrow 20% of the value of the property in the form of an equity loan. This loan is interest free for five years and means that homebuyers can then secure a regular mortgage from a lender. Interest rates typically associated with a 75% loan-to-value mortgage can be sought when using Help to Buy which means that monthly payments will be more affordable than they would be with a 95% loan-to-value mortgage.

HOT OFF THE PRESS

Many first time buyers with Help to Buy: ISAs are having to quickly negotiate last minute deals with the vendor and their solicitor to get around a small print clause that has emerged rather unexpectedly. The scheme’s bonus government top-up can only be claimed after the exchange of contracts, but at least five days before completion.

This means it can be put towards the funds payable on completion but cannot be paid towards the initial deposit. So ftbs are having to negotiate to pay a smaller deposit in the first instance on the understanding that the remainder will be paid on completion.

Many are turning to family and friends for help to make up the shortfall.

H E L P T O B U Y C R I T E R I A C H E C K L I S T:

Use this easy checklist as a guide to the criteria you’ll have to meet when purchasing through Help to Buy. Who? Equity loans are available to First time buyers Homeowners looking to move Deposits Your deposit must be at least 5% of the full purchase price Loans The maximum income multiple for a Help to Buy purchase is 4.5 x your household (joint or single) income. The mortgage must be on a repayment basis and cannot be interest free.

Your debt to household income ratio cannot be more than 45% All Help to Buy applicants will go through a financial assessment.

The Help to Buy agent will carry out a sustainability check when you send your application through using the calculator provided by the Homes and Communities Agency.

Rules of Help to Buy 99 You cannot part exchange your current home to buy a new home under Help to Buy 99 You cannot own any other property at the time of purchasing your home with a Help to Buy equity loan 99 You cannot sublet a home purchased under Help to Buy 99 The home you want to buy must be a new build, advertised as Help to Buy by a Help to Buy registered developer with a maximum price of £600,000. (New builds, which are not Help to Buy registered, are unable to get Help to Buy assistance).

99 This particular scheme is available in England only. There are Help to Buy schemes available in Wales and Scotland; however, each national Help to Buy scheme has varying terms.

So if you’ve ticked of all your criteria, you are now ready to find your Help to Buy property. helptobuylondon.co.uk helptobuy.gov.uk

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HELP TO BUY

HELP TO BUY – A BEGINNERS GUIDE

MORE FIRST TIME BUYERS

So what is Help to Buy? Help to Buy is a scheme offering an equity loan to assist you in the purchase of a new home. The Government will loan you up to 20% of the value of your new build home.

Figures from the Council of Mortgage Lenders show there are more first time buyers than at any time since 2007, with 72,800 in England in the second quarter of 2016.

Communities Secretary Sajid Javid said, “We’ve got the country building again with more new homes started and built than this time last year. This is real progress but there is much more to do. That’s why we are going further and increasing our investment in housebuilding to ensure many more people can benefit.”

Great! Does that mean I can get a mortgage without a deposit?

No, to have access to Help to Buy products buyers will need a minimum 5% deposit.

Ok, so I have a deposit but does this mean I am guaranteed a mortgage? Are there any criteria I need to meet?

For Help to Buy borrowers will need to meet appropriate tests to ensure they can pay back the mortgage. You will also need to pass your chosen lender’s credit and affordability checks. Have a look at our Help to Buy criteria checklist for more information.

Right I have my deposit and I meet the criteria, how much can I borrow?

So when you meet the eligibility criteria check, you can use the Help to Buy scheme to purchase a property with a value up to £600,000.

Does Help to Buy mean I can get an interest only mortgage?

Help to Buy is only available on capital repayment mortgages.

So does this scheme only help first time buyers?

No existing homeowners can have access to the scheme, as long as they meet the relevant criteria.

What if I buy a property using Help to Buy and rent it out?

Help to Buy is only available on properties occupied by the individual or individuals taking out the mortgage.

This all sounds really good, but how do I access Help to Buy? Help to Buy has been available since 1 April 2013 and will finish in 2020. Buyers will be able to access this through participating house builders and Help to Buy agents.

Can we just clarify what exactly the Help to Buy equity loan scheme is?

Of course! The Government will provide buyers with an equity loan of up to 20% of the value of a new build property. This 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 plus 1%.

Finally, when do I pay back my equity loan?

Your loan can be repaid anytime within 25 years (or the terms of the mortgage) or on the sale of the property.

CA S E S T U DY

Northamptonshire couple Chris Lineham, 23 and Hayley Thorne, 24, longed for a home of their own, with space to relax and a garden to allow them to realise their dream of having a dog. Now, thanks to a Help to Buy Equity Loan, the couple are happily living in a spacious, two bedroom house at Orbit Homes’ Sidings development in Thrapston, and have just welcomed a little cockapoo called Dave to the family.

The first people to move into The Sidings, the young couple, who met through friends three and a half years ago and got engaged a year later, both work in Northampton. Chris for an IT supplier company, and Hayley as a special needs teacher. Prior to buying their own home at The Sidings they were in rented accommodation. Chris explains the reasons they decided it was time to get a foot on the property ladder.

“We were living in a one bedroom flat, which was handy for both of us for getting to work, but we felt something was missing. We had no outdoor space to sit outside on warm evenings, and nowhere to hang out washing or for a dog to play.

It was costing us £650 a month, for just one bedroom, and the flat was simply too small for us.”

Chris and Hayley had begun to explore options for buying a place of their own, when Chris heard a radio advert for Orbit Homes’ Sidings development in Thrapston. Having looked at details of The Sidings online, Chris and Hayley visited the development the following Saturday, knowing exactly which home they wanted to view. The Ivy, a two bedroom, mid-terraced house with an open-plan living/ dining room and a private garden, fitted the bill perfectly.

Chris said, “We didn’t look any further. We already knew this was the house and location for us, and once we’d seen it we just couldn’t imagine wanting to live anywhere else.”

After talking to the Orbit Homes’ sales consultant and taking her recommendation to seek advice from an independent financial advisor from the Mortgage Bureau, they were able to organise their mortgage in principle the same day, with a Help to Buy Equity Loan.

Now that they’re settled into their new home on the edge of the historic Northamptonshire market town of Thrapston, and they have decorated exactly how they wanted it.

Chris added, “It’s fantastic, there’s so much space in our house and we were just amazed at the size of our bedroom and having a spare bedroom is such a bonus for us. We are really happy with the move and we can even afford to have two holidays together this year, now we aren’t paying out so much each month. We’re spending far less than we did when we were renting, and finally have a garden of our own and our much longed for pet dog.”

There are 53, three and four bedroom, homes available at The Sidings, which are eligible for the Help to Buy scheme. orbithomes.org.uk 01832 730 439

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HELP TO BUY CA S E S T U DY

When Sarah George, 28, and her partner Peter Sutherland were searching for their first home they were expecting to struggle to find a property that matched their budget and needs. Particularly as their chosen town of Camberley can be quite expensive, let alone for first time buyers. Already renting close-by to the modern town centre development Viridium by Hodson Developments, they were encouraged to look at what might be available to them. They found out that purchasing their dream property would be possible using the Help to Buy scheme, so they took their first steps on to the property ladder Staff nurse Sarah relocated from Oxford and thought paying rent to a landlord seemed like a waste of money, so together the couple decided buying was the next step for them. Help to Buy meant that they only required a 5% deposit, which was £15,400, and a 20% equity loan from the Government, which was £61,600.

Sarah said, “I had a little bit of money put aside and Peter had also saved a small amount having rented in shared accommodation. So we were pretty keen to invest in our own place and as we passed Viridium every day on our way to work, we decided to call in and find out what they had available. We were so impressed with what we saw and couldn’t believe we could actually afford the exact property we wanted thanks to the backing of Help to Buy.” The couple now have a bigger property than they ever thought possible, especially as it comes with a 30ft long glass balcony, and are delighted to have a place they can call home. Peter said, “Without Help to Buy we would have needed a much larger deposit to have been able to even afford a mortgage, never mind buy our amazing apartment. We would have had to have looked much further away at a smaller property and we certainly wouldn’t have been able to have the luxury of a second bedroom.”

Their apartment comes fitted with an elegant new kitchen, with integrated top-of-the-range appliances, a sophisticated bathroom and also includes luxury carpets throughout. Not having to spend money on kitchen appliances has been a dream for this financially savvy couple.

Peter and Sarah are both strict on themselves financially, and plan on making repayments on their equity loan as soon as possible. Their plan is to pay it off within the next two years. They said, “You never know what might happen, so it’s good to know that it’s interest free for five years and we have a bit of leeway on the repayment if we need it.”

Ideally located for Sarah’s work at Frimley Park Hospital, Viridium is also only a short walk from the town centre, so the couple can easily get out and about. Camberley is also well located for access to London via Ascot by train, the M3 and the extended road network beyond.

Currently available at Viridium are a number of one, two and three bedroom apartments, with prices for a two bedroom property currently starting from £295,950. Hodson Developments is also covering the stamp duty costs on certain properties at Viridium. hodsondevelopments.com 01276 66693

CA S E S T U DY

Harry Jefferies, 29, a London lawyer, bought his first property in the capital thanks to the London Help to Buy initiative, Barclays and mortgage advice from independent brokers, John Charcol Harry approached John Charcol after the Help to Buy London initiative was launched at the start of February. After reviewing his circumstances, his John Charcol consultant, Cathy Izzard, recommended Barclays for his mortgage.

Harry has now purchased a new build one bedroom home in Peckham for £430,000, using a deposit of £21,000 and a 40% loan from Help to Buy London. He will pay a monthly mortgage repayment alongside a nominal fee of £1 a month for 60 months on the Help to Buy equity loan.

Harry said, “Without the deposit from Help to Buy, buying this apartment would have been impossible. The difference it makes to my affordability in the eyes of my lender and my monthly repayments is huge.

“Not having to save such a large deposit means I now own a great property in an area that I love. It’s my first step on to the London property ladder so I’m delighted.”

Ray Boulger, Senior Technical Manager at John Charcol says the scheme is starting to make a difference to young professionals who would be able to afford a mortgage, were it not for London’s unique property market. Ray said, “Harry is exactly the sort of first time buyer that Help to Buy London was set up to help. He can clearly afford the monthly repayments and had saved a decent deposit on the purchase price, so it makes sense to all parties for the deal to be done.

“Stamp Duty is likely to continue to be the barrier for some, as there is no getting past it at the moment. For take-up to be wider and for the initiative to help more young people the Government might want to consider a measure to reduce this burden to further help first time buyers.”

Tony Fullbrook, Head of Mortgage Purchases for Barclays added, “The gap between income and house prices is at its widest in London, which is why Barclays is committed to supporting the new Help to Buy London initiative and providing other innovative ways to help even more people to afford a home in the capital.

“With our New Build mortgage range and the variety of First Time Buyer products, we can now offer mortgages to suit the individual needs of Londoners that will not only enable them to get the keys to their dream new home but to ensure it best meets their financial needs”. charcol.co.uk

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HELP TO BUY

WHERE TO BUY WITH HELP TO BUY?

LINDFIELD, WEST SUSSEX

FROM £274,995

Heathwood Park

Prices start from £274,995 for a two bedroom apartment, and from £579,995 for a four bedroom detached family home in this highly desirable West Sussex village. With Help to Buy a deposit from as little as £13,750 is needed to secure a home at Heathwood Park. The three bedroom Ashworth semi features a modern fitted kitchen, en suite to the master bedroom and family bathroom plus a carport and allocated parking. dwh.co.uk 0844 556 6155

WOKINGHAM

FROM £296,995

Montague Park

Prices currently start from £296,995 for a two bedroom apartment, and from £514,995 for a four bedroom family home at this popular development in sought after Wokingham. With Help to Buy a deposit from as little as £14,850 is all that is needed to buy here. barratthomes.co.uk 0844 811 4343

FRIMLEY, SURREY

FROM £485,000

Woodbridge

Woodbridge from Thames Valley Housing offers a collection of four bedroom houses set in lovely landscaped grounds and close to the local shops and station. The designer kitchens come with the latest integrated appliances, including a dishwasher and washer/dryer. There is stylish wood effect flooring throughout and bi-fold doors, which open out on to the patio and garden. There are two bedrooms and a family bathroom on the first floor and the large master bedroom and en suite shower room on the second floor. The fourth bedroom provides a flexible space and can be kept as a bedroom but could also easily be converted into a playroom or home office. Each of the homes also have two private parking spaces.

Frimley station is less than a quarter of a mile away with trains taking a little over an hour to London Waterloo.

Prices start from £485,000 and with Help to Buy it means a deposit of only £24,250 is required. woodbridgehomes.co.uk 01276 538 991

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WEST BYFLEET

FROM £205,000

Magna West

Located in the heart of leafy Surrey and just a short commute to London Waterloo, Magna West offers 22 one bedroom apartments and five amazing penthouses on the top floor, which are all available with Help to Buy. On the ground floor, there is a stylish marble entrance hall and gated access to the car park. Interiors come with a high specification with NEFF and MIELE appliances in the kitchen including an oven, hob and extractor fan plus a fridge/freezer. There is also a video entry system and a balcony or terrace on the front facing apartments with pretty views over parkland. magnagroup.co.uk 020 7887 6162

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LOCATION

Should I stay or should I go?

It’s the conundrum many first time buyers face. Prices are still high in the capital – and in many of the UK’s other prime cities – but is it worth moving further out and just where can you go to find a home you can afford?

CURRENT UK MARKET A look at the current research shows some pockets of hope for anyone struggling to get on the property ladder. According to the latest Hometrack UK Cities Index, annual house price inflation is running at 9.5% across the UK but is starting to slow, led by a deceleration in London and other high value cities across the south of England.

In the three months to July house prices in London rose by just 2.1% - the lowest quarterly rate since February 2015 - and in Bristol, the fastest growing city over the last 12 months, price growth slowed over the last three months to 2.6% from a recent high of 5.0% in May 2016.

In Cambridge prices fell by 1% in the last quarter but, interestingly, the stats revealed price growth in many cities across

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the Midlands and northern England. Leeds, Manchester, Birmingham, Liverpool and Nottingham, are all still rising by between 7% and 8%. Richard Donnell, Hometrack’s insight director, predicts that price growth in London will continue to slow over the rest of the year, “In contrast, northern regional cities will continue to register stable growth rates as households’ benefit from record low mortgages rates and affordability remains attractive.”

but Countrywide, the UK’s largest estate and lettings agents group, forecast that they will be on the up again by 2018, according to their latest three-year housing forecast.

Countrywide’s findings are similar to those of the Centre for Economics and Business Research (CEBR). Senior Economist Nina Skero says, “Although Brexit has certainly sent shockwaves, CEBR expects the housing market to slow down but not plummet.”

LONDON PRICES POST BREXIT

HEADING OUT OF THE CAPITAL TO FIND VALUE

And even Brexit doesn’t seem to have had much of an effect according to statistics.

The average asking price of a home in the capital is now £472,204, according to the latest ONS House Price Index. Price growth may have fallen in recent months

The market may be slowing in the capital but heading further out in search of value is one way of getting on to the property ladder. Research by Beresfords, the largest independent estate agent in Essex and Greater London, found that families can

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LOCATION save as much as £17,187 for every mile travelled up the A12 in Essex.

The agent explains that a four bed detached property in Upminster or Shenfield would sell for around £900,000 compared to just £350,000 in Colchester, making a saving of £550,000 for a 32-mile drive. First time buyers can also bag themselves a bargain says the estate agent pointing to a first time buyer property in Gidea Park which is on for £450,000, whereas in Colchester a similar property would be just £175,000, making a saving of £275,000 for just a 39mile drive.

Beresfords’ director Terry Holmes is not surprised by these statistics and said, “Of course it’s not a new phenomenon to find house prices cheaper outside of the capital, but the difference in prices between London and outlying towns has become extraordinary. In Essex there’s a definite ripple effect down the A12 and it’s become a real decision maker for house buyers. ‘Do I go for a two or three bed house close to friends and family with a 30-minute commute into London, or opt for a four bed detached for the same price with a 45-minute commute?’”

but inevitably you need to be sure that you can find employment in your chosen city. Recent years have seen a shift in focus on employment and infrastructure spending away from London in favour of central and northern cities such as Birmingham, Manchester and Liverpool. The employment shift has been termed ‘North-Shoring’ as opposed to ‘Offshoring’ with companies such as HSBC, Deutsche Bank and Ernst & Young who are just a few examples of large businesses taking part. Paul Mahoney of property and finance advisory company Nova Financial sees a significant shift away from the capital to the north and points out that in 2014 Ernst & Young moved 3,500 jobs to Manchester. “This is changing the face of those cities, offering high paying jobs. Add to this the high level of luxury property development in these cities offering nice places to live and the fact that Manchester has recently been voted the best place to live in the UK for the third time in four years by The Global Liveability Survey and you can understand why people are relocating,” says Mahoney.

THE ‘GRADUATE EFFECT’

And some agents report a trend for students, once they have graduated, to stay on in in their university cities now that infrastructure DOES YOUR CHOSEN and employment prospects are PROFESSION DETERMINE Visit reallymoving.com for the interactive version of the Mortgage continuously improving in cities WHERE YOU LIVE? Affordability Calculator. across the UK. Nick Whitten, associate Sources: ONS Annual Survey of Hours and Earnings, Land Registry Director of JLL Residential Research Having a banker’s income Paid Price Data, reallymoving.com data & analysis explains, “The UK’s major regional certainly helps when it comes cities are attracting and, crucially, to buying your own home but, assistants and bar staff a decent chance retaining graduate talent, due in with most of us on more modest of affording a home at 21% and 14% part to a lower cost of living compared incomes, options are limited. Recent respectively. with London. There are 80,000 students research by reallymoving.com looked Reallymoving’s research analysed data in Manchester and 60,000 students in at the percentage of homes people can from the ONS Annual Survey of Hours and Birmingham and historically many of those afford by job and location across the UK. Earnings 2014, and the Land Registry Paid would have moved to London in search Analysing UK salaries and property prices, Price Data and worked on the assumption of work after their studies. However, the the research focused on key cities such that people have a deposit equal to six economies of Manchester and Birmingham as: Belfast, Birmingham, Cardiff, London, months’ gross salary and a mortgage of are on the up, with the former being shaped Manchester and Glasgow and analysed 4.5 times gross salary. Rob Houghton, as the Northern Powerhouse and the latter them by income for 12 occupations which reallymoving’s CEO explains, “This has benefitting from recent high profile banking included: chief executive, doctor, train been an illuminating piece of analysis and arrivals in the shape of Deutsche Bank and driver, police officer, teacher, social worker, highlights the well-known difficulties that HSBC.” Whitten explains just how much nurse, bricklayer, car mechanic, taxi driver, many professions have in securing homes easier it is to buy your own home when sales assistant and bar employee. The close to their workplace. Until there’s a you escape the capital’s overinflated price survey found that in London, train drivers significant increase in the supply of new growth. “Crucially, graduates who choose would be able to afford 25% of homes, houses being built we can’t see much of a to remain in these cities are able to buy a while police officers could afford to buy change to this.” home much more easily than in London; 14% of properties and teachers just 13%. the average price of a home in Manchester, Manchester is more affordable with 97% for example, is currently £147,500 while of chief executives, 96% of doctors, 87% of WORKING OUTSIDE LONDON Birmingham averages £156,500. Meanwhile, train drivers and 76% of police officers all the London average is three times those finding affordable housing easy to come Moving further out to find an affordable values at £470,000,” he adds. by. Glasgow is the only city to offer sales home is on many first time buyers’ radars

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SHARED OWNERSHIP

SHARED OWNERSHIP

The smarter way to buying a home

Buying a new home is a very exciting prospect, especially when it’s your first. Shared ownership is an affordable way to buy a home of your own and get a foot on the ladder.

This means you will need a significantly lower deposit and monthly payments are far more manageable

Shared ownership works like this: You simply purchase a share of the home, buying a stake between 25-75% and pay a subsidised rent on the remaining share. In the future and when you can afford it you have the option to buy more shares until you own 100% of your home, which is called staircasing.

ELIGIBILITY You can buy a home through shared ownership if  You are a first time buyer (or you used to own a home, but can’t afford to buy now).  Your household earns £80,000 a year or less with the exception of London where the threshold is £90,000 a year.  You rent a council, or housing association property.

KEY FACTS  You will need a smaller deposit, as you only need to find the deposit for the share you buy.  You will need a smaller mortgage, as you are only buying the percentage you can afford.  There will also be a service charge on the property, so it is important to check what this is likely to be.  You will need to take out a mortgage to pay for your share of the home’s purchase price.  Shared ownership homes are always leasehold.

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You can sell your home at any time. The housing provider will have eight weeks to find you a buyer and during this time you cannot sell your home privately or through an estate agent. If they find a buyer, they will usually charge you an administrative fee, so you should ask them whether this is a fixed price. If they cannot find a buyer after eight weeks, you will be able to sell your home privately or though an estate agent.

Housing associations offer resale properties, which have already been bought through, shared ownership in the past, and the owner is looking to sell their share and move on. You buy the share they are selling and pay a subsidised rent on the remainder.

It is unlikely that you can buy fewer shares than the current owner has, but it may be possible to buy more. Remember that these homes will obviously be older and in more established communities.

APPLYING FOR SHARED OWNERSHIP To buy a home through shared ownership you should contact the Help to Buy agent in the area where you want to live. See page 90 for details.

WHAT TO CONSIDER AND QUESTIONS TO ASK  Can you staircase up to 100% if you wish?  Can you start staircasing immediately?  What are the maximum times you can staircase?

 What is the minimum share you can buy at any one time?  How well does the housing association maintain the property?  Look at your finances and ensure you keep on top of your mortgage, rent and service charges.  Think about what you really want.

Is it location or property size that is important to you?  Your rent and service charges are likely to increase with inflation so you should ask yourself if this fits into your budget.  Ask to see an estimate of the service charge.  If you don’t understand the lease then ask.

LOOK AT THE LEASE The freehold of the property will normally be owned by the housing association and they will be your landlords. They will give you a lease for the property for the percentage that you have purchased, which will normally be for 99 or 125 years. You are the leaseholder and will be responsible for the property. The lease will set out what you have to do and what your landlord has to do so you need to read and understand this. You will be responsible for any repairs inside your home but communal repairs or maintenance will be carried out by the housing association and then charged to you through your service charge. The housing association may ask you to pay into a sinking fund, which is used to cover things like expensive repairs to the roof or lifts and for any communal decorations.

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SHARED OWNERSHIP

HOMES YOU CAN BUY WITH SHARED OWNERSHIP

CA S E S T U DY

POPLAR DOCK MARINA, E14 Horizons Tower

Horizons Tower from Notting Hill Sales offers a collection of 29 one, two and three bedroom apartments overlooking Canary Wharf and the River Thames.

Available through shared ownership, Horizons Tower’s residents can also enjoy access to an on-site gym, a 24-hour concierge service, cycle storage and communal children’s play area, as well as Stratford’s Olympicopolis within easy reach by DLR from nearby Blackwall.

Prices for a one bedroom apartment start at £151,000 for a 40% share of £377,500.

FROM £151,000*

nottinghillhousing.org.uk/horizons 0203 815 1111 *Based on a 40% share with a full market value of £377,500

DOCKLANDS, E16

A new development of 133 one, two and three bedroom shared ownership apartments will be launched in Brixton early next year. Guinness Homes have invested £100 million to transform Loughborough Park by providing 487 new homes for rent and shared ownership. All the apartments have modern kitchens and bathrooms, have been redesigned to be more energy efficient, and also come with their own balcony.

Creating a real community space this redevelopment has added a new lease of life to these homes, and the stylish apartments provide an exciting step for first time buyers. The location has plenty of shops, schools and restaurants nearby and is only a short walk from Brixton Station.

Nurse Charlotte Woodard, 25, realised that she would not only be able to buy her own property, but it would be in a location she wanted close to family and friends. For the last year Charlotte had been living with her parents to save for a deposit, and now can’t wait to move into her one bedroom apartment that she owns a 45% share of.

Albany Court by Guinness Homes is a new development of properties in the coastal Essex town of Leigh-on-Sea. There are a number of one and two bedroom executive homes, that all feature stylish kitchens and bathrooms.

Charlotte said,” While I was at university, I had been renting but decided to move back in with my parents a year ago so I could start saving for a deposit. I had been looking for a property to buy for six months, viewing at least 10 apartments, before finally finding Albany Court. It’s really exciting that I can afford to buy so close to home, and a brand new home too. I thought I would have to move away to afford a home of my own, or sacrifice quality, but that’s simply not the case. Using shared ownership, I can get more for my money and it is an affordable way for me to get on the property ladder.”

Charlotte bought her home off plan and is especially pleased with the location, as Leigh-on-Sea has a number of shops, bars and restaurants as well as easy access to London.

One bedroom apartments at Albany Court start at £83,250 for a 45% share, with two bedroom apartments from £96,750 for a 45% share. Shared ownership is available on selected plots.

guinnesshomes.co.uk/our-developments/loughborough-park 0300 456 0522

guinnesshomes.co.uk 0300 456 0522

Royal Dock Gardens, Custom House East Thames’ latest development, Royal Dock Gardens in the heart of Docklands, E16, is perfect for house buyers looking for affordability, good transport links and a bustling, vibrant location.

Very close to Custom House, which will see the opening of a new Crossrail station in FROM 2018, the development will provide a £115,500* selection of 18 one and two bedroom shared ownership apartments. Royal Dock Gardens is also situated within easy reach of the River Thames, several parks and is only a four minute walk to Prince Regent DLR train station for fast connections into the centre of the capital.

All homes will have views of the communal gardens and each apartment features angled windows to maximise sunlight, with many of the apartments having views of Canary Wharf.

Some apartments also have their own private balconies or terraces and all apartments benefit from access to lifts, bicycle storage and a video entry system.

Prices start from £115,500 for a 35% share based on a full market value of £330,000. east-thames.co.uk 0300 303 7333 *Based on a 35% share with a full market value of £330,000

BRIXTON

Loughborough Park

FROM £TBA

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SECURITY

! y r r o s n a h t e f Better to be sa

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SECURITY

In the midst of the chaotic few months that surround being a first time buyer, it might be quite easy to forget about home security. There are so many deadlines, additional costs, documents to sign, and not to mention the moving of furniture and packing up, that it’s easy to fall into bad security habits. If you’ve bought a new build house or apartment then you might be one of the lucky few to have CCTV or a home alarm pre-installed.

But if your new home comes without a security system, then you should certainly think about what home security hacks you could take advantage of, and what to avoid NOT SO SOCIAL SAVVY Many people get caught up in the excitement of sealing the deal and feeling the need to share photos of their new keys on social media, but this is gold to social-savvy criminals – they can take the image of your key and use a 3D printer to get a replica made in no time at all. That, combined with the location shared on your social post, and you’ve given them the chance to let themselves in. Of course, it’s normal to be ecstatic and overexcited after finding out the sale is going ahead, but just keep your common sense about you and don’t fall into the trap of oversharing on social media.

BREAKING BAD HABITS New research has suggested that overall, as a nation, we’re a pretty blasé bunch when it comes to keeping our homes secure. On Sunday 30 October the clocks in the UK will go back an hour, marking the end of British Summer Time. We brace ourselves for what’s set to be a long winter, as thoughts are turning to dark and cosy evenings. Sadly, this also signifies our homes becoming more vulnerable to burglars.

The research from leading security product retailer, Safe, has revealed that nearly three quarters of the nation (70%) know someone who has been burgled. In addition, half of these people have actually been burgled themselves.

ONS statistics show that 193,773 domestic burglaries took place in England and Wales between April 2015 and March 2016, yet Safe’s research revealed only 21% of the UK protects possessions in a safe, and in some regions as few as 12% of people

but we see some parents buying starter safes for as little as £30 to keep their children’s keepsakes protected - these things are priceless! As the festive period approaches, police bodies and neighbourhood watch schemes are beginning to raise awareness so there’s lots of information out there for anybody who needs guidance.”

BE CAUTIOUS AT CHRISTMAS secure their home with a burglar alarm.

Why, then, is the nation failing to install alarms or safes? One of the key factors in not having security in place was cited as cost, yet the men highlighted important documents as the worst thing they could lose in a fire and women were most worried about losing photos or keepsakes – both with intangible value. Despite these concerns, when it comes to protecting our homes and possessions we seem to have developed some bad habits:  A third of people have left windows open  28% have forgotten to lock the back door (35-44 year olds are the worst offenders)  Almost 10% have left the back door wide open (over 55s are most cautious at only 5%)  6% had left a key under the doormat or in a safe place (an easy win for burglars)  Men are twice as likely to forget to set their burglar alarm Anthony Neary, MD of Safe, commented, “It’s clear from the research that, as a nation, we are guilty of some pretty bad security traits. It seems to be a common misconception that security is expensive,

We are sure you’ve all seen Home Alone, so looking ahead to Christmas and the piles of presents now synonymous with the time of year, it’s important to remember that burglars use this opportunity to scout out neighbourhoods for within-reach valuables left lying in front of doors and windows. Safe’s research revealed a gender split in our attitudes towards safety at Christmas, with women being significantly more safety conscious than men. Less than a quarter of men said they hold off putting gifts under the tree until Christmas Eve to detract potential burglars, in comparison to 36% of women.

NATIONAL HOME SECURITY MONTH October is National Home Security Month and lock specialist, Yale is offering some hints and tips to help homeowners secure their homes and most precious possessions, now and in the lead up to Christmas. Home security doesn’t have to be expensive and it’s a small cost to pay for long term protection of our homes and possessions.

For more advice on home security, visit safe.co.uk

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LOCATION

HOTspot

Let’s head to Harrow

FAC T F I L E

Average property price (July 2016) – £451,653 Property breakdown:* (Harrow) Detached – £ 1,031,663 Semi-detached – £556,385 Terraced – £446,631 Flat – £324,123 *According to the UK House Price Index, July 2016

S O M E FA M O U S RESIDENTS

This north west London borough, which borders some of the country’s finest countryside, offers the perfect mix of city life and green space – and with many new homes springing up, it’s a top choice for eager homebuyers

Photo © Flikr/Herry Lawford

The London borough of Harrow, which borders the Hertfordshire countryside, is famed worldwide for its eponymous school, which sits pretty in Harrow on the Hill. The institution has schooled seven of the country’s prime ministers, prominent political and media personalities, and has also provided a distinctive architectural character for its surrounding area.

This is a large and diverse London borough, though, and is varied in its population and housing. Harrow on the Hill enjoys a village feel, which is also enjoyed in Pinner and Stanmore, but some of the other districts have been slower to bloom. Both Harrow and Wealdstone town centres, however, are currently undergoing a £1.75 billion regeneration programme that promises to deliver thousands of new homes, schools and jobs to the area. So

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while Harrow begins to find its feet as a suburban hotspot, what better time for first time buyers to take advantage of all the borough has to offer, including great commuting times and a perfect mix of country and city.

HOMES AND RESIDENTS The famous Harrow School, founded in 1572, has had a great influence on Harrow on the Hill, especially when it comes to the type of homes in the area. Close to the beautiful, sprawling school buildings, we find grand Victorian properties as well as quaint cottages. Around the rest of the borough, the property is diverse, and ranges from pretty Victorian terraces and impressive Edwardian properties to apartment blocks – with several new developments underway in the area – while a great proportion of property is made up of 1930s semi-detached homes, which line wide, tree-lined streets.

The population of the borough is culturally diverse, with a large Asian population, which gives way to many great Asian shops, restaurants and events. It is also an increasingly popular area with first time buyers, who are attracted by

• Scientist Stephen Hawking • Actor Richard Attenborough • Pink Floyd’s David Gilmour • JLS singer Aston Merrygold • Comedian Stephen Fry • Author Ted Hughes

good commuting times as well the great mix between country and city.

OUT AND ABOUT Harrow is an ideal home for those who love to get outside. A large proportion of the borough is made up of parkland and green space. Visit Stanmore Common, Woodcock Park and Headstone Manor – just a few of the good parks for running, dog walking or entertaining children in the area. For longer walks, bike rides and nature spotting, head to Colne Valley, a 27,500-acre green space that spreads into Buckinghamshire and Hertfordshire. The parkland is just beautiful and takes in rivers and reservoirs, as well as a portion of the Grand Union canal. Playgolf, a golfing complex in Northwick Park, is also a fun way to spend a few hours. As well as a regular golf course, there’s a shorter, nautical-themed course, perfect for adults and children, as well as a driving range.

After a hard day’s walk, there is plenty by way of food, drink and evening entertainment. Harrow on the Hill has a nice collection of restaurants, delis and country pubs. Locals love the Dolls House on the Hill for cake and coffee, while

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Photo © Flikr/Kaustav Bhattacharya

LOCATION Grade-listed centre hosts a range of events including film, comedy, plays and classes and workshops. You can also explore the rich history of the area at the Headstone Manor Museum, which offers guided tours, talks and events.

SHOPPING Harrow Town Centre

Incanto is a popular choice for rustic Italian food and good wine. The Hare at Old Redding, a Georgian pub in a beautiful, green setting, is perfect for kicking back with a Sunday lunch.

Seafood lovers will be in heaven at the Fat Crab, near Rayners Lane station. This small and informal restaurant serves a very reasonably priced menu of delicious seafood including crab, clams and lobster.

The large Asian population in Harrow means there are some excellent Indian restaurants. Shree Sai Vada Pav in Rayners Park is well worth a visit. It offers an extensive menu of mouth-watering vegetarian food including Mumbai street snacks, wraps and specialties.

For theatre and arts, head to Harrow Arts Centre in Hatch End. The beautiful

The buzzing town centre in Harrow is served by two very good shopping centres – St Ann’s and St George’s. At St Anne’s you’ll find a wide range of high street brands, from Primark to Marks & Spencer, while at St George’s, as well as the retail, there are salons, plenty of restaurants as well as a gym and 12-screen cinema.

There are some very good markets popping up in the area, which reflect the local appetite for quality, locally sourced products. The Village Market in Harrow on the Hill is a popular choice with local foodies and shoppers. Held every other Sunday, products range from fresh fruit and veg, cheese, bread and meat to art and vinyl. The founder’s aim is to bring a village market feel back to the area. Harrow on the Hill is also home to some interesting independent shops.

Duck Pond Market in Ruislip is also well worth a visit. With live music and face

painting – as well as the many stalls selling local products and crafts, it’s a must for all the family.

TRANSPORT Harrow, which straddles both travel Zones 4 and 5, has no fewer than 15 Tube stations, serving commuters on the Jubilee, Bakerloo, Metropolitan and Piccadilly lines.

The area is also served by Overground as well as regular train services. Travel into central London from Harrow on the Hill takes just 26 minutes, while from Harrow and Wealdstone, the Overground whizzes into Euston in just 14 minutes. Trains also connect the area to south London as far as East Croydon (taking just over an hour), as well as north to Watford (in just eight minutes) and further to the West Midlands and beyond.

5 REASONS WE LOVE… …HARROW 1 Fascinating heritage 2 One-fifth green space 3 Great local markets 4 Good commuting times 5 Strong community feel

HOMES on offer in the area…

NORTHOLT ROAD

Townsend and Eaton Houses

HARROW ON THE HILL The Cumberland Hotel

FROM £TBC As part of Origin’s plans to create 500 new homes in Harrow, this new development, split across two sites, will see 116 apartments come to Northolt Road, south Harrow. The new homes, 40% of which will be available through shared ownership, have been designed by award-winning architects and will feature contemporary design. Each home will benefit from outdoor space by way of an inset balcony, and the upper floors will consist of impressive penthouse apartments.

South Harrow Tube station is just a few minutes’ walk, for Piccadilly Line services into central London.

UXBRIDGE

St Andrew’s Park

FROM £TBC

FROM £344,000

Just moments from desirable Harrow on the Hill, the site of the former Cumberland Hotel is set to become a complex of new homes, private space and public plaza consisting of shops and cafes. There will be 121 apartments here, with 40% available through shared ownership. This is a great spot for commuters: services from the nearby station take just 30 minutes into London Euston via the speedy Metropolitan Line. The local area also has a great mix of restaurants, delis and pubs.

This new development of one, two bedroom apartments and three, four and five bedroom family homes sits a few miles west of Harrow, close to the beautiful Colne Valley Regional Park. The two bedroom flats feature a bright open-plan living/dining area, two well-sized bedrooms, a spacious family bathroom and a private balcony. Uxbridge station is under a 20-minute walk away for tube services into central London, while there’s a wide choice of restaurants and country pursuits right on the doorstep.

originhousing.org.uk

persimmonhomes.com

originhousing.org.uk

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HELP TO BUY

HELP TO BUY EAST AND SOUTH EAST WILL BE BACK ON THE ROAD THIS AUTUMN Are you thinking about taking that first step on to the homeownership ladder and not sure what help might be available to you? Then why not come along to one of the Help to Buy East and South East ‘New Home Road Shows’? The events are FREE to attend and you can find out all you need to know about Help to Buy all under one roof Housing associations and developers will be on hand to explain the products available at the New Home Road Shows, which are designed to make buying a home more affordable, such as Help to Buy equity loans and shared ownership options. Our Help to Buy team will be there to answer any of your questions, while independent financial advisors will be offering financial and mortgage advice. Solicitors will also be available to guide you through the conveyancing process. Maybe you’re not in a position to move yet? It is still a great opportunity to talk to us all face-to-face.

There is no need to book, just drop in anytime between 10.30 and 3.30pm.

Other dates to be confirmed, so do keep an eye out on the news and events section of our website for more information – helptobuyese.org.uk

bpha is the Help to Buy agent for the East and South East, covering Buckinghamshire, Bedfordshire, Hertfordshire, Essex, Cambridgeshire, Norfolk, Suffolk, Surrey, West Sussex, East Sussex and Kent.

Ansonia Burgess, Help to Buy manager at bpha Limited, the Help to Buy agent for the East and South East Region said, “We had fantastic feedback from people who attended our road shows in the spring. Being able to talk to a real person is invaluable for many of our customers as they often have a number of complex questions. These shows are the perfect opportunity to sit down and discuss the different options available and ultimately find the right product for their situation.”

Here is what a few people had to say: “I’m so pleased I attended the event, very useful and worthwhile” “Fantastic, all my questions answered” “Really pleased as I didn’t think I would be able to afford to buy, so happy that I came along” We look forward to seeing you!

WHERE CAN YOU FIND US? SATURDAY 1 OCTOBER 2016 The Clubhouse, Kempton Park Racecourse, Staines Road East, Sunbury on Thames, TW16 5AQ SATURDAY 8TH OCTOBER The Apex, 1 Charter Square, Bury St Edmonds, IP33 3FD SUNDAY 16 OCTOBER 2016 The Millennium Suite, Copthorne Effingham Park Hotel, West Park Road, West Sussex, RH10 3EU SATURDAY 19TH NOVEMBER Civic Centre, Duke Street, Chelmsford, Essex, CM1 1JE

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AFFORDABLE HOMES

SMALL DEPOSIT? NO PROBLEM: BELONG IN LONDON WITH SHARED OWNERSHIP

Acton Gardens

Rising house prices across the capital means first time buyers are required to supply increasingly large deposits to secure a home – with reports showing the average first time buyer has to cough up a whopping £90,000 to secure their first property. For most, this means that home ownership in London is becoming increasingly out of reach However, help is at hand; housing association L&Q are helping cash strapped Londoners belong in London through shared ownership, which offers buyers an opportunity to make their first move on to the property ladder with a considerably smaller deposit.

Christine Shea, Regional Director of Sales for L&Q, explains, “Shared ownership allows eligible purchasers to buy a percentage share in a property; renting the part they do not own at a subsidised rate.

Purchasing a share of the home means that buyers only need to pull together a minimum deposit of 5% of the share they

buy. So, for example, if a buyer were to purchase a 35% share of an L&Q home valued at £400,000, they would require a minimum deposit of approximately £7,000.”

L&Q are currently offering a plethora of new homes across the capital, to suit a cross section of buyers. Edgy East Londoners are flocking to Stadium Place in Walthamstow, a collection of 99 one to four bedroom apartments, houses and maisonettes. Set on the site of the former Walthamstow Dog Stadium, this new development gives buyers a chance to purchase a piece of London’s history. For those drawn to leafy West London, the organisation has Stadium Place

Bolingbroke Park

launched 31 shared ownership homes at Acton Gardens, a £600 million redevelopment programme which includes the new urban village of 2500 homes. Prices start from £105,000 for a 25% share. Set to be a buzzing new cultural quarter for South London, there are one and two bedroom shared ownership apartments at landmark riverside development, Greenwich Peninsula. The area will offer an extensive line-up of shops, cafés and restaurants, alongside a state of the art gym, art galleries, artists’ studios and a golf driving range.

For dedicated North Londoners, looking to combine the best of city and country living, there are 18 one and two bedroom shared ownership homes available at Bolingbroke Park in Cockfosters. Residents can enjoy the landscaped open space onsite featuring a lake, woodland area, and child’s play park.

Prices start from £126,000 for a 35% share.

For more information about shared ownership, and more handy tips on how you can save money for a deposit, visit lqpricedin.co.uk/belonging

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AFFORDABLE HOMES

NEW HOMES IN LONDON SUPER-SUBURB Cricklewood is being transformed into a new super-suburb, with a £4.5billion regeneration scheme bringing three new schools, four parks and a new Thameslink station to the area, making it an altogether appealing place to live¹. For house hunters looking to benefit from this transformation, a new collection of family homes and one and two bedroom apartments recently launched at Gladstone Village by Octavia Living, offer the very best of modern living, and are perfectly placed to enjoy this exciting new area The regeneration scheme will also create 27,000 new jobs in the area, acting as a catalyst for future economic growth.

Meanwhile, more than £400m will be invested in transport infrastructure, offering an even faster transport service into and around the capital. Eight of the new apartments at Gladstone Village are also available through shared ownership, giving buyers a helping hand on to the property ladder.

Sue Dance, Head of Sales and Marketing at Octavia Living, said, “Cricklewood is set to become a thriving suburb with new facilities, jobs and transport connections, all of which will undoubtedly attract potential purchasers. Gladstone Village is ideal for young professionals and growing families who want to enjoy city life and have somewhere to escape to. The development

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enjoyed a successful launch, and we’d encourage house hunters to visit Gladstone Village for themselves, particularly those interested in taking advantage of our shared ownership scheme on the two bedroom apartments.”

The two bed apartments currently available at Gladstone Village offer a high specification. The kitchen includes Manhattan units and fully integrated appliances including an oven, hob, fridge/ freezer, dishwasher and washer/dryer.

Each apartment also benefits from a balcony and a parking space.

Gladstone Village, situated inside the capital’s Zone 3, is in a perfect location for leisure activities, shopping, entertainment and dining facilities. Oxford Circus, home to high street brands and some of the best

loved attractions is just 17 minutes away by tube. For those interested in more active and outdoor pursuits, Gladstone Park is also close by, offering tennis courts, allotments and a wildlife area. At nearby, Cricklewood Broadway there are also supermarkets, shops and an array of eateries.

Ideal for commuters, Cricklewood station is less than 20 minutes’ walk from Gladstone Village and offers a quick commute to Kings Cross in 27 minutes and Blackfriars in 23 minutes. Dollis Hill tube station, also nearby, provides fast and frequent services to Baker Street, Wembley Park and London Bridge, all in under 30 minutes.

The shared ownership scheme allows buyers to purchase between 25% and 75% of the property, paying subsidised rent on the remainder. Residents can then increase their share at any time, all the way up to 100% and outright ownership.

Prices for a two bedroom shared ownership apartment at Gladstone Village start from £122,500 based on a 25% share of the full market value of £490,000 through shared ownership. A two bedroom house starts at £755,000 and a four bedroom house starts at £905,000. octavialiving.org.uk 1 barnet.gov.uk/citizen-home/regeneration/brent-crosscricklewood

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AFFORDABLE HOMES

GO WEST TO W4 Thames Valley Housing has launched its latest development, Chiswick Gate, in West London, with a selection of apartments that are now available to purchase through shared ownership.

Called the ‘semi-suburban Soho’ Chiswick is vibrant and cosmopolitan with great transport links, and is fast becoming a property hotspot for first time buyers Chiswick has long been popular with young professionals trying to buy property in the city’s capital and in the last few years it has become a desirable area for first time buyers too. Chiswick has all the charm of village life, mixed with Michelin starred restaurants, chic cafés, gastro pubs as well as Chiswick High Road which offers a great range of independent shops and boutiques.

WHAT’S ON OFFER? There are 14 one bedroom apartments and one studio, designed with a modern twist on warehouse inspired architecture.

The elegant and stylish apartments are finished to a high quality and include fitted kitchens with integrated appliances, a fridge/freezer, dishwasher and there are also washer/dryers fitted into the hallway cupboard. The bedrooms are fully carpeted and include built-in wardrobes that create space while maintaining the chic look of the apartment. All come with private balconies that allow you to enjoy some outside space too. The apartments are centred around a private communal garden that has been inspired by the heritage of the formal English garden

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and is the focal point and heart of the development creating an orchard-like shared space where residents can relax.

Computer generated images are subject to change

LOCATION, LOCATION Chiswick is home to some of the finest bars, restaurants, cafés and pubs in west London, and Chiswick Gate is a uniquely convenient location for access to everything the area offers. The development is also near to a number of parks, including Kew Gardens and Richmond Park. There’s even the option of an evening stroll on the banks of the nearby Thames.

GETTING OUT AND ABOUT Chiswick Gate has a number of excellent transport links including easy access to both Overground and Underground services all within a twenty minute walk. There are

regular buses adjacent to the development that will take you to Ravenscourt Park and Hammersmith Underground station making the daily commute that little bit quicker.

There are 51 shared ownership homes available at this site but 15 homes in the first phase. This initial phase consists of 14 one beds and one studio. Prices for a one bed apartment start from £159,000 with a 30% share of the full market value of £530,000.

Further information about Chiswick Gate can be found at tvhsales.co.uk/schemes/chiswickgate or call 020 8607 0550

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OPEN MARKET

SPACE SETS PROSPECT EAST ASIDE The Royal Institute of British Architects has highlighted that over half of new homes built today are not big enough to meet the needs of the people who buy them. According to RIBA many lack the space to live comfortably, and even miss the space to store everyday essentials such as a vacuum cleaner.¹ East Thames has put this at the forefront of design at their Prospect East development in Stratford. Offering a range of apartments, maisonettes and townhouses, the properties are well designed to be home to the entire family, and all of their belongings A site steeped in London history, Prospect East was once home to one of the largest rail works in Britain, becoming one of London’s central transport hubs.

Continuing to make history, Prospect East is the first phase of a much larger plan in Stratford. Featuring a range of different properties from one bedroom apartments to four bedroom townhouses with open green spaces and landscaped gardens scattered throughout, an entirely new urban community is being created by East Thames.

Tony Harker, East Thames’ Director of Sales & Marketing comments, “With an increasing number of savvy house hunters looking further than just a property’s appearance, Prospect East provides homes with both elegant interiors and practicality built into the design. Ample storage space provides the opportunity for families to enjoy their home, without it feeling cluttered. These design features are essential for inner-city living, and are what sets Prospect East aside from the rest.”

With room for everything and everyone, the maisonettes at Pacific Building at Prospect East offer an astonishing amount of storage space. As soon as you enter the home, the entrance hall has storage for two bicycles and another three large storage units. Continuing the thoughtful design, upstairs offers an extra three large storage units, ensuring that families are suitably catered for throughout the property.

The kitchen/dining space at The Pacific Building maisonettes is open-plan, creating the perfect area to entertain guests or cook for the entire family. The spacious living area is the prime place to relax with large double doors opening out on to the back garden, flooding the interior with natural

light. Upstairs boasts three bedrooms, with the master bedroom having access to an ensuite. The larger family bathroom provides a calm space to unwind and caters to the entire household.

Built to the high standard which East Thames is known for, kitchens feature elegant touches such as soft closing doors, stone work surfaces and a range of high quality integrated appliances. Bathrooms and en-suites boast grey ceramic tiles, crystal white sanitary-ware and recessed down lighters to add a contemporary theme to the space.

Located in the heart of vibrant Stratford, Prospect East residents can take advantage of all that London has to offer. Rapidly becoming one of the most desirable places to live in London, Stratford effortlessly combines old and new. Antique shops and quirky bars line the streets alongside more modern amenities. Westfield Stratford City is only a mile away, featuring over 250 shops and plenty of bars and restaurants offering hours of entertainment and enjoyment on

your doorstep. The world famous Queen Elizabeth Olympic Park is nearby, featuring purpose built cycle paths, parkland and expansive open spaces to enjoy. For the avid gym goer, there are a range of fitness boot camps and classes which take place within the park.

Only a short distance away from Stratford International station, residents will benefit from the newly launched night tube, having 24-hour access to London and beyond.

Reaching Oxford Circus in 20 minutes, means that the West End is never far away, and commuting into Canary Wharf is unrivalled, with only nine minutes’ travel time.

Prices for the three bedroom maisonettes at Prospect East start from £657,950, with four bedrooms starting at £744,950. For further information or to register your interest in the scheme at Prospect East visit prospecteast.co.uk or call 020 8003 1718 ¹thisismoney.co.uk/money/mortgageshome/ article-3341412/Half-new-builds-small-families-RIBAarchitects-warn

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AFFORDABLE HOMES

HAPPILY EVER AFTER Before tying the knot next year Kyle Oladeji, 30, and his partner Luis Clemente, 29, were keen to escape the uncertainty of renting privately by securing a new home that they could call their own “Having rented in Seven Sisters for the past eight and a half years and with a wedding looming, we really felt it was the right time to commit to something solid and that we could call our own,” said Kyle, who works in central London as a store manager.

Kyle and Luis bought a two bedroom flat at Banbury Park - by Centra Living, part of Circle Housing.

They had been house hunting in London for around nine months prior to buying at Banbury Park. Kyle said, “We had been looking at a couple of other developments, but as soon as we saw the show home at Banbury Park we fell in love with it straight away. The build quality seems so much higher than others we viewed.”

Banbury Park also boasts excellent transport links into central London - there are numerous bus connections from Billet Road to Walthamstow Central and Blackhorse Road tube stations. The development is also situated beside the North Circular and a short

drive from the M11.

Over 2,400 square feet of retail and commercial space will also be created to house a major new retail unit at the development, as well as smaller shops and business premises. It will also have landscaped community spaces and direct access to open park at the rear of the site that will help to continue the regeneration of the area.

Kyle said, “Walthamstow has undergone a major change thanks to the regeneration.

We call it the ‘new Shoreditch’ as there’s so much going on here. It’s transformed into a place people want to live and we are just glad we have been able to move here.”

It is hardly surprising then that Savills – a leading agent - recently identified the London Borough of Waltham Forest as being one of the top two locations for the highest potential price growth over the next five years.

The couple moved into their new home at the start of the summer. “It feels like

absolute bliss now we have moved in. We are very proud of ourselves - we have managed to do it on our own, so it feels like a great achievement.”

Although homes at the development are being snapped up quickly, there is still time for buyers interested to buy one of the 174 private homes available, including a stunning selection of one, two and three bedroom apartments and four bedroom family houses.

One bedroom apartments start at just £350,000. Through Help to Buy, buyers can purchase a new home from just £210,000 and just a 5% deposit based on a 40% equity loan.

Prospective buyers can call Centra Living, part of Circle Housing on 0845 223 0000 or visit banburypark.co.uk

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HELP TO BUY

SUPER-SUCCESSFUL NUNEATON DEVELOPMENT ATTRACTS FIRST TIME BUYERS

A Lovell Homes development in Warwickshire is proving a hit with first time buyers. When complete, Eaton View will create a new community of 59 high quality two and three bedroom houses only a couple of miles from the centre of Nuneaton Lovell recently released a brand-new phase of homes having seen exceptional demand at the development, which offers well-designed contemporary properties in a location perfect for Midlands commuters. Lovell field sales manager Jennie King said, “We’re particularly pleased to have enabled a high number of first time buyers to settle locally and put down roots in the area.”

H E L P T O B U Y: E Q U I T Y L OA N *

Move in with just a 5% deposit and 75% mortgage. Those looking to buy with Help to Buy require a 5% deposit as the Government will provide up to 20% of the value of the property in an equity loan, allowing buyers to access mortgages of up to the remaining 75%. The equity loan is interest free for the first five years, and can be repaid at any time or when you sell your home. Subject to terms and conditions. Please ask for further details.

CA S E S T U DY

Fashion and business studies graduate Abigail Jarvis bucked the national trend to take her first step on to the property ladder aged just 23 at Eaton View. That meant she was seven years younger than the average age at which most people buy their first property in the UK. Having set her sights on buying a home of her own after university, Abigail is enjoying putting her stamp on the new three bedroom house which she has bought through the Help to Buy: Equity Loan* scheme.

The scheme played an important part in making the move possible, explains Abigail, allowing her to buy a higher value home, as she had only had to find a 75% mortgage and a deposit of 5%.

“Without Help to Buy I probably wouldn’t have been able to go ahead. The assistance from the scheme has allowed me to put down just a 5% deposit, enabling me to stretch my budget. When I was looking to purchase through Help to Buy, Lovell Homes was a name which really stood out, and having visited the development, Eaton View was always the front runner, with an impressive and well laid-out show home.

“Other homes I looked at were in a similar price range but the home I’ve bought – Lovell’s three bedroom Farewood house style - is a more interesting design and offered me more space for my money. Having three bedrooms means I can spread out and have a spare bedroom if someone comes to stay.”

As well as bringing independence – Abigail previously lived at home with her parents in West Birmingham – her new home has significantly reduced her daily journey time to her job in Rugby. Located to the north west of Nuneaton, just two miles from the town’s main line station, Eaton View also offers convenient access to other main centres in the region, including Birmingham and Coventry.

Having moved in, Abigail has been doing a little decorating to bring her own personality to her home but is also enjoying the convenience that comes with having a newbuild property. She added, “I like having my own space and the luxury of everything being brand new.”

Homes available at Eaton View currently start from £131,950 (£105,560 after a Help to Buy: Equity Loan) for the two bedroom Daneton house style, with parking, which would make an ideal first time buy. The two bedroom Featherston house type, with garage, is available from £137,950 (£110,360 after a Help to Buy: Equity Loan). The three bedroom Garthwood house style, with parking, starts at £152,950 (£122,360 after a Help to Buy: Equity Loan).

Call Lovell Homes on 02476 487 223 for more information. Eaton View’s marketing suite and show homes in Copper Beech Road, Nuneaton CV10 9FB are open from 11am to 5pm on Mondays and from Thursday to Sunday from 10am to 5pm

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STAIRCASING

STRICTLY COME STAIRCASING

Nancy Rowe realised her dream of owning a greater share in her Metropolitan shared ownership home, through sheer determination and a savvy savings strategy that allowed her to switch her rent to mortgage ratio by staircasing Staircasing enables homeowners who bought through shared ownership to increase the amount of equity they own in their home. The greater the share you own in your home, the less rent you pay.

If you staircase to 100% ownership you become the outright owner of your home with no rent obligations.

Nancy recently completed the staircasing process to increase the share she owns in her property from 25% to 65%. As a result she now pays around £300 on rent and £700 on her mortgage.

A self-professed Strictly Come Dancing junkie, Nancy works as Assistant Vice President in the advertising brand and creative team at Barclays UK. Her job and start on the property ladder almost began at the same time. We asked her if it was a completely new chapter in her life, “It was!” she beams, “Despite having just started working for a bank, I had little knowledge of the property market and realised I needed to educate myself.”

What made her decide to staircase? “I heard that the rent was going up by £20 a month, which doesn’t sound like a lot, but when you think about it on a yearly basis it really adds up.” Nancy bought her plush, one bedroom apartment, in the central London location of Waterloo – a mere stone’s throw from the London Eye, through shared ownership.

The full value of the apartment at the time was £280,000 and she bought a 25% share to take her first step into homeownership. “Luckily I had put quite a bit away in savings from when I started working in my teens. I managed to put down a £14,000 deposit, which worked out at 20% on the share. Anyone who moves to London soon realises it’s very expensive and you have to be fairly street-smart about savings. I’ve just spent the whole week eagerly trying to find the cheapest

internet provider.” So what did she end up paying? Savvy Nancy said,” I got it for free in the end, but I still have to pay a line rental.”

This scrupulous dedication to saving helped her reduce her mortgage. “Well, it used to be that there were certain rules on how much extra you could pay back into your mortgage. But these changed and you were suddenly allowed to put up to an extra £7000 in, at the end of the year. I thought, this is great, and put everything I could in there to get my mortgage down.”

The reduction in her mortgage payments opened the doorway to buying a greater share in her property through staircasing.

When asked if she intends to staircase fully to own the property outright, Nancy immediately responds, “Yes! But I might have to give it a bit of time!”

How did Nancy find out about shared ownership? “I knew about it through my brother, who bought a shared ownership property in Essex. When I finished university, I found myself commuting an hour and half to get into London. Also, after living independently during that time, I found it really difficult to re-adapt to living at home with my parents. I knew that when I moved to London, I would have to own my own place.” Nancy studied English Literature at Cambridge. “Wow! that’s amazing” is our stereotypical response when she tells us where she studied.

Nancy decided that, with the astronomical house prices in London, shared ownership was the most viable way forward. “When I found my apartment, I was third on the list. I never thought I

would get it. But in London, things change suddenly and I got the call to ask if I was still interested, and of course I was!”

In her spare time, one of Nancy’s passions is dancing. “I’ve been dancing since the age of four. I recently found a studio under the arches at Waterloo. I popped in for a session and found myself confronted with all these extremely cool people, doing amazing dance moves in trendy leather jackets. I felt a bit out of place at first but got into it. Later I texted my friend, to tell him where I was, and he responded, ‘You do know that’s one of London’s top professional dance studios?’

I decided I needed to up my game, not just in the dance stakes but in the wardrobe factor too!” Nancy is going back soon – to see if she can improve on last week’s performance! ”So how did Nancy find the staircasing process through Metropolitan? “It’s been really smooth sailing. Laura Rose, the After Sales Manager has personally responded to every question and request I’ve had, and the whole process encourages me to do it again. Of course, Laura doesn’t know I’m going to be bombarding her with hundreds of emails in the near future!” mho.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 hoping to find your dream home on a modest budget, or a slice of urban paradise with plenty of green space, we hope you enjoy the selection.

(Prices and availability correct at time of going to press)

LEWISHAM, SOUTH LONDON

HOIC FIRST C

E

MING UP-AND-CO

A★R★E★A

Affordable Homes p60-61

COLINDALE, NORTH LONDON

HOIC FIRST C

REAL LIFE

E

SCAPED HUGE LAND

GAR★ D★ ★ENS

The Great Outdoors p62-63

Shared ownership p64

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FOR SALE

AFFORDABLE HOMES LEWISHAM, SOUTH LONDON

HOIC FIRST C

FROM £85,000*

E

MING UP-AND-CO

A★R★E★A

Tanners Hill There are 43 new homes available at this impressive new development, which sits just under a mile from the bustling heart of New Cross. The one, two and three bedroom homes offer bright and spacious living areas, with an open-plan living/dining area, large windows for maximum natural light, good sized bedrooms as well as an en suite shower room for the larger apartments. Residents also benefit from private outdoor space in the form of a balcony or terrace. Transport links are excellent – Deptford Bridge and New Cross Gate are both within a 10-minute walk for speedy services to central and East London.

Affinity Sutton 0300 100 0303 affinitysutton.com *Based on a 25% share of the full market value of £340,000

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FOR SALE CUSTOM HOUSE, EAST LONDON

FROM £115,500*

FROM £105,000*

ACTON, WEST LONDON

Royal Dock Gardens This vibrant corner of the East End is home to 18 new one and two bedroom homes, set across four floors. Great facilities are just on the doorstep, with a fitness and watersports centre, restaurants, bars, parks and, of course, the river, all just a short walk away.

Getting around is easy, too, with a choice of several DLR stations, the

Emirates Air Line and London City Airport close by. Inside, the homes are finished to a high standard and include quality fitted kitchens with integrated appliances, oak flooring and private balconies.

East Thames 0300 303 7333 east-thames.co.uk

*Based on 35% share of the full market value of £330,000

COCKFOSTERS, BARNET

FROM £126,000*

Acton Gardens This new collection of homes, with 33 available through shared ownership, forms part of one of West London’s largest regeneration projects. The one, two and three bedroom apartments are set around landscaped gardens, and the scheme, which will eventually see over 2000 new homes built, will

include a sports ground, plaza, shops, a youth centre and play areas. Acton Town station is just a 10-minute walk away for Piccadilly Line services to central London in under 30 minutes, while the High Street is nearby.

L&Q 0844 406 9800 lqpricedin.co.uk

*Based on a 25% share of the full market value of £420,000

B R O M L E Y, S O U T H L O N D O N

£325,000

Bolingbroke Park The green borough of Barnet, which borders even greener Hertfordshire, is the site for this new collection of one, two and three bedroom homes. The contemporary homes are finished to a high standard and include open-plan living areas leading to a private balcony or terrace.

Residents will be a short walk from

Cockfosters station for Piccadilly Line services to Oxford Circus in around 20 minutes. There’s plenty by way of natural beauty in the area, with Trent Park on the doorstep and open countryside a short drive away.

L&Q 0300 456 9998 lqgroup.org.uk

*Based on a 35% share of the full market value of £360,000

Beckenham High Street This spacious two bedroom apartment sits right in the heart of the action on Beckenham High Street, close to a wonderful range of shops and facilities, not to mention a choice of great parks and fast commuting times into central London. Recently decorated, this period apartment features a smart, modern kitchen,

large reception room and two well-sized bedrooms – the master featuring a particularly large window, for lots of natural light.

Beckenham Junction is just a 10-minute walk away, with services to Victoria in just 20 minutes.

Munday’s Estate Agents 020 3318 8900 mundays.com

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FOR SALE

THE GREAT OUTDOORS FROM £355,000

COLINDALE, NORTH LONDON

HOIC FIRST C

E

CAPED S D N A L E G HU

GAR★ D★ ★ENS

Colindale Gardens Set within a whopping nine acres of landscaped gardens, this collection of one, two and three bedrooms homes is the perfect spot for those looking for a mix of indoor and outdoor space. The homes form part of a huge regeneration project in the area, that will see new homes, restaurants and businesses launching in the area and is just 20 minutes away from central London by tube. The homes are beautifully designed, with floor-to-ceiling windows for plenty of light, open-plan living areas featuring oak flooring, fully tiled bathrooms and well-proportioned balconies or terraces.

Redrow 0203 131 5046 redrow.co.uk

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FOR SALE FROM £127,125*

BRACKNELL, BERKSHIRE

PECKHAM, SOUTH LONDON

FROM £455,000

Cardew Court This stylish new development of 37 homes in pretty Bracknell, is just a nine-minute walk from local Mill Park. The 37 one and two bedroom apartments here, give the homes a small community feel. Inside, the homes feature quality fixtures and fittings, open-plan living areas and generously sized bedrooms.

All homes also come with a private parking space. Thriving Bracknell, which offers excellent amenities, shops, bars and restaurants, is surrounded by rolling countryside and is perfect for lovers of the outdoors.

Thames Valley Housing 0208 607 0550 tvhsales.co.uk

*Based on a 45% share of the full market value of £282,500

G R E AT K N E I G H T O N , C A M B R I D G E

FROM £450,000

Woods Road Sitting on the edge of Cossall Park, this new collection of one, two and three bedroom apartments sits in a quiet green spot behind trendy Peckham.

The new homes are set around landscaped gardens and include bright open-plan living/ dining areas, fitted kitchen with integrated appliances and

B A R N E T, N O R T H L O N D O N

a private balcony or terrace.

Queen’s Road station is within a five-minute walk for speedy services to London Bridge, while the many bars, eateries, galleries and cultural delights of Peckham are right on the doorstep.

Crest Nicholson 07876 818 388 crestnicholson.com

FROM £345,000

Aura Surrounded by parks and open countryside, while just 1.5 miles from fast connections to London, this development is perfect for commuters. The pretty collection of two and three bedroom apartments and houses, created

by Countryside, sits in Great Kneighton, just moments from famous Grantchester. Inside, the

homes are immaculately finished, with floor-to-ceiling windows for maximum light, en suite from the master bedroom, a private terrace or garden, as well as stone worktops and integrated appliances in the kitchen.

Countryside 01223 656167 auracambridge.co.uk

Brook Valley Gardens This new collection of homes, located on the borders of leafy Hertfordshire, form part of the regeneration of the area. Built in phases over the coming years, the 600 homes here will range from one to three bedroom apartments, to two to four bedroom houses, all designed in keeping with the green

surroundings. The development will also include a community centre, nursery and communal gardens. From High Barnet station – a 15-minute walk – services land in King’s Cross in 30 minutes.

Countryside 020 8440 1872 brookvalleygardens.co.uk

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REAL LIFE

Shared ownership: Islington

FAC T F I L E

Trapped in the familiar renter’s nightmare and having dismissed the possibility of being able to afford to buy in London, Peter Cumming, 32, was delighted to find he could buy a two bedroom apartment in Islington in Zone 1 of the London travel network, thanks to Affinity Sutton’s shared ownership scheme “Living in London it’s pretty hard to get on the property ladder so when my friend told me about The Fable apartments at The Lexicon, I assumed I wouldn’t be able to afford it. However to my surprise and thanks to Affinity Sutton I realised it was achievable,” Peter says.

Peter purchased 25% of a two bedroom apartment at The Lexicon, a stunning, 36-storey tower, paying £181,250 with a full market value of £725,000, and a 10% deposit of £18,125.

The move made perfect financial sense.

Thanks to shared ownership and the rent Peter receives from his lodger, his monthly outgoings are now less than the monthly rent payments he made at his

previous home which was a three bedroom apartment he shared with friends in Clapham.

“Shared ownership has given me stability and I now have a home I can call my own! I’m really impressed with the modern layout and I love the way the apartment has been designed with an open-plan kitchen and living area. To top it off I have a south facing balcony, which acts as a sun trap with a lovely view looking out toward Angel.”

Originally from Leeds, Peter travelled the world for two years post-university, before moving to London for work. As a Quality Analyst, Peter helps produce video analysis software for international sports

“SHARED OWNERSHIP HAS GIVEN ME STABILITY AND I NOW HAVE A HOME I CAN CALL MY OWN!” 64

Property: Two bedroom apartment Market value: £725,000 Share bought: 25% Deposit: £18,125

teams, such as Manchester United, the All Blacks and the Australian rugby team.

“The location of my new home is great for travelling around London and further afield as the transport links are excellent,” he said.

Angel and Old Street underground stations, both located just half a mile away, open up the rest of London while Kings Cross St Pancras station is less than 15 minutes away by bus or just two minutes on the tube.

City Road is located in the bustling borough of Islington and just half a mile away from Islington High Street with a host of independent boutiques and sought after high street brands. The beautiful Regent’s Canal is also just a short walk and offers a scenic retreat from London life.

All of the homes at The Fable apartments at The Lexicon are now sold, however Affinity Sutton offers a range of shared ownership developments throughout London and the South. affinitysutton.com 0300 100 0303

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COMPETITION

Naturally brilliant, and brilliantly natural cookware!

WIN!

E SET OF A 5-PIEC RE OOKWA JUDGE C OVER WORTH £250

HOW TO ENTER Answer the following question:

What is the size of the frying pan that is included in the 5-piece set?

Send your answer with your full, name, address and telephone number to: lynda@firsttimebuyermag.co.uk Closing date: 11 November 2016

THE PRIZE… 2 SETS OF COOKWARE WORTH £260 EACH Each set includes 1 stainless steel milk pan, 3 stainless steel saucepans with glass lids and stay cool handles and 1 stainless steel frying pan.

T&Cs The prize is non-transferable and no cash alternatives will be given. Competition is open to UK residents only.

Kitchens are considered the heart of the home so warm up yours by cooking delicious meals using the eco-friendly kitchen range designed by Judge Whether you are making a cosy dinner for two, or a family meal for four, cooking dinner in your new home can be a fun and exciting experience for any first time buyer. Judge’s Natural Cookware will help you cook up your favourite dishes and feed your family whilst also being environmentally friendly.

Inspired by the environment all of the 5-piece range incorporates eco-friendly matt grey ceramic coating that is both PTFE and PFOA free. The pieces come with thick thermic bases that are suitable for all hob types and are ovenproof up to 180°c. These high quality pans will make cooking in your own home easy and fun.

The 5-piece range includes: 14cm stainless steel milk pan 16cm stainless steel saucepan and vented glass lid 18cm stainless steel saucepan and vented glass lid 20cm stainless steel saucepan and vented glass lid 24cm stainless steel frying pan Eco-friendly and well designed the pans are suited for cooking all types of food and this collection would be a delightful and stylish addition to your new home and kitchen. They are also easy to clean and dishwasher safe making them extremely durable For more information, or stockist details, visit judgecookware.co.uk, or call 0117 940 0000

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FIRST MEAL

FIRST HOME, FIRST MEAL Now you can enjoy a traditional curry in the comfort of your home.

Celebrated chef, Anjula Devi has created this authentic recipe for chicken curry, which is bound to be a huge success with friends and family Ingredients (Serves 4)

CHICKEN CURRY

Preparation time 30 minutes Cooking time 75 minutes Marinate overnight 750g boneless and skinless chicken thighs, cut into bite-size pieces For the Marinade 150g natural yoghurt Juice of one freshly squeezed lemon 1 teaspoon pulped garlic 1 teaspoon pulped ginger 1 teaspoon tomato paste 2 tablespoons tamarind pulp Key Spices 1 teaspoon cumin seeds 1 teaspoon coriander seeds 1 teaspoon mustard seeds 1 inch piece of cassia bark 1 bay leaf 1/4 teaspoon turmeric powder 1 teaspoon red chilli flakes Warming Spices 1 teaspoon fenugreek leaves, soaked in 2 tablespoons of hot water 4 green cardamoms, lightly bashed 2 cloves Wet Ingredients 4 tablespoons vegetable oil 2 medium onions, finely chopped 400g good quality tinned chopped tomatoes 1 teaspoon grated jaggery 1 teaspoon pulped garlic 1 teaspoon pulped ginger 2-4 fresh finger green chillies, pierced (add less for a milder curry) 6-8 curry leaves, ripped 140ml water (more if you prefer thinner sauce) 2 teaspoons tamarind pulp

Authentic Indian Food, exclusively available at Lakeland, £5.99. Order online at lakeland.co.uk or on 015394 88100 METHOD 1 2 3 4 5 6 7 8 9

10 Garnish Small bunch of fresh coriander, chopped Zest of one lemon

11 12 13 14

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Anjula Devi grew up in a house with eight siblings, a hard working mother and an alcoholic father who was a culinary genius. When she was 10, he not only taught her how to cook, but educated her about spices with such a passion that she fell in love with them too.

In recent years Anjula has become one of the UK’s most celebrated chefs, founded her own cooking school, been appointed Brand Ambassador for the world’s largest Indian food company TRS Foods, won a prestigious BBC Good Food bursary award and created her own brand – Route 207. The brand is named after the bus journey Anjula and her father used to make from Southall to Shepherds Bush Market to buy spices, vegetables and fresh fish.

Anjula is currently appearing as a guest chef at the prestigious Leiths School of Food and Wine in London and is launching a new and exclusive range of Indian cookery products and recipe book with kitchenware retailer, Lakeland. Her first complete cookery book Spice for Life, is due for publication in spring 2017.

Anjula also uses her culinary skills to work with primary school children with special educational needs, and has achieved tremendous results.

Place the chicken thighs in a large bowl, add the marinade ingredients, stir and coat well. Cover the bowl and place in the fridge overnight.

Remove from the fridge and allow the chicken to come to room temperature.

Take a small dry frying pan, set on a low heat and warm through the cumin, coriander and mustard seeds.

This should only take 1 minute. Remove from the heat, add to a pestle and mortar and grind coarsely.

Take a large sauté pan, add the oil and warm on a low heat then add the onions, cassia bark and bay leaf.

Sauté for 5 minutes.

Add the turmeric and red chilli flakes, stir and cook for a further 2 minutes.

Add the tomatoes and jaggery and continue to sauté for a further 10 minutes at least, stirring occasionally.

By cooking these ingredients for a little longer, your curry will definitely taste better.

Now add the garlic, ginger and green chillies and continue to cook for 2 minutes.

Add the contents of the pestle and mortar, stir well and continue to fry until the mixture resembles a paste and the oil starts to separate from the onions and tomatoes. If the ingredients start to become a little dry or the spices start to burn, add a little water.

Add the marinated chicken and fresh curry leaves. Turn the heat up to medium, stir really well and allow the chicken to seal for at least 5 minutes, stirring frequently.

Add the water and bring to the boil then immediately reduce to a simmer.

Add the fenugreek leaves, green cardamoms, cloves and tamarind and place the lid on the pan. Cook for 25 minutes or until the chicken is tender and the sauce is thick.

Remove from the heat and stir in the fresh coriander and lemon zest.

Leave for 5 minutes before serving with chapattis or rice.

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FIRST MEAL

FTB’S FAST FOOD Now the days are getting colder, there is nothing more warming than a traditional pudding fresh from the oven. Served with lashings of custard we tried a range of supermarket puds to see which would warm you up this autumn

TEST WINNER

PUDDINGS

M&S

WAITROSE

ASDA

SAINSBURY’S

TESCO

Shortcrust cherry pie, £3; strawberry & rhubarb pie, £3; Bramley apple pie, £3; apple tarte tatin, £4; crème brulee, £3

W1 morello cherry & almond tart, £4.79; W1 sticky toffee pudding, £3.99; W1 tarte tatin, £4.99; morello cherry pie, £2.99; 4 frozen melt in the middle chocolate puddings, £3.99

Sticky toffee pudding, £3; Bramley apple pie, £4; bread & butter pudding, £2.50; chocolate and salted caramel sponge, £2.50

TtD apple pie, £3.75; TtD sticky toffee pudding, £3.75; TtD vanilla custard, £1.90; hot chocolate fudge pudding, £3.00; TtD Victoria sponge cake, £2.65

finest* sticky toffee pudding, £3; jam roly poly, £2.50; apple lattice pie, £2.50; finest* Cornish custard, £1.80

FTB SAYS: The tarte tatin had a delightful buttery caramel flavour. The crème brulee

FTB SAYS: The jam roly-poly

FTB SAYS: The traditional bread and butter pudding

FTB SAYS: The custard was

was a little dry and it cooked

had a good snap and tasted

FTB SAYS: The tarte tatin was

was very nostalgic, with juicy

delicious and brought back

faster than suggested on the

really authentic, especially the

sweet with a rich creamy

raisins and a good nutmeg

memories of school puddings.

packaging, however it still

wonderful hint of vanilla in the

caramel flavour. The sticky

flavour – however, the sticky

The apple pie was rather bland

had a sweet berry flavour.

custard. Both the pies had a

toffee pudding was very

toffee pudding was a little

and had very little taste, but the

We found the apple pie didn’t

delicious light and flaky pastry

moreish, and the toffee sauce

dense and dry and didn’t match

pastry had a nice flaky texture.

have a chunky filling, and the

that melted in the mouth. The

was warming and sweet.

expectations. The chocolate

The sticky toffee pudding was

pastry was rather soft instead

rhubarb and strawberry one

However, the morello cherry

sponge was light and the sauce

full of dates and had a good

of being crispy. The custard

was very sweet, and was

and almond tart was fruity but

was rich and creamy, which

sticky consistency. We enjoyed

was full of flavour though

loaded with pieces of apple.

lacked the nutty flavour we

made the pudding moist whilst

the chocolate fudge pudding

and went well with all the

★★★★★

were expecting. The melt in the

being rich and indulgent. The

with it’s caramelised and sticky

puddings.

middle puddings were gooey

pie had a crispy texture as well

fudge top – however the sponge

★

and moist, with a rich chocolate

as having chunky apple pieces

had a slightly dry texture.

flavour. The cherry pie had a

and would be perfect after a

★★

good spicy flavour but was a

family Sunday lunch.

little tart.

★★★

★★★★ FULL STEAM AHEAD

Faster and more convenient, the Lekue microwave steam cases speed up mealtimes for those with busy lifestyles. Good for making rice, pasta, stews and soups it’s versatile and easy to use. The food cooks in its own juices, which means it retains plenty of nutrients, so it tastes good whilst also being a quick option after a hectic day. There are two sizes available so you can make a simple meal for two in the shallow dish, or even a whole roast chicken for four in the deep dish. They are made from silicone and are easy to clean and are dishwasher and freezer safe. All the products come with a 10-year guarantee.

Deep case, £19.99; shallow case, £14.99 lakeland.co.uk

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LEASEHOLD

WHAT TO ASK THE MANAGING AGENT

The excitement of your new home is all consuming. It’s like the first weeks with your partner, or the excitement of a shiny new toy – it is all embracing. Of course as with any consuming thing, there is a reality behind it If you buy a property in a block of apartments then it will be more than likely you will have a managing agent looking after the common parts of the property. What are the common parts?

Well that is all the space outside of the front door of your flat. So named because they are the parts used in common with your neighbours! Nothing if not logical! Anyway having been in management of residential buildings for 10 years and property management of all types of property for over 30 years, I have some strange tales and interesting anecdotes.

70

I am not sure if it is a generational thing but back in the day there was an understanding of fuses, electrics, generally how things worked. This either doesn’t seem to be the case now or we have raised expectations on what someone else should look after. For example, recently one of my colleagues had a phone call from a flat owner asking us to go round and remove a spider from their flat! Now as much as we want to give customer service and as much as we want to help people, spider removal service is going a bit far.

Of course this is nothing to a phone call I once had from a flat occupier who called me and said there was a fire in the block of flats.

There was something in the tone and voice that made me say, “Please tell me I am not your first phone call and you have called the fire brigade?” to which the response was “No, I’ve called you first to sort this out!” Now I have to be honest, my reaction was a huge amount of surprise and a response of “Seriously I am not your best bet – probably the fire brigade are better placed than me!”

Another call involved a young person saying all the lights in their living room were not working and they needed an electrician. This was outside of our responsibility as it was inside the apartment, however it dawned on me that there was actually a simple solution.

I directed the caller to their hall cupboard and the fuse box. Having talked through finding the switch in the wrong direction and flicking it back on, the problem was solved.

Of course, it is easy to find tales such as this and every managing agent will have them in abundance. However the point is about what you need

Roger J Southam, Non-Executive Chair of Leasehold Advisory Service

to know for living in your home; whose responsibility is what; in short how do you know what you need to know!

There is generally a lack of understanding and respect for managing agents and a lot of criticism, most of which is unfair. The profession of property management is one that is very easy to criticise but if you spent a day with a manager you would realise just how tricky it is. Having to be a master of all trades, have diplomatic skills to rival leading an overseas embassy, along with telepathy, is a must!

So if you are going to embark on your first home being in an apartment with communal living then I would urge you to understand what your responsibilities are, what you are buying into and what the managing agents can control and deal with. How do you find all this out? Well that is what the Leasehold Advisory Service website is there for. After a lot of strategic planning and development of the website we recently launched the new version recently which is a much more user-friendly and customer facing.

We are constantly working on ways to improve our advice and delivery of service.

This is seeing us introduce a booking system for taking calls to give greater efficiency and avoid long waits on the phone. It cannot be stressed enough that the time to find out what leasehold means to you is before you buy your new home. As you will be only too aware once you embark on your first time purchase you will be so excited that thinking of anything vaguley practical will be tricky, let alone having to read dull stuff like your responsibility, liability and lease! So the best time to build up your knowledge is before you get immersed. Our advisory service is there to assist in advance with questions and information.. Of course, we are also there when you are in your new home and need help and advice. However there is nothing to beat a little bit of homework in advance. lease-advice.org

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FINANCE

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

What are the key things you should look for on your first viewing?

A

On average, we spend just one hour viewing the property we end up buying – which isn’t long considering we’re prepared to part ways with a lot of cash to do so.

To kick-start the search, it’s probably a good idea to spend a substantial amount of time viewing a number of properties to help you narrow down what you like and what you really don’t. Many people forget to ask even the basics when they view potential properties, only to get home, and then make calls to the agent or seller a few days later. It’s always worth having a think about your top priorities and to list them out - things like whether there’s parking, or enough storage, or even what the road is like during rush hour.

If you’re not sure where to start, we’ve put together a useful propertyviewing checklist that can help you start to consider the questions you’d like to ask, which you can find on our site: which. co.uk/10viewingtips. It covers the questions you should ask, from the state of brickwork and drains, to whether the property has been granted planning permission. Take your list and a pen with you on your viewings so you don’t forget to ask anything - it’ll help to make sure you’re armed with all the key facts before deciding whether to make an offer or not.

Q A

Which type of rate is best for first time buyers – a fixed or a variable?

This depends completely on your individual circumstances, along with the amount of risk and responsibility you are prepared to take to manage your

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.

your situation on a regular basis, which can require a lot of personal management.

Q

What has the Bank of England base rate cut meant for first time buyers wanting to get a mortgage?

A

mortgage. Fixed rates are always a popular option with first time buyers, as the most important thing about having a mortgage is that you can afford the repayments each month. Therefore, people will always see the benefit in this method and will pay slightly more to have longer term security against potential interest rate rises.

That said, for people who are undecided and want to see what happens to the cost of borrowing, tracker rates (a variable rate linked to the Bank of England base rate) are a popular option, as many tracking products provide you with the flexibility to remortgage or switch products at any time.

Of course, if you do go with this option, it is important you think about the cost of your mortgage should rates go up. It is also vitally important that you stay on top of mortgage rates and make sure you review

It’s mostly good news! The base rate cut has meant that many mortgage rates have been reduced, potentially making it more affordable for first time buyers to get a mortgage.

However savings rates – which are already poor, may also fall so it could take you longer if you are trying to save for your deposit if you’re trying to get on the housing ladder.

Typically, the minimum deposit a first time buyer will require is 5% of a property’s value. If this can be achieved then mortgage rates can potentially be obtained at around 3.5% to 4.5%. Of course, the rate of interest will very much depend on your individual circumstances, as any mortgage application is subject to individual underwriting.

Those struggling to save a big enough deposit may wish to consider schemes like the Government Help to Buy: ISA or a shared ownership arrangement.

For further help and advice from Which?

Mortgage Advisers, please visit which.co.uk/ ftbmortgages or call 0808 159 4852

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FINANCE

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.

Ready to buy

About five years ago I was planning on buying my first home and applied for a mortgage, but realised I wasn’t ready to go forward when the time came to actually buy. Now I am in a better financial position will the previous application affect my ability to get a mortgage? Is there anything I can do to show lenders that things have changed and I am able to afford mortgage repayments?

Morgan Stokes It’s great that you now feel you’re in a position to go ahead with your mortgage application. When you make an application for credit, the lender will usually carry out a full credit check, which will leave a ‘footprint’ visible to other lenders and can affect your credit score.

Credit application footprints are relevant to credit scores as they show your hunger for new credit. One or two footprints are unlikely to cause you problems, but a rush of recent credit report searches may worry prospective lenders, as this is often a sign of financial stress or even fraud.

The effect of any search footprint on your credit report is usually very short-lived as lenders are generally only interested in recent applications. After 12 months they drop off your credit report altogether, but some credit reference agencies will retain this for two years. It’s safe to say that your application from five years ago won’t have any impact on your chances of getting a mortgage, but lenders will be interested in how you have previously managed credit.

Lenders check your credit report with a credit reference agency to assess the likelihood that you’ll pay back on time, so if they spot any negative information this may be a worry for them. Spending some time understanding what lenders will be looking for and how you can improve the picture your credit report paints of your financial situation can really pay dividends. You can check out our Mortgage Application Guide, for more useful tips at experian.co.uk/consumer/guides/mortgageapplication.html

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Student Loan

A few years ago I finished studying and I am now looking to buy my first home. I have worked hard and saved up enough for a deposit but I haven’t paid off all my student loan. I make the monthly repayments and haven’t defaulted but I was wondering if not paying it off yet will affect my mortgage application?

Rosie Abney The good news is your student loans shouldn’t affect you too much, in the same way that other forms of debt can. If you took out a student loan post-1998, this won’t show up on your credit report so if you are applying for a mortgage this won’t cast a dark shadow over your application in terms of your credit history. If you have a student loan pre-1998 this could have an impact if you have been late to pay or missed a repayment, but having come out of university recently I’m sure you wouldn’t fall into this category. Don’t get complacent though, student loan payments could affect the deal you may be offered due to strict affordability guidelines.

Mortgage affordability rules were introduced to help prevent borrowers from struggling in the event of an interest rate rise. This means lenders will now look closely at your income, outgoings and savings each month to make sure you have flexibility in case your credit repayments increase. Although student loans aren’t treated in the same way as regular debt on your credit report, if regular payments are coming out of your wages then your lender may take this into consideration and calculate whether you’ll be able to keep up with the payment schedule you’re looking to agree to.

You could check your credit report before applying for your mortgage. If your credit report has room for improvement, take steps now to allow yourself time to get it into shape. Taking all of this information into consideration will certainly put you in the best position to get the mortgage you really want.

No credit history

I have never had a credit card or had any direct debits. This means that as a first time buyer I don’t have any credit history that I am aware of. Does this mean I am not going to be able to purchase a home? How can I increase my chances of getting a mortgage?

Rebecca Watts A well-managed credit card could be a way to build a positive credit history, but it’s by no means the only way you can do this nowadays. By checking your credit report, you will be able to see what accounts are registered, so this should probably be your first port of call in your journey to secure a mortgage. You might not realise that services such as mobile phone contracts, some utility bills and even your overdraft all count as credit, so your history might have more positive information than you think. Although a direct debit will not be used as part of credit scoring by lenders, it’s something that you could consider setting up to help you make payments on time each month.

Lenders want to see evidence that you are going to repay any money lent to you, so not having any history of repaying credit can be a cause for concern, as the amount of money you would be hoping to borrow is so large and you would be seen as a higher risk as the lender doesn’t have proof that you’ve paid back money to anyone else.

If you do find that your credit report has very little information, you do have a number of options to help improve it. Registering on the electoral roll is important for verifying your identity and a good place to start building your credit report. Managing any accounts you do have over a period of time could also help to improve your credit score. Before long you will start building up a picture of positive credit management that will put you in a better position when you make a mortgage application.

If you want help understanding how credit referencing works and how to improve your credit score, visit experian.co.uk/improve

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FINANCE

Rate cut reality Many of those thinking of taking out a first mortgage will have cheered at the decision by the Bank of England in August to drop the base rate to 0.25%.

But is it really good news for first time buyers? Kay Hill investigates Only a few months ago, financial experts were terrifying first time buyers with the threat of rising interest rates. With the Bank of England base rate, which influences mortgage interest rates, at a historic low of 0.5% since March 2009 (the lowest in the Bank’s 322-year history), the talk on everyone’s lips was how far and how fast that rate would rise.

And then along came Brexit. Although nothing has yet changed in Britain’s relationship with Europe, the political and economic uncertainty is already having repercussions, and the Bank of England has tried to stabilise the economy and protect against inflation with a raft of urgent (some would say panicky) measures, including dropping the base rate to 0.25%, providing a Term Funding Scheme to loan cheap money to the banks and also buying government bonds.

Drops in the base rate generally leads to cheaper mortgages, but that may not be the case this time. According to gocompare. com’s head of money, Matt Sanders, the fact that most first time buyers choose fixed rate deals, and the already highly competitive nature of those deals, may limit who benefits: “Lower interest rates mean that those on tracker mortgages will see their monthly repayments fall,” he says.

“However, in recent years the popularity of variable mortgage products has fallen dramatically, with most homebuyers opting for fixed rates.”

With fixed rate mortgages already at extremely low rates, he also suspects that banks may try to make a profit in other ways. “The market is already extremely competitive with mortgage rates commonly available at 2% or less. The news from the Bank of

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England should see these deals extended for the next few years. However, it’s likely that lenders will become more stringent in their lending criteria and we could see arrangement fees begin to creep up.”

Economist Ros Altmann is unconvinced by the Bank of England’s strategy. “Falling base rates may not help borrowers as much as expected. Mortgage payments are a major element of household borrowing, but around half of mortgages are on fixed rates, so they do not benefit from the base rate cut. Indeed, the other element of monetary policy – quantitative easing [essentially when a central bank artificially creates more money] – has damaged younger people because it has caused rising property prices. Ordinary people have to either take out a much larger mortgage to get on the housing ladder, or must pay much more in rent. So monetary policy has made them worse off.”

Peter Harrison, commercial director at MoneySupermarket, is more optimistic.

“Borrowers have never had it so good,” he says. Not only will many see their monthly payments fall, but, he says, “It should also provide much needed confidence for those people considering getting on to the property ladder.”

Whereupon we come to the second problem – while the cut may eventually filter through to mortgage rates, savings rates are affected almost instantly, making it harder to boost your deposit. Indeed, it was only a matter of days before Santander announced that its market-leading 123 current account would have its interest slashed from 3% to just 1.5% (but retaining the recently increased £5 a month fee). John Goodall, chief executive of peer-to-peer lender Landbay, explains, “The decision to cut interest rates is a disaster for savers. The base rate has now officially fallen below the rate of inflation (CPI) meaning that if banks do pass the cut on to savers, cash on deposit could be effectively losing savers money.”

In other words, if you can’t find a savings

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FINANCE 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

Rates could stay low for some time, or even drop further, so it may be worth looking at tracker mortgages rather than the more popular fixed rate deals. Only consider these, however, if you know you could absorb rate rises if they did happen. Read the small print carefully to understand the link to the Bank of England base rate and avoid trackers with a ‘collar’ or ‘floor’ that limit how low the rate can go. Watch out for high arrangement fees which could wipe out any savings and exit fees that could trap you if rates start to rise.

Choosing a savings account: Think outside the box for the best savings rates. Begin of course with the Help to Buy: ISA (provided you are looking at a property under £250,000 or £450,000 in London) and the Lifetime ISA, then consider bank accounts which offer high interest or linked savings accounts (at the time of writing both First Direct and M&S banks allowed their current account holders to save £250 a month for a year at 6%). If you are more than a year or two away from your savings goal then locking your money away in cash for 12 or 24 months could get you a higher rate, while investing in the stock market or peer-to-peer lending could provide even greater gains, albeit with a risk to the capital. Foreign and new banks (which still offer the same protection on your savings) generally offer better rates than high street names – for a two-year fixed rate bond, for example, Al Rayan Bank offers 1.81%, Shawbrook 1.7% and Ikano 1.65%, all beating Tesco at 1.5%

vehicle that pays more than the rate of inflation, currently 0.6%, then you are losing money rather than gaining it.

Peter Harrison at MoneySupermarket, advises that savers need to look beyond high street deposit accounts to keep ahead of inflation. “Rates have been painfully low for many years and the base rate move could see them drop even lower. But there are still opportunities to save and customers shouldn’t settle for a miserly rate if there’s a better one to be found elsewhere, whether that’s via ISAs, bonds or peer-to-peer lending. Some of these options offer higher returns but also come with bigger risks, so customers should examine all investment opportunities properly before taking the plunge. In addition, the rise of challenger and overseas banks has fuelled better saving rates than those of traditional banks, while some current accounts also offer a viable savings proposition. All is not lost and people just need to shop around to find the best value for them.”

EXPERT COMMENT EXPERT COMMENT Since the last change in official The latest move by the Bank of

rate in March 2009, the average

England was expected, but it may

mortgage rate has already fallen

prove premature if the data being

from 3.8% to 2.9%. This confirms

highlighted represents a knee-jerk

that the Bank rate is not the only

reaction to the Brexit vote, rather

influence on mortgage pricing:

than the actual medium term impact.

funding costs, levels of competition,

The interest rate cut does nothing

targeted levels of profitability,

to help Millennials or Generation

and an assessment of current

Rent as they try to establish their

and future market conditions are

financial security. Reduced rates

also relevant factors. So a rate

and increased quantitative easing

cut does not automatically feed

encourage people to move cash

through on a like-for-like basis to

savings into assets - this boosts the

mortgage rates. As the housing

value of shares and property by

market fundamentals are sound,

increasing demand. While home

I see this cut as a wider reaction

owners may benefit from property

to recent political uncertainty. It’s

prices being pushed higher,

worth noting that around 50% of

those trying to start out will find it

borrowers are currently on fixed

increasingly difficult - it does nothing

rates so will not see any immediate

for those yet to get a foot on the

impact on their payments - fixed

ladder and will further exacerbate

rates have been accounting for

financial and intergenerational

about 90% of new lending as

divides in society. Everyone

they have been priced attractively

should be looking to make some

and reflect a consumer appetite

savings and investments, however

for certainty about outgoings. For

modest, for their and their family’s

new borrowers, mortgage pricing

financial security; but cash savings

is extremely competitive and set

will now earn little and the rate

to remain so. However, it is worth

cut will do nothing to help those

noting that the Bank has also been

who are renting or still living at

urging borrowers to plan ahead

home. Getting started on the

for the prospect of higher rates in

savings ladder will continue to be

the future - don’t assume that just

challenging and savers will be

because rates are low now, they

tempted to take greater risks in

will necessarily stay that way for a

order to seek out some income.

prolonged period.

Paul Smee Richard Stone

Director General,

Chief Executive,

Council of

The Share Centre

Mortgage Lenders

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MARKET

What can be done to solve the housing crisis?

It’s not a new problem but it’s certainly proving to be an endless topic for debate. Getting on to the property ladder isn’t easy and with most first time buyers still struggling, just what can be done to tackle the housing crisis?

One of the main problems has been pinpointed as under supply coupled with increasing demand. Research by estate agency Savills showed that years of low levels of house building have resulted in a market that is fundamentally undersupplied, producing a long-term structural issue which isn’t limited to population growth alone. The agency believes that, even with substantial falls in net migration, the UK still needs around 300,000 new homes to be built each year.

POST BREXIT HOUSING MARKET Some first time buyers held out hope that Brexit might produce a stall in prices, which could help them finally get on to the property ladder but Savills say that, although a new prime minister has quelled some uncertainty, sentiment will still fluctuate as negotiations to leave the EU proceed.

The agency does expect to see lower transaction volumes and weaker house price growth in the near-term and in London they have already seen steady sales of prime new homes with some renegotiations of between 5% and 10% off the agreed price. New build sales rates have been slowing for the past 18 months but they warn, the fall in sterling has actually stimulated more interest from overseas buyers, which isn’t good news for first time buyers based in the UK. Sales across the country are marginally down since the referendum although prices have generally held firm with little evidence of developers offering discounts. Savills believe that house building will play a significant part in the new Government’s wider economic strategy and- to maintain housing delivery- they warn that there must be a continuation of schemes such as Help to Buy, help with development finance, more planning consent in areas of high housing demand and policy flexibility surrounding affordable housing tenure.

INCREASING BUILDING TARGETS In their recently published report, Building More Homes, the cross-party House of Lords Economic

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Affairs Committee also criticised the current Government’s housing policy which they believe will not meet current demand for new homes or make much difference in terms of affordability.

They would like to see the Government increase its target by 50% and build 300,000 homes each year and want local authorities and housing associations to be able to build substantial numbers of homes not just for sale but also for rent. The report went on to criticise the Government for ‘creating uncertainty in the already dysfunctional housing market’ which they blame on frequent changes to tax rules and subsidies for house purchases, reductions in social rents, and the extension of the Right to Buy scheme. All of these changes, they warn, ultimately reduce the supply of homes for those who need low cost rental accommodation.

EXPERT COMMENT

If banks tighten lending criteria

HELPING HOUSING ASSOCIATIONS TO BUILD MORE

in response to general economic

The Building More Homes report recommended lifting restraints on local authority borrowing so that they can fund social housebuilding. This would enable local authorities to resume their historic role as one of the major builders of new homes, particularly social housing. The report warned that the Government’s reliance on private developers to meet its target of new homes is misguided. The Committee recommended that local authorities are granted the power to levy council tax on developments that are not completed within a set time period and they want to maximise the use of public land. They also called for a senior Cabinet minister to be given overall responsibility for identifying and coordinating the release of public land for housing, with a particular focus on providing low cost homes. In conclusion, the report found that the Government are too focussed on home ownership which they say will ‘never be achievable for a great many people and in some areas it will be out of reach even for those on average incomes’. The crisis could, they believe, be eased by broadening policy to help people who would benefit from good quality, secure, rented

find the market less accessible even

uncertainty, there is a risk that first time buyers and second steppers if average house prices ultimately fall, meaning the generation divide becomes more entrenched. That is likely to put greater emphasis on government intervention both in the mortgage market and more directly via schemes such as Help to Buy and starter homes. The effect could be tempered by a continuation of Government support such as the mortgage guarantee scheme which is due to expire at the year end.

It would also increase the relative importance of schemes such as Help to Buy to the housebuilding industry.

Lucian Cook Savills UK Head of Residential Research

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MARKET

EXPERT COMMENT It’s startling to see just how many people are priced out of owning their own home. At the same time, a small number of people at the top are making huge wealth from our dysfunctional housing market.

This isn’t sustainable, and we need action from our politicians.

That means reforming council tax which hits the poorest hardest, and a substantial house building programme. Anything less threatens to lock a generation out of home ownership and into insecurity and punishingly high rents.

John Hood Acting Director of the Equality Trust

EXPERT COMMENT

homes and they warn that changes to stamp duty for landlords and cuts to social rent could actually reduce the availability of homes for rent.

PRICEY RENTS HINDER SAVING FOR A DEPOSIT A study by charity Equality Trust A House Divided found that nine out of 10 UK renters cannot scrape together enough to cover even a quarter of the deposit needed to buy an average first home. They found that 86% of renters, who make up about 6m households, have less than the £8,838 needed for a 5% deposit. The charity warns that high private rents mean that few families are able to save enough for the huge deposits needed to buy a home despite mortgage interest rates falling to historically low levels. Londoners already spend more than 60% of their income on rent, while in many other parts of the country landlords are collecting about half the takehome pay of private tenants. Average rents in the UK are around £764 a month, while in the capital they are £1,543.

The charity warns that the UK is becoming a nation with a dwindling number of the ‘housing haves’, and millions more becoming the ‘renting rest’. They urge all political parties to tackle inequality and lack of affordability through a fairer council tax, and a commitment to an ambitious housebuilding programme that reduces high housing costs.

There are only two ways to tackle

RECENT GOVERNMENT INITIATIVES

the supply issue, increasing new

The Government recently announced a new £multi-billion fund, administered through the Homes and Communities Agency (HCA), to back developers from all parts of the industry, including the private rented sector. The aim is that small and medium-sized enterprises will benefit most from the money, which will be available in the form of loans. Further details are likely to be announced in the Autumn Statement. Plans are also afoot for the expansion of modular housing, houses built off site, which could help towards the 200,000 affordable homes they pledged to deliver by 2020.

isn’t there at a reasonable price,

build levels and improving supply from the resale side. If the supply Government incentives count for nothing. The shortage in housing stock is very noticeable in the first time buyer sector with many second steppers finding the next rung hard to get to, not least because many of them will have to foot a significant Stamp Duty bill, on top of other costs. Many second steppers ‘make do, not move’ and the supply of resale first time buyer properties is sadly constrained which impacts on prices. If nothing else, this

LONDON INITIATIVES

Government needs to address

Soon after his election, the Mayor of London, Sadiq Khan called for an urgent audit which he said revealed ‘the shocking scale of the challenge’ of the housing crisis. Khan pledged to build new homes on land owned by City Hall, including Transport for London land, and intends to fast-track sites suitable for development. The Mayor wants 50% of all new London homes to be ‘genuinely affordable’.

He has already ordered TfL to sell off some of its land at discounted rates and his Homes for Londoners team will oversee building to boost homes in the capital.

prices and the related costs of

the regional differences in house buying because those that it affects most, first time buyers and second steppers, are the ones that can least afford it.

Terry Holmes Director, Beresfords

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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

Tony Harker Director of Sales and Marketing, East Thames

Tim Seward Head of Property Sales, Circle Housing

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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Shared ownership criteria

Q

I am a primary school teacher, renting on the open market in North London, but I am really keen to buy a place of my own but it’s far too expensive to buy here! I’ve read a bit in the papers about something called shared ownership, but I don’t know if I would meet the criteria for the scheme.

Mandy Green, Camden

A

I think shared ownership is certainly something you should look into! How it works is the purchaser buys a share in a property and rents the unowned share at a subsidised rent level. As circumstances

change, the buyer will be given the opportunity to staircase up – which means they can buy an additional share in the property, ultimately allowing them to own their home outright.

You do have to meet eligibility criteria. However, earlier this year some of these criteria were relaxed and you can now earn up to £90,000 and still be eligible for some schemes, plus, there are less restrictions on having to live or work in a particular borough.

What’s more, a shared ownership home never means compromising on quality or location! A lot of shared ownership properties are in brand new developments and many of the schemes come with similar, or even identical specification to properties being built by private developers. There are plenty of schemes available across central London – in highly sought after locations.

Simon Scott

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EXPERTS

Compromise on location and quality?

Q

I have wanted to buy my first home for a long time and I am just about to start house hunting. I’ve heard that you often have to compromise on location and quality when you buy shared ownership – is this correct?

Aimee Pearce, Peterborough

A

No – far from it.

There are some exceptional shared ownership developments on the market in prime locations and built to an excellent standard of specification.

In addition, with the Government’s homeownership focused housing policy soon to come into effect, shared ownership is set to increase dramatically all over the UK, leading to even more great options for buyers.

In fact, one reason that shared ownership is such a fantastic option is because it often enables buyers to get a foot on the ladder and buy a share in a brand new property without having to make the compromise on standards or location that they would when looking into other affordable options.

One of the reasons for this is that in many cases, shared ownership is delivered as part of a private development as a planning requirement (known as a Section 106 agreement) therefore shared owners will get exactly the same locations

Brexit

Q

I am a first time buyer and I am considering a new build shared ownership property but I am concerned following the recent Brexit vote – could you advise me what I should do?

Tom Owen, Stratford

A

The European Referendum certainly has caused some confusion in the economic and political arena and naturally some people are concerned about the effect on the housing market. It’s very hard to predict the future but initially many housing associations have seen very little change to the market post Brexit.

Many leading figures in property have differing views on the property market however, generally they are of the view that there may be a slight dip in property prices likely in 2017 but then recovery albeit at a slightly slower growth rate.

The property market has always been affected by location and areas around major regeneration or major infrastructure changes, which tend to have positive impact on values i.e. the areas around

as private buyers. Often the developer offers the exact same quality fixtures and finishing’s for shared ownership homes as for private sale and if not housing associations are now experts at developing first rate shared ownership homes to meet buyers’ expectations.

For example, The Blossom is a great development in a highly desirable location in central Cambridge. The development has been built by Crest Nicholson – one of the leading national house builders, with the shared ownership part of the development being sold by Centra Living – part of Circle

HS2, Cross rail and Night Tube stations are seeing property prices remain stable.

It’s very hard to predict the future, however one thing is for sure, there is a very strong demand for homes for first time buyers and at present, a lack of supply. This along with lower interest rates generally means that property prices remain stable. Yes, there are political and economic factors to consider but housing remains a hot topic with a supply and demand issue.

Ultimately any affordable home product including shared ownership is for the person buying to live in and this is likely to be for a number of years, meaning any short drop in the property value is likely to be outweighed by longer term growth. We must also consider that shared ownership is buying a share in the property, therefore if property values reduce in the area that you are considering you are only losing a share in value. There can never be a growth guarantee in the property we buy – some areas of the country have seen this more than others. But when values are lower, this

Housing. All the properties have been developed to a high specification and have proved very popular with buyers. The shared ownership houses have already been snapped up but there are still a limited number of apartments for sale, which are available with shares of 40%.

The Blossom is just a short walk from the heart of Cambridge, with all its myriad attractions from historical landmarks, stunning architecture to parks and famous waterways; as well as excellent shops, cinemas, theatres, restaurants and bars.

Cambridge is an expensive place to buy, so being able to buy just a 40% share in such a sought after central location is a fantastic opportunity. All the apartments come with a balcony or terrace, stunning fitted kitchens, floor coverings and there are communal gardens plus an outdoor gym and resident parking.

The apartments are priced at £121,600 for a 40% share.

Tim Seward

could be a good time to consider buying more shares in your home, which is called staircasing. Selling is best left until the market grows but if this isn’t possible due to work relocation etc. then you are likely to be buying elsewhere – property prices tend to be relative, so any future property purchase is also likely to have reduced in value.

You do need to consider your options, as ultimately, you are looking to create a home for yourself to enjoy for a number of years and not have to pay high rents to private landlords.

Tony Harker

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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 90.

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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BUYERS’ GUIDE

The ftb process TIPS

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

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 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.

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 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.

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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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BUYERS’ GUIDE

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

Buying new is different!

Many first time buyers choose brand new homes but what do you need to know if you do the same? Emma Newby leads the specialist New Build Department at Beaumont Legal – First Time Buyer’s Best Law Firm for Conveyancing in 2013, 2014, 2015 and 2016 – and explains what you should keep in mind

28-DAY EXCHANGES Exchanging contracts is the point at which the sale is confirmed – when neither seller nor buyer can pull out – and many developers insist you exchange contracts to a strict deadline, whether or not the property is complete.

Typically this will be within four weeks of reserving your property but it can be as little as three, so you have to act quickly to get things moving or you could lose any reservation fee you’ve paid to the developer.

This means you need to work closely with your solicitor, making sure you complete all the paperwork you’re given quickly, plus supplying all ID documents needed as soon as you can. Choosing a solicitor who’s experienced in new builds or special factors that may be involved in your case is crucial to ensure that any deadlines are met – some smaller firms will rarely handle complex cases like help to buy, shared ownership or leasehold properties (e.g. apartments).

HELP TO BUY If you’re using Help to Buy you need to complete your application for the scheme as soon as possible, which will be more of a challenge if there’s a 28-day exchange target. You might do this on your own, with the help of the developer or financial advisor and if you’re successful the result will be an Authority to Proceed form. You will need to confirm you won’t own part of any existing property at the point of exchange of contracts, a copy of your mortgage valuation, details of any incentives

you’re receiving from the developer, plus proof you have the 5% deposit needed and confirmation this won’t come from further borrowing. You need to get all of this to your solicitor as soon as possible.

COMPLETION ON NOTICE – IN CASE THE PROPERTY’S NOT READY IN TIME Sometimes new build properties aren’t ready when it’s time to exchange contracts and you have to go ahead with no fixed date for completion – the date you can move in.

Even if you have somewhere else to live for this period, you need to ensure your mortgage won’t expire by the point of completion.

One solution is a long stop completion date – effectively a deadline by when, if the house isn’t ready, you can withdraw from the purchase and recover any deposit you’ve paid. Not all developers will agree to this – but it’s worth keeping in mind if they can’t guarantee a date.

SNAGGING Most developers have their own procedures in place for dealing with items that aren’t perfect, or snags, when the house is completed. Often there will be minor works that can’t be done before completion takes place, which is where the new home warranty provider comes in.

Once the property is signed off as ready for occupation you’ll likely be invited for

a tour. Here you make sure all items of snagging are listed and the developer should give you dates for when the work will be done. You won’t be able to delay completion or hold back any funds until the snags are fixed – the contract and warranty are your guarantee they will be – but if you’re buying from a smaller house builder you should check to ensure the contract doesn’t have any onerous conditions to stop you insisting they fix any snags.

EXTRAS As with buying a new car, you might purchase extras from the builder, and you’ll normally be required to pay for these in full before completion – if not the cost will be added to the final completion statement your solicitor receives, in which case it’s the solicitor you’ll need to give this money to. Whether you’ve paid for any extras or not, make sure you inform your solicitor so this is accounted for in any final completion statements.

ONE LAST THING TO REMEMBER The key thing to remember with new builds is to have as much in place as you can before you reserve your property.

If you know you’ll be using Help to Buy and shared ownership, or that it’s a leasehold, look for a solicitor that has experience in those areas because you won’t want to any delays once your offer is accepted.

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BUYERS’ GUIDE

Emma Newby is the head of our specialist New Build Department at Beaumont Legal – who won First Time Buyer’s Best Law Firm for Conveyancing Award in 2013, 2014, 2015 & 2016.

They 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

NORTH WEST

Essex 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

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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

Yasemin Kiani is our blogger this issue where she explains how she and her boyfriend are just about to exchange contracts on their first home but it has taken them a long time to achieve their dream. They have had to commute up and down the M25 during their six years together so they can see each other and have missed out on holidays whilst they save up. So how did it all work out?

Yasemin says...

After living apart for the majority of our six-year relationship, my partner and I were eager to take our first step together on the property ladder.

We met at university and just before graduating in 2012, I moved back home to Essex to start my first job in London.

Since then, my boyfriend and I have both survived the endless journeys to see each other at weekends. We have both saved incredibly hard and even missed out on annual holidays to put away that extra bit of money.

Having spent the majority of our time commuting up and down the M25, we had no idea where we wanted to start house hunting. Surrey was a lovely idea but the area was too expensive, so we looked at the Essex commuter-belt but weren’t convinced that the suburban lifestyle would suit us.

So we discussed moving further towards London and knew this would mean opting to go for an apartment rather than a house, but we were happy with that because it meant that we would be nearer to friends and family and that we could finally enjoy learning to be real Londoners.

I’ve read plenty of headlines about how fiercely competitive the London market has become and thought I was

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well-prepared, but buying a property is an emotional experience and actually, nothing could have prepared me for the roller-coaster ride. I felt overwhelmed when I saw throngs of people trekking through what could potentially be my living room. I arranged to view a flat near Canning Town the day that it came on to the market and by 7pm the agent had booked 17 viewings for the same evening! OnTheMarket.com lists a lot of new and exclusive properties 24 hours or more before they are advertised on other portals so we found these instant alerts incredibly helpful, especially when it came to staying on top of what is new to market.

Slightly jolted by our first few ‘packed viewings’ but confident that we would eventually get somewhere, we powered on. A few months into viewings, we came across Custom House in east London. It’s a charming place, which used to be home to the Royal Docks – it’s on the water and has stunning views of Canary Wharf and the city. We hadn’t even seen the flat but we both fell in love with the area as soon as we got off the train.

We didn’t have our heart set on a particular type of flat but we knew we

wanted an apartment with character.

As soon as we found ourselves viewing a Grade II converted warehouse, it really impressed us and on walking into the flat we were excited to see the high ceilings, openbrickwork and gorgeous wooden beams – finally a place where we could picture ourselves in!

The location is ideal for commuting and exploring at the weekend and the train station is less than a two minute walk.

Eager to put an offer in the morning after we saw the flat, we got straight on the phone to our agent and confirmed our mortgage in principle agreement was in place. We knew buying on the open market meant we would be up against cash buyers and other investors, but we had to try.

After a rigorous negotiating process and with a bit of first time buyer luck, our offer was accepted! It’s been at least six months of liaising with lawyers but we’re now days away from exchanging on our dream flat. Buying a leasehold flat in a Grade II listed building has not been an easy process and we’ve learned that good solicitors are essential, but it will all be worth it very soon!

First Time Buyer October/November 2016

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20/09/2016 19:28

FTB 98-100 Blog Oct-Nov16.indd 99

20/09/2016 19:28

FTB 98-100 Blog Oct-Nov16.indd 100

20/09/2016 19:28