SO Resi magazine – Issue 2

ISSUE 2

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CONTENTS

welcome

CONTENTS 4

HELLO! The first issue of SO Resi magazine was a huge success and we are delighted to be bringing you the second exciting issue in partnership with First Time Buyer.

Raising awareness and discussing options for first time buyers is important work, and so we are delighted to be collaborating again with a fantastic publication, which really digs down into the realities of buying your first home.

Having worked with first time buyers for over 50 years, we discovered what’s important to our customers. They want a home that is comfortable, secure and in an area that they love. At SO Resi we work hard to make this possible for hopeful homebuyers, through shared ownership.

This magazine gives you the latest information about a range of our superb SO Resi developments across London, the South East, East Midlands and Hertfordshire, and explains exactly how shared ownership works and what’s involved each step of the way – without all of the jargon! We’ve also shone the spotlight on two first time buyer hotspots – Hertfordshire and Northamptonshire – and get inspirational ideas on how to furnish your home on a budget. Finally, we asked Jon Lord MD, from shared ownership mortgage broker Metro Finance, to give his top tips on how to get the best mortgage deal.

On behalf of the whole SO Resi team, I would like to wish you every success and happiness in the search for your dream home.

Kush Rawal, Residential Investment Director, SO Resi

SHARED OWNERSHIP

If you are struggling to buy your first home, we give you the low-down on shared ownership, the scheme which only requires a 5% deposit.

GET IN THE MOOD

scheme, now happily living in their forever home in Wokingham.

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Great transport links and affordable housing makes Northampton the perfect place for first time buyers to climb on the property ladder.

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Inspirational ideas to help you plan your lounge and bedroom designs without breaking the bank!

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REAL LIFE

WHERE WE ARE A quick look at where some of the SO Resi developments are around the country.

REAL LIFE Tony and Chloe Carter bought their first home through shared ownership nine years ago and have now upsized twice using the same

HOTSPOT – NORTHAMPTON

Vuyo Magwaza saved for many years and bought 50% of a resale home. She continued saving and now owns 100% of her two bedroom maisonette.

HOTSPOT – HERTFORDSHIRE

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Ticking all the boxes – we look at Welwyn Garden City, Ware and Stevenage as the ideal destinations for first time buyers.

ON THE MARKET Everything you need to know about these affordable SO Resi homes.

SO Resi is the brand for shared ownership homes by Metropolitan Thames Valley (MTVH), one of the UK’s largest housing associations. SO Resi aims to improve understanding, change perception and increase awareness of shared ownership and break down the barriers to homeownership.

Shared ownership with SO Resi enables hopeful homebuyers – who are otherwise priced out of the open market – to get on to the property ladder in excellent locations. MTVH is also the only housing association to offer SO Resi Plus, a unique scheme which enables shared owners to buy an additional 1% of their home each year for 15 years at a fixed price and without the fees of arranging a solicitor each time they want to buy a new share.

10 | SO Resi Cobham 11 | SO Resi Brampton Park 12 | SO Resi Clapham Park 16 | SO Resi Forster Oaks 18 | SO Resi The Rise 19 | SO Resi Sydenham Details correct at time of print January 2020. A reservation fee of £250 applies and will also be deducted from completion monies. Additional eligibility and affordability conditions apply. SO Resi, Metropolitan Thames Valley, Premier House, 52 London Road, Twickenham TW1 3RP.

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GUIDE TO SHARED OWNERSHIP

simple

SHARED OWNERSHIP

HELPING HOPEFUL HOMEBUYERS ON TO THE PROPERTY LADDER SHARED OWNERSHIP IS THE IDEAL WAY TO TAKE THAT FIRST STEP ON THE PROPERTY LADDER FOR ASPIRING FIRST TIME BUYERS WHO ARE OFTEN STRUGGLING TO RAISE A DEPOSIT OR MIGHT FIND A HOME IN AN AREA WHERE HOUSE PRICES ARE OUT OF THEIR REACH. IT MAKES HOMEOWNERSHIP ACCESSIBLE AND IS DESIGNED SPECIFICALLY TO HELP THOSE PRICED OUT OF THE OPEN MARKET HOW IT WORKS Through the shared ownership scheme, you buy anywhere between 25% and 75% of your new SO Resi home. You firstly need a deposit of between 5% and 10% of the share you’re buying, which is much lower than finding a deposit based on the full price.

You then take out a mortgage to cover the rest of your share and pay SO Resi a monthly payment on the share you do not own.

You can increase your share when you can afford to do so, which gives total flexibility and control of your finances. Buying more shares in your SO Resi home is also very straightforward and as it means you will own more of the property, the SO Resi monthly payment on the share you don’t own will decrease. You can buy 10% or more – in multiples of five – at any time, right up to the point where you own 100%.

If you’d like to buy more shares of your home, you will need to get your home re-valued, which entails a one-off fee. The additional share you buy will be based on the property value at the time, rather than the price at the time of purchase.

SO RESI PLUS SO Resi Plus is a unique scheme, offered only by Metropolitan Thames Valley, which enables you to buy an additional 1% of your home each year for 15 years – fixed at a price agreed at the beginning of purchasing your new home – without the cost and hassle of arranging a solicitor each time you want to buy a new share. After this, you can continue buying more shares in the usual way, should you want to.

ELIGIBILITY • You need to either be a first time buyer, or not be able to afford a home suitable for your housing needs on the open market and you must not own a home anywhere else.

• You need a combined household income of £80,000 a year or less, or £90,000 if you live in London.

• You will need to pass affordability checks to ensure you are not overstretching yourself, and

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HOW TO APPLY

Go to the SO Resi website at soresi.co.uk and use the property search to find a SO Resi home. You can then request a viewing for the prop you are interested in. The SO Resi sales team will s you details of an Independent Financial Adviser to c complete your affordability assessment. You will need a must have sufficient income to assessment for each property that you are interested i secure a mortgage for the share you have completed the affordability assessment, the S you are buying. sales consultant will arrange a convenient time for you to • You need a good credit history, property. If you decide to move forward and apply for the so you should not have any bad you will be sent an application pack and the SO Resi te debts, be in rent arrears or have tell you what documents you will need to provide. If yo any County Court Judgements. any questions, the SO Resi sales team is always on h • You need a minimum 5% deposit help and guide you through the process. for the share you are buying, plus In some cases, priority is given to people who liv extra funds to cover the costs of work in the area. Look at the listings for each SO buying a home, such as solicitor fees Resi home on the website to find out if you and moving costs. can apply for this.

• You must live in the property; you cannot rent it out, although you can usually take in a lodger with permission.

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GUIDE TO SHARED OWNERSHIP

You buy a share of your home, with a lower deposit, smaller mortgage and monthly payment on the rest

making home ownership possible

3. Typical monthly payments

1. Five simple steps to home ownership

ONE Register with us and apply

TWO Choose your So Resi home and reserve it

THREE Mortgage is agreed following a credit check

Example based on a £300,000 home

FOUR Exchange contracts and complete

FIVE Pick up the keys to your new So Resi home

£300k

10%

25% = £75k

£ 25% = £75k

If you were to buy a 25% share of a £300,000 home your share would be worth £75,000 and our share £225,000.

If you paid a 10% deposit of £7,500 your mortgage would be on the remaining £67,500.

Your monthly mortgage payments based on 3% interest rate would be £320 for 25 years

Your monthly service charge payment estimate would be £120

Your monthly So Resi payments based on a 2.75% annual charge would be £516

The total of these three monthly costs would be £956

2. So what are the costs?

Monthly Costs

ONE OFF COSTS Reservation Fee £250 Deposit FROM 5% Solicitor’s Fees £1000+ IFA Fees £400-600 Stamp Duty TBC THANK YOu FOR SHOPPING WITH

making home ownership possible

Monthly

Monthly

Your Mortgage

Your So Resi payment

Monthly

Monthly

Your Service Charge

Usual costs of home ownership

So Resi is about opening the door to home ownership for as many people as possible. If you want to get on the property ladder, it’s a good idea to find out whether it could help you.

So Resi by Metropolitan Thames Valley is simplifying shared ownership

OTHER COSTS

LY

In addition to your deposit, monthly mortgage and SO Resi payments, there are a number of other oneoff and monthly costs that are important to keep on top of as a shared owner.

oresi.co.uk nd a SO Resi g for the property es team will send l Adviser to call to ou will need a separate e interested in. Once ssment, the SO Resi ime for you to view the d apply for the property he SO Resi team will provide. If you have s always on hand to e process. people who live or gs for each SO d out if you

One-off • Reservation fee: When you accept the offer of a SO Resi home, you’ll pay a reservation fee of £250 which will be refunded once the sale is complete.

• Solicitor’s fees: You’ll need a solicitor who has experience in shared ownership – you’ll pay for their time and for extra costs called disbursements.

• IFA: For a fee, an Independent Financial Adviser will help you choose the right mortgage for you, although you can go directly to a bank or building society instead.

• Stamp Duty: Stamp Duty may or may not be payable on the home you’re buying, so always check with your solicitor to see if it applies and how it would be worked out.

Monthly • Service charges: These are monthly payments which go towards looking after the communal

Find out more at

areas of the building you live in, such as building insurance, garden maintenance and building repairs. These costs can increase as the cost of insurance, work and materials goes up.

• Household bills: These are the monthly payments that apply to all homeowners, like water, gas and electricity bills, as well as council tax and contents insurance.

BUYING A RESALE HOME The shared ownership scheme can also be used to buy a resale home. When an existing shared owner wishes to sell their home, it is put back up for sale by the housing provider, and the new buyer must buy the same amount of shares, or more, as the previous owner had. After that, as the new owner, you can buy more shares if you so wish. Resale properties are marketed by the housing provider for eight weeks and if they have not sold the home during that period then the shared owner can market the home themselves or use an estate agent.

SO Resi offers a range of homes, from one bedroom apartments to four bedroom family houses, in a range of excellent locations. Go to soresi.co.uk to find out more.

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INERIORS

stylish

GET IN THE MOOD

EVERYONE LOVES TO DECORATE THEIR FIRST NEW HOME AND MAKE IT THEIR OWN. BUT IT CAN BE QUITE OVERWHELMING TO GET THE LOOK YOU WANT ON A BUDGET. USE THESE SIMPLE MOOD BOARDS FOR A LIVING ROOM AND BEDROOM TO CREATE SLEEK AND STYLISH SPACES THAT DON’T BREAK THE BANK

LOUNGE

Stable Gates paint 2L, £29.16, Dulux

Agave in ceramic pot, £30; Aloe in cement pot, £16; large Fern in green & white ceramic pot, £20; Monstera plant in footed pot, £22; Loft Living pouffe, £35; Loft Mustard trailing house plant, £5; Loft print cushion with piping, £14; Loft sand timer, £12; Loft table, £60; Loft tripod table lamp, £35; Loft woven geo cushion, £10; plant in terrazzo cylinder pot, £26; potted plant in basket, £30, Sainsbury’s Home

Basket wire table, £19.95, Melody Maison Huxley velvet armchair, £229, Cult Furniture

Grey and gold diamond cushion, £25.99, Neema Crafts

Sunflower vase, £10, George Home

Core rug, £55, Argos

Exposed bulb table lamp, £19, JD Williams

Succulents, £2 each, George Home

Set of two decorative pots, £40, Red Candy

The Lowdown in mustard, £249, Mustard UK

Grey velvet stool, £69.99, HomeSense

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INTERIORS

Quebec fabric bed frame, £330; Runda curtains, from £35; plain dye pillowcase, £3.99; plain dye continental pillowcase, £7.99; plain dye duvet cover, from £13.99; plain dye fitted sheet, from £8.99; colour block rug, £89; Elements triangle crewel cushion, £14, Dunelm

BEDROOM

Original chalk paint 1L, £19.95, Annie Sloan

Geo duvet set, from £10, George Home

Pemberton bed, £249.99, Furniture Choice Ltd

Frayed cushion, £7, George Home

Geo cushion, £8, George Home

Perla mirrored bedside table, £139, JD Williams

Kita pair of grey curtains, £45, Habitat

‘This Home’ personalised print, £29.99, Getting Personal

CONTACTS • Annie Sloan anniesloan.com • Argos argos.co.uk • Cult Furniture cultfurniture.com • Dulux dulux.co.uk • Dunelm dunelm.com • Furniture Choice furniturechoice.co.uk • George Home george.com • Getting Personal gettingpersonal.co.uk • Habitat habitat.co.uk • HomeSense homesense.com • JD Williams jdwilliams.co.uk • MADE made.com • Melody Maison melodymaison.co.uk • Mustard UK mustardmade.co.uk • Neema Crafts neemacrafts.com • Red Candy redcandy.co.uk • Sainsbury’s Home sainsburys.co.uk

Bamboo mirror, £8, George Home

Elkan tufted rug, £89, MADE

One of the easiest ways to save money when decorating your new home is upcycling!

Take an old piece of furniture, such as your Grandma’s sofa, and give it a new lease of life.

The idea of upcycling can be off-putting, especially if you’re UPCYCLING ADVICE new to DIY and don’t know where to begin. Yet there are some great options out there to help you get started. Frenchic Paints run nationwide classes such as “Bring a Piece to Paint” where you can update an old piece of furniture with access to paint, help and guidance. If you’re based in London, you can also visit the Goodlife Centre, based near Tate Modern. The Goodlife Centre offers classes for all areas of homeownership – from practical classes on basic drill skills to classes on curtain making and upcycling classes on reupholstering furniture.

Classes at The Goodlife Centre start from £70, and you can find more information at thegoodlifecentre.co.uk Frenchic offers workshops all across the UK in conjunction with its stockists. Check Facebook by searching @frenchicpaint.co.uk to find all the details on classes and events in your area. frenchicpaint.co.uk

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ON THE MARKET

yours

WHERE WE ARE

COMING SOON

SO RESI UPTON SQUARE

Stevenage, Hertfordshire

Page 16 1

2

SO RESI FORSTER OAKS COMING SOON

2 3

LONDON

15 SO RESI MILL PARK

4

13 12 11 14

5

10

7

8 9 Clapham, London

6 Page 12

COMING SOON COMING SOON

SO RESI CROWTHORNE SO RESI STREATHAM HILL

SO RESI CLAPHAM PARK 8

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ON THE MARKET

LOCATION

SO RESI BRAMPTON PARK

Brampton Park, Huntingdon

Page 11

1

TIMES SQUARE

2

TOTTERIDGE

3

ESSEX BREWERY

4

BRIXTON

5

COLLIERS WOOD

6

STATION CORNER

7

EAST MOLESEY

8

FRIMLEY

9

HOOK

10

KENTWOOD FARM

11

WOKINGHAM

12

HATCHWOOD MILL

13

WOODLEY

14

ARBORFIELD

15

EALING

CHELMSFORD

SO RESI THE RISE

COMING SOON

Page 22

SO RESI HACKNEY

Alperton, North West London

MAIDSTONE SO RESI SYDENHAM COMING SOON

Page 19 Sydenham, South London

SO RESI WALLINGTON

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ON THE MARKET: TWO BEDROOM APARTMENTS

yours

SO RESI COBHAM

With a bustling local economy, thriving sense of community and beautiful village surroundings, SO Resi Cobham has so much to offer first time buyers The new SO Resi development in the village of Cobham in Surrey has been designed to complement the neighbouring listed building of White Lion Place, so has a timeless old world elegance all of its own. Set across four separate buildings, SO Resi Cobham is home to a collection of energy-efficient one and two bedroom apartments, all with generously proportioned spaces and allocated parking.

Residents have access to landscaped communal gardens, as well as to a cycle store to enable easy access to the surrounding countryside. Cobham & Stoke d’Abernon railway station, with services to London Waterloo in less than 40 minutes, is a sevenminute cycle ride or 25-minute walk away, while half an hour on a bike will bring you to the beautiful gardens of RHS Wisley.

The apartments all feature neutral decor, with wool-mix carpets in the bedrooms and living areas and ceramic tiled floors in kitchens and bathrooms. The contemporary fitted kitchens include both a washer-dryer and a fridge-freezer, and there are spacious built-in wardrobes in the master bedrooms. A door-entry system ensures security.

The thriving village of Cobham has everything that residents are likely to need, including banks and a post office, hardware store, doctor, dentist and optician, as well as branches of Waitrose and Sainsbury’s.

There are boutiques and gift shops in the high street, along with a bakery, delicatessen and wine merchant. Eating out opportunities include favourites such as Pizza Express and Strada, as well as a range of historic pubs such as The Bear, which specialises in local, seasonal cuisine.

Parents will find a good range of educational provision in the area, including the Ofsted-rated Good Cobham Free School, which takes pupils from 4-18.

soresi.co.uk/find-a-property/cobham

Cobham, Surrey

FROM

£90,000

(for a one bedroom apartment, based on a 30% share) Full Market Value

£300,000

SO Resi monthly payment from

£481.25

IN THE AREA • Less than two miles from the station for trains to Waterloo • Chessington World of Adventures with more than 40 rides • 10 minutes’ drive from the stunning RHS Wisley gardens • Painshill Park with its landscaped gardens, grottoes and vineyard • Brooklands Museum showcasing the history of motor racing

Monthly service charge from

£106

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ON THE MARKET: TWO, THREE AND FOUR BEDROOM HOUSES

yours

SO RESI BRAMPTON PARK

SO Resi now offers Help to Buy at Brampton Park.

You can escape the rat race and buy your very own slice of Cambridgeshire countryside For a relaxing rural lifestyle that’s still within reach of London, Brampton Park, just two miles away from the historical market town of Huntingdon, is the perfect solution.

The spacious two, three and four bedroom homes offer families room to breathe, with generous lounges opening out on to turfed, rear gardens and convenient, private off-street parking.

All the homes feature a fitted kitchen with integrated washer-dryer, fridge-freezer and dishwasher, plus Zanussi stainless steel oven, matching cooker hood and gas hob. The fitted bathrooms are beautifully tiled throughout with contemporary large format tiles from Porcelanosa on the walls, shower enclosure and on the floor.

The bath, basin and sanitaryware are from Roca, and there’s a thermostatic Aqualisa shower in a glass and chrome enclosure.

The homes are extremely well finished throughout, including fitted wardrobes in the master bedroom, luxurious Dorset Twist carpet on the stairs, landings, bedrooms and living rooms and stylish Karndean pale limed oak-style flooring in the kitchen.

Brampton Park is in the historic village of Brampton, which dates back to the Domesday Book but also offers first-rate modern transport connections, including easy access to trains taking just over an hour to reach London King’s Cross. At the weekend, you can enjoy Brampton’s Huntingdon Racecourse, which has 18 fixtures a year and has been acclaimed as Best Small Racecourse in previous years, or take a walk in the 900-year-old Brampton Woodland, Cambridgeshire’s second largest wooded area. Keen golfers might also like to pay a visit to England’s hardest par three course at Brampton Park Golf Club.

metropolitanbramptonpark.co.uk

IN THE AREA • A good selection of state schools within easy reach • Picture-perfect high street within walking distance • Close to the stunning River Ouse • Two miles from historic Huntingdon for shops and museums • Good road access for Cambridge and London • Direct trains to London in around 50 minutes and Peterborough in 16 minutes

Help to Buy is also available

Brampton Park, Huntingdon

FROM

£89,250

(for a two bedroom house, based on a 35% share) Full Market Value

£255,000

SO Resi monthly payment from

£379.84

Monthly service charge from

£40

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ON THE MARKET: ONE, TWO AND THREE BEDROOM APARTMENTS AND DUPLEXES

yours

SO RESI CLAPHAM PARK

Be part of a new community – complete with new homes, public spaces, school and businesses – in a truly buzzing part of London. Visionary urban design with a communal park at the development’s heart

Clapham, London

This development of one and two bedroom apartments is set in a green pocket of south Help to west London, in one of the capital’s most exciting residential developments. The Buy, outright new homes offer stylish urban living, sale or shared a short distance from the bustling and ownership is vibrant Clapham High Street, Brixton, available Balham and Streatham.

All the apartments have spacious and airy open-plan living areas, with beautiful natural oak flooring, offering plenty of space for relaxation and family time. There’s the added bonus that every home comes with a private balcony or terrace so you can enjoy an alfresco meal or relaxing drink in the summer.

The clean and contemporary looking kitchens have Silestone worktops and built-in appliances, including an integrated fridge-freezer, dishwasher and washer-dryer.

In the bathroom you will find neutral floors and porcelain wall tiles, with a modern wallmounted basin and a heated towel radiator.

The bedrooms have been designed to combine comfort and space, with all the master bedrooms featuring full floor-to-ceiling sliding wardrobes to provide plenty of storage space as (For a one bedroom apartment, well as a stylish place to organise your outfits. based on a 25% share) The area has fantastic travel connections; a Full Market Value short 20-minute walk brings you to Clapham South station where you can reach central London, via the Northern Line, in around 20 SO Resi monthly payment from minutes. Clapham Junction also offers services into Waterloo and Victoria in less than 10 minutes.

Monthly service charge from Despite the ease of commuting, the area around the homes has been designed to incorporate as much green space as possible, with tree-lined avenues, lawns and peaceful green courtyards.

FROM

£106,750 £427,000 £733.91 £96

soresi.co.uk/find-a-property/so-resi-clapham-park

IN THE AREA • Extensive range of cafes, bars and restaurants nearby • Beautiful Clapham Common and Brockwell Park to explore • Excellent train, Overground, bus and tube links • Trendy neighbouring towns, including Brixton and Tulse Hill • Good schools, colleges and university within easy reach

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CASE STUDY

real

REAL LIFE

TOBY AND CHLOE CARTER FIRST DISCOVERED SHARED OWNERSHIP NINE YEARS AGO WHEN THEY BOUGHT THEIR FIRST HOME. THEY HAVE JUST UPSIZED FOR THE SECOND TIME INTO THEIR THIRD SHARED OWNERSHIP PROPERTY, AT HATCHWOOD MILL IN WOKINGHAM BY SO RESI

N

ine years ago, Toby and Chloe Carter, both 26, bought their first shared ownership home – a one bedroom apartment in Reading – not knowing that less than a decade later they would be able to purchase their “forever” four bedroom family home in the leafy village of Winnersh, Surrey.

Toby explains, “In 2010, we were living with our parents and knew we wanted our own space, but were aware we couldn’t afford to buy a home on the open market. I researched and discovered shared ownership, which meant we would only need a 5% deposit to purchase a home.”

Toby and Chloe found a one bedroom apartment at Kennet Island in Reading available to purchase through Thames Valley Housing, which recently rebranded its shared ownership homes to SO Resi. The full value of the home was £125,000. They bought a 40% share for £50,000 and put down a deposit of just £5,000.

“We paid monthly mortgage payments on the share we owned and payments to TVH on the remaining share.

Securing our home with such a small deposit meant we were able to get on the property ladder much sooner than if we’d saved for a deposit for a home on the open market.”

The couple spent five happy there, but after finding out they were expecting their first child, decided it was time to upsize. “We got the apartment revalued after we decided to sell, and found it had increased by £100,000 partly due to the announcement of the arrival of Crossrail to Reading. We were ecstatic as we’d made a great profit of £40,000 and were in a position to take the second step.”

In 2015 Chloe and Toby bought a two bedroom maisonette, also in Reading, again through shared ownership with TVH. The full value of their second home was £300,000 and they bought a 40% share for £120,000.

Chloe adds, “We only needed £6,000 for a deposit but because we’d made such a great profit on our first home, we were able to put down £25,000 which meant our monthly mortgage payments decreased.

The home was perfect for us and our daughter Ellie and we had just the right amount of space for all three of us.”

A couple of years after moving in, the couple noticed a new development, Hatchwood Mill, being built just down the road offering shared ownership homes through SO Resi. With plans to expand their family they decided to take a look.

“Shared ownership had already worked out so well for us, we didn’t want to miss out on a chance to upsize again in an area we loved. We had still been saving each month as shared ownership gave us the flexibility to make sure we didn’t stretch our financial

state too much, and having made a £4,000 profit on the two bedroom maisonette, we were able to put down a deposit on a home at Hatchwood Mill.”

The full value of Toby and Chloe’s current home at Hatchwood Mill is £527,500.

They bought a 40% share for £211,000, putting down a £32,000 deposit.

“We never thought we’d be able to buy our ‘forever home’ at this point of our lives, but shared ownership has enabled us to “WE NEVER do just that. We really wanted THOUGHT WE’D a brand new home, and to be the first ones to live in and love it.

BE ABLE TO BUY We now have a spare bedroom for OUR ‘FOREVER HOME’ guests, as well as a bedroom we’re AT THIS POINT OF OUR converting into a study. The large garden will be fantastic for us in the LIVES, BUT SHARED summer too.”

OWNERSHIP HAS Their new home is also ideally ENABLED US TO DO located for access into work. Both work in the Wokingham borough; Toby, JUST THAT.” a designer for a ceiling manufacturing company, has a commute of just 15 minutes by car. Chloe, a PA at the NHS, enjoys a a 10-minute drive into work. The area is well connected, with nearby Winnersh railway station providing direct routes to Wokingham (six minutes) and Reading (12 minutes). From Reading mainline station to Paddington Station, current services take just 27 minutes. The superb local parks, bars and restaurants were also a real attraction for the family.

Chloe said, “We are so proud to be living in our dream home at such a young age. Without shared ownership, we would still be struggling to save for a large enough deposit to buy on the open market.

We’ve also signed up to So Resi Plus, which means we can buy more shares of our home each year without the cost of arranging a solicitor each time we purchase more of our home – the goal is to eventually For more information own 100% of our house. visit soresi.co.uk or For us it’s been a fantastic way to not just get on to call the sales team on the property ladder, but to climb it!”

020 8607 0550

HOW THE FIGURES STACK UP • Full market value - four bedroom house - £527,500 • Share (40%) - £211,000 • Deposit - £32,000

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HOTSPOT

hot

NORTHAMPTON A WONDERFUL BALANCE OF TOWN AND COUNTRY LIVING, TOGETHER WITH EXCELLENT TRANSPORT LINKS AND A GREAT SELECTION OF AFFORDABLE HOUSING MAKE NORTHAMPTON A DESTINATION WELL WORTH EXPLORING FOR ANY FIRST TIME BUYER

W

ith a population of over 200,000, Northampton is one of the largest towns in England. This market town is situated in the East Midlands, 60 miles north-west of London and 45 miles south-east of Birmingham. The town has enjoyed steady growth since the 1960s, following the creation of the M1 in 1959 which opened it up to both the North and South of the country. In 1968 Northampton became a New Town, with housing built to relocate those who had been bombed in the second world war. The town has continued to expand since, with a further resurgence since the millennium. The regeneration of the town is ongoing; recent projects have included impressive updates to the train and bus stations and an exciting new cultural quarter is in the pipeline.

WHO LIVES HERE? Its close proximity to both London and Birmingham makes Northampton hugely appealing to young professionals looking to strike the perfect work-life balance. First time buyers may be tempted by the comfort and convenience of the many new build homes in the town centre. Commuters benefit from excellent rail services with just an hour’s journey to either London Euston or Birmingham New Street stations. In addition, the M1 motorway links the town with Milton Keynes, Leicester, Nottingham, Sheffield and Leeds. The M6 is also nearby, offering easy access to the North West.

Northampton is hugely popular with families who will find everything they need in the large town, including good schools, outstanding leisure facilities and lots to enjoy in the great outdoors with over 150 parks and 50 children’s play areas. Popular areas for those with families include East and West Hunsbury, Abington and Kingsthorpe.

SHOPPING The High Street is alive and well in Northampton; in fact, St Giles Street was recently crowned “the Best British High Street”. With a bustling high street in addition to three shopping centres, The Grosvenor Centre, Weston Favell and Market Walk, the town offers all the popular stores. But delve a little deeper and there are also some hidden gems to

be found, revealing a little of the town’s industrial past. Northampton is famous for shoemaking and Crockett and Jones, founded in 1879, has a fantastic factory store on Perry Street open just two days a week. Church’s shoes are also still manufactured in the town, despite having been bought by Prada in 1999.

The town’s market is another proud historical feature. Dating back to 1235, it remains a focal point of Northampton and is linked to Abington Street, a major shopping area in the town.

Open six days a week, Mondays are dedicated to fruit, vegetables and fresh flowers, while there’s a general market running Tuesday to Saturday.

For something a little different, the Heart of The Shires Shopping Village, just outside Northampton, is a genuine treat. Set around a Victorian courtyard, this relaxed shopping haven is a stark contrast to the countless

WE LVE NORTHAMPTON • All the green space • Great transport links • The huge range of housing options available • Heaps of things to do right on the doorstep • The high-end shoes!

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HOTSPOT

of the party for locals as well as residents of the county’s smaller towns. The vibrant town is home to well known chains of bars, including Revolution, but also has an eclectic mix of independent venues to suit all tastes.

Beer drinkers should head to Phipps Albion Brewery Bar which brews its own beer and distills gin, just the other side of a glass partition, and boast the “smallest carbon footprint in the country but the biggest taste”.

Cocktail lovers will enjoy the smart surroundings of the likes of Haycock & Tailbar or Sazerac Bar, with karaoke in the Back Room Club. Those looking for something livelier still, should pay a visit to Platform Club, or to the legendary Roadmender for live music.

LEISURE

suburban retail parks, and features a variety of independent shops from antiques to bridal wear. It is also only around a 45-minute drive to the popular Bicester Village Designer Outlet.

DRINKING AND EATING OUT Despite its best efforts, Northampton is not yet a city. However, its dining options are far more impressive than your average town, with every taste and budget catered for. Whatever the day, or occasion, Northampton has you covered, and where better to start than with a bottomless brunch. Bread and Pullet, on Wellingborough Road, is particularly popular. Another favourite quirky offering is The Church, on Bridge Street.

This converted church, complete with stained glass windows, serves local produce in stunning surroundings and is perfect for a special occasion.

Northampton has a plethora of pubs, bars and clubs, with Bridge Street the heart

Northampton’s vast green spaces are one of the town’s biggest appeals, not least Abington Park, the town’s oldest park which is home to a boating lake and its own museum. Salcey Forest, located just seven miles from the town centre, is also hugely popular with its tree-top walkway, cycling trails, play areas and picnic spots.

The Northampton Museum and Art Gallery is currently undergoing a major expansion project and is due to re-open in spring 2020. It reflects the town’s proud standing as Britain’s boot and shoe capital and houses, among other things, over 12,000 pairs of shoes! History buffs will also enjoy exploring the many historic and listed buildings in the town including the Norman Northampton Castle and The Holy Sepulchre church.

The town is rich in culture and, alongside the larger multiplex cinemas, the Northampton Filmhouse stands out as an excellent venue for film fans. In addition to mainstream blockbusters, it shows independent films, foreign releases and classic cult films. The town also has heaps to offer in the way of theatre. The Royal & Derngate Theatre hosts touring musicals, dance, comedy, music and family shows, while The Deco, a smaller family-run theatre, supports up-and-coming talent and local theatre groups.

Northampton lends itself well to an active lifestyle, with countless sports clubs catering for all interests and levels of skill, in addition to the endless walking and cycling opportunities right on the doorstep.

Those who would rather sit back and relax watching live sport won’t be disappointed either. The town is home to the Northampton Saints Rugby Union Club and the Northampton Town Football Club, affectionately known as “The Cobblers”. Thrill seekers will also find a trip to Silverstone, the home of British Motor Racing, an exhilarating day out, be it watching Formula 1 or running the famous Silverstone Half Marathon!

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ON THE MARKET: TWO BEDROOM APARTMENTS

yours

SO RESI FORSTER OAKS

Set on the leafy outskirts of Stevenage, Forster Oaks offers a perfect mix of urban convenience and rural fresh air, with parks and woodlands just a short walk away

Stevenage, Hertfordshire

Stevenage has been ranked by the Woodland Trust as one of the best places in the country to enjoy woodlands within easy reach, and residents of SO Resi Forsters Oak will be spoilt for choice. Just half a mile away is the peaceful mixed woodland of Martins Wood or the 8.7-hectare Pryor’s Wood nature reserve, known for its lovely display of bluebells in the spring; while St Nicholas Park, Serpentine & Thirlmere Woods and Great Ashby District Park are all less than a mile away on foot.

Forsters Oak is a development of one and two bedroom apartments set in four main blocks, with screening from mature trees and open space. The homes have good quality finishes, including Amtico flooring, and either Juliet, full or wraparound balconies to make the most of the fresh air. Allocated parking and cycle storage enables residents to make the most of Stevenage’s exceptional facilities for cyclists. Stevenage was developed with cycling in mind, and nearly 28 miles of safe, segregated cycle track makes getting around on two wheels a breeze.

Commuters will love how easy it is to get further afield as well. The station is around seven minutes by car or 13 minutes by bike away, and has services reaching King’s Cross in (For a one bedroom apartment, 23 minutes. The A1(M) motorway is five based on a 35% share) minutes’ away, while Luton Airport is less Full Market Value than half an hour away by road.

For leisure, Stevenage has a considerable amount to offer, from comedy, SO Resi monthly payment from music, drama, opera and dance at the Gordon Craig Theatre to blockbusters in the Monthly service charge from IMAX cinema, with more facilities to come as part of the town’s ongoing regeneration scheme, which will make Forsters Oak even more desirable.

FROM

£64,400 £184,000 £274 £84

soresi.co.uk/find-a-property/forster-oaks

IN THE AREA • Seven minutes’ from Stevenage Railway station for trains to King’s Cross • Good selection of local world food restaurants including Thai, tapas and meze • A lively indoor market dating back to 1281, now with 130 stalls • The 120-acre Fairlands Valley Park for walks and watersports • Explore the town on the expansive segregated cycleway network

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CASE STUDY

real

REAL LIFE

AFTER SAVING HARD FOR MANY YEARS VUYO MAGWAZA WAS ABLE TO BUY 50% OF A RESALE PROPERTY THROUGH SHARED OWNERSHIP. SHE CARRIED ON SAVING AND NOW OWNS 100% OF HER TWO BEDROOM MAISONETTE IN WOKING

V

compromise in quality or location with uyo Magwaza, 47, had always dreamed her home. She said, “I was already of buying her own home and had been living in Woking and staying saving hard for many years. As a social in the area was very worker on a modest salary, she thought convenient; I didn’t have homeownership was far out of her to change my lifestyle reach until she discovered shared or move away from ownership and found that she my friends. The could afford a 50% share of a location is great, resale property through SO it’s about a Resi. After buying her two half-hour bedroom maisonette near walk from Woking, Surrey, in 2012, my home she continued saving hard to the town for the next five years to centre and buy additional shares in I’m a keen her property and now walker! I owns 100% of her home. also travel She explains, “I’d been around a living in a one bedroom lot in my job key worker flat in the and the road centre of Woking, but I and rail links wanted to adopt a child from Woking so needed more space and are excellent, the security of owning my which makes life own home. Shared ownership very easy. has transformed my life – I “I’ve never been could never afford to buy a house happier. I have my outright and it’s a brilliant way to buy own home, more space in stages.” and I’m well on the way When Vuyo purchased her home in to building the life I’ve always 2012 she paid £87,500 for a 50% (full market wanted. It feels bigger than many value £175,000); she put down a 5% new properties and has a lovely garden too, deposit and raised a mortgage for the which will be perfect for children.” balance. In addition to her mortgage “I’VE NEVER BEEN SO Resi exists to make it easier and repayments, she paid a nominal rent to simpler for people to understand shared SO Resi on the 50% share it owned.

HAPPIER. I HAVE MY OWN ownership and the options open to them.

Through determined saving, Vuyo HOME, MORE SPACE AND It is unique in also offering the innovative bought a further 35% of her home in I’M WELL ON THE WAY TO SO Resi Plus scheme, which allows 2016, increasing her holding to 85%, BUILDING THE LIFE I’VE purchasers to buy an extra 1% share in and in 2017 she bought the final 15% their home each year for up to 15 years, share and was delighted to become the ALWAYS WANTED” with minimal costs involved. sole owner of her property.

“I was worried that it might be difficult To find out how shared ownership with SO buying extra shares in my home, but it was Resi can work for you go to: sharedownership. very straightforward – the SO Resi team co.uk or call 020 8607 0550 guided me every step of the way and couldn’t have been more helpful. I felt in control because the decision of when to buy further shares, HOW THE FIGURES STACK UP and how much, was completely down to me.”

Vuyo’s mortgage repayments on her maisonette • Full market value – two bedroom maisonette – £175,000 are £930 per month and in the short term she has rented her second bedroom to a student to help • Initial share (50%) – £87,500 offset the cost. This means that she can put more • Deposit – £4,375 savings aside for when she adopts a child.

• Current mortgage repayment – £930 a month She was pleased to find that there was no

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ON THE MARKET: ONE, TWO AND THREE BEDROOM APARTMENTS

yours

SO RESI THE RISE

Contemporary city one, two and three bedroom homes, close to the revitalised Grand Union Canal, with direct tube links to central London. Perfect for young professionals and families alike These contemporary urban one, two and three bedroom apartments are close to the revitalised Grand Union Canal at Alperton, a vibrant area of north west London with great transport links and leisure opportunities that will appeal to both young professionals and families.

The apartments at The Rise offer a high standard of accommodation throughout, including elegant large format floor tiles in the bathrooms, luxury carpet in the bedrooms and stylish engineered oak plank flooring in the kitchen, living room and hallways.

The fully fitted kitchens include a Bosch brushed steel oven, gas hob and matching brushed steel splashback, as well as an integrated fridge-freezer and dishwasher, and a high-quality Bosch washer-dryer.

In the bathrooms, the walls, floors and shower enclosure are fully tiled with fashionable large format tiles, while the sanitaryware and taps are by major brands including Kaldewei, Ideal Standard and Grohe.

Alperton is an up-and-coming area, with the Grand Union Canal being the focus of the exciting redevelopment. Dating back to the Industrial Revolution, the canal is now a huge attraction for pedestrians and cyclists, with the open spaces and waterside facilities provide a relaxing gateway to weekend walks, evening strolls and early morning bike rides.

The surrounding area has plenty to offer in terms of local shopping, including a large Sainsbury’s supermarket just a short walk away. Also within easy cycling distance or a short hop on the tube is Ealing Common, one of west London’s best-known open green spaces with 47 acres to explore.

therise.london

Alperton, North West London

FROM

£70,000

(For a one bedroom apartment, based on a 25% share) Full Market Value

£280,000

SO Resi monthly payment from

£350

Monthly service charge from

IN THE AREA

£148

• Piccadilly Line services to central London (in just 33 minutes) • A short walk from the Grand Union Canal • Close to the town centre which has a wide range of amenities • Cultural landmarks include Shree Sanatan Hindu Temple, Pitzhanger Manor and Wembley Stadium • Nearby Ealing offers green space and great shopping

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ON THE MARKET: TWO AND THREE BEDROOM APARTMENTS

yours

SO RESI SYDENHAM

A true best-of-both worlds pad, close to beautiful green spaces, with excellent commuter links to central London.

Super-stylish two and three bedroom apartments arranged around a pretty, central courtyard These two and three bedroom apartments at Sydenham in south east London are set around a tranquil garden area, and every apartment has its own private outdoor space in the shape of either a balcony or a patio, creating a relaxing hideaway just 15 minutes by train from London Bridge.

Inside, the full-height windows flood the open-plan living and kitchen area with light even in the winter, creating an uplifting environment throughout the day, while plenty of storage space ensures that distracting clutter will be kept to a minimum.

The kitchens have a contemporary, handleless finish with soft-close drawers, and the units come in a soothing moonlight grey finish. A Silverstone composite stone worktop with bevel edge detail completes the look. High-quality appliances are included, such as a Bosch electric oven, fully integrated dishwasher and fridge-freezer, Bosch microwave, ceramic hob and stylish Elica integrated telescopic hood. Pull-out recycling bins add a practical touch.

The bathrooms are finished throughout with grey or white tiles and aluminium trim, and feature a Roca WC and Hansgrohe mixers, while in the bedrooms, fitted wardrobes are included as standard.

Although the development at Dylon Works has superb access to public transport via Lower Sydenham station, there is also dedicated parking for every home.

The area around Sydenham has plenty to offer, with a strong community feel, quirky independent cafes and restaurants and access to plenty of green space, including Crystal Palace Park less than two miles away, or closer to home, Sydenham Wells Park and the nature reserve at Dacres Wood.

soresi.co.uk/sydenham

Sydenham, South London

FROM

£116,250

(For a one bedroom apartment, based on a 25% share) Full Market Value

£465,000

SO Resi monthly payment from

£639.38

Monthly service charge from

IN THE AREA

£153

• Green, leafy locales • Lower Sydenham rail station 200m away • Fast commute to London Bridge, Waterloo and Canary Wharf • Close to beautiful Crystal Palace and Beckenham Place parks • Great cafes, bars and restaurants

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HOTSPOT

hot

HERTFORDSHIRE HERTFORDSHIRE HAS OBVIOUS APPEAL TO COMMUTERS, WITH EASY ACCESS TO THE CITY AND THE ADDED PERKS OF WEEKEND LIFE IN THE COUNTRY, BUT THIS HUMBLE HOME COUNTY HAS FAR MORE TO OFFER THAN MEETS THE EYE

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ordered by Bedfordshire and Cambridgeshire to the north, Essex to the east, Greater London to the south and Buckinghamshire to the west, Hertfordshire is easily overlooked as simply “commuter belt”. However, this vast and varied county is hugely underrated and for no good reason – it is consistently rated in the top three places to live in the UK. From Watford to Royston, Hertfordshire is a hotbed of opportunity for first time buyers and a little digging unearths some real scorchers.

WELWYN GARDEN CITY Located in the heart of Hertfordshire, England’s second garden city was designed with a healthy, balanced lifestyle in mind.

WHO LIVES HERE? Welwyn Garden City has a population of over 50,000 and while it is a convenient commuter town, situated just 20 miles from King’s Cross, it is also a strong commercial base in its own right with plenty of local employment opportunities. The landmark Shredded Wheat factory site has recently had planning permission approved for redevelopment of over 1,400 units, mostly housing, which is likely to attract more first time buyers to the town.

SHOPPING

LEISURE The town’s sporting facilities are impressive; the Gosling Sports Centre is home to not only the usual gym, courts and pitches but also a golf driving range, a dry ski slope, a velodrome and a trampoline park.

There are also three golf courses, numerous sports clubs and long-established Sailing and Angling clubs in the town. Campus West is a unique venue popular with families, offering a cinema alongside roller skating and soft play facilities.

The Barn Theatre is also well worth a visit, with 10 full productions a year staged in a converted 17th century barn.

WARE Having long lived in the shadow of Hertford, its nearest neighbour, this Hertfordshire town is finally

Shopping in the town has thankfully come a long way from the monopoly of the Welwyn Stores, created by the town’s original developers. The Howard Centre, named after the town’s founder, Sir Ebeneezer Howard, has a good range of high street shops and the town also boasts a John Lewis department store. Supermarkets are plentiful and easily accessed.

DRINKING AND EATING OUT Welwyn Garden City’s pubs and restaurants can mostly be found on and around Howardsgate, the main avenue leading up to the Howard Centre. Popular restaurants include Bill’s, Côte Brasserie and Zizzi. The Doctor’s Tonic, a favourite bar with locals, offers regular live music, while Two Willows is a more traditional pub. Those after something a little more sedate may prefer to head slightly out of town to Lemsford where there are some quieter choices.

Knebworth House

Howard Centre, Welwyn Garden City

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HOTSPOT

WE LVE HERTFORDSHIRE

establishing itself as a desirable location in its own right.

• Unbeatable rail and road links WHO LIVES HERE? • Loads of green space Ware has a population of over • Fantastic independent shops and 18,000 and is increasingly popular restaurants to explore with families moving out of north • A range of areas each with their London, looking for that extra bit of own character space or a positive change in lifestyle.

• Stansted and Luton airports The biggest employer in Ware is local for a quick getaway GlaxoSmithKline and there are plenty of employment opportunities in the town, but the close proximity to London means it is also a prime location for commuters. You can be on the underground in less than half an hour and there are twice hourly services from Ware station to London Liverpool Street.

SHOPPING Shopping in the town centre is based around the historic high street which proudly boasts thriving independent shops.

Mr Simm’s Olde Sweet Shoppe is very popular, selling both traditional sweets and catering for the growing demand for imported American brands, while The Book Nook is a newer addition to the town and incorporates a cafe into the friendly book store. There are also two big supermarkets in the town, conveniently located just off the high street.

DRINKING AND EATING OUT Ware is home to some excellent restaurants, not least The Sea Tree, an alternative fish and chippy serving traditional dishes along with a range of fresh seafood. There are also plenty of smart restaurants for cosy nights out. While Ware is somewhat limited in options for nightlife, that is part of what helps it to retain its small-town charm. Luckily Hertford, Ware’s noisier neighbour, is a mere four miles away and has plenty of options.

LEISURE

Gazebos, Ware

The town’s main sport offering is Wodson Park, a leisure complex which includes an athletics track, sports halls and courts and a fitness suite. Fanshawe Pool & Gym is also highly rated, but swimmers in the town are best served in the summer months when Ware Lido attracts the crowds. The town’s positioning on the River Lea allows for picturesque walks along the waterside and the famous gazebos on the banks are an historic feature unique to Ware.

STEVENAGE Stevenage was designated to be the first of the UK’s post-war New Towns. Seven decades on, a new £1bin regeneration project is breathing fresh life into the town.

WHO LIVES HERE? Somewhat ironically for a town whose original purpose was to get people out of London, Stevenage is the perfect base for those travelling into the city. During rush hour, commuters benefit from trains every eight minutes, with the fastest journeys taking only 19 minutes. Stevenage has been listed as one of the top 10 most affordable commuter towns in the UK and there is a fantastic range of properties at prices significantly below those in surrounding areas.

There are a further 1,100 new homes being built in Stevenage by 2021, with thousands more to follow, offering even more opportunities for first time buyers to set up home in the town.

SHOPPING Stevenage has a number of established shopping areas including the town centre, retail parks and the Old Town. The town is already home to major household brands including Debenhams, Next and Primark and the regeneration programme promises to bring even more brands to the town’s central areas with the Town Square North Block project first on the list.

DRINKING AND EATING OUT Many well known restaurant and pub chains, including ASK, Beefeater and TGI Fridays, can be found in Stevenage and offer reliable food at reasonable prices. However, if you look beyond the everyday offerings there are some unique eateries to explore including a traditional pie and mash shop, Mack’s, in the market square. The nightlife in the town centres on the high street, with multi-purpose venues like the popular Cinnabar which transforms from a relaxed cafe to a cocktail bar and club.

LEISURE One of Stevenage’s biggest appeals is the opportunities it offers to those looking for an active, outdoors lifestyle, and Fairlands Valley Park alone is enough to understand why. The nine-time winner of the Green Flag Award offers sailing lakes, zip wire lines and access to water sports facilities within its 120 acres of green open spaces. Those looking to enjoy a healthy lifestyle in the town are well served by local clubs including tennis, cricket and hockey.

Stevenage also benefits from 40km of segregated cycle networks, inspired by Dutch infrastructure, offering residents safe and sustainable travel around the town.

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FINANCE

clear

MORTGAGES JON LORD, MD AT AWARD-WINNING SHARED OWNERSHIP MORTGAGE BROKER METRO FINANCE, GIVES HIS TOP TIPS TO GET THE BEST POSSIBLE MORTGAGE DEAL WHEN BUYING YOUR FIRST HOME

MORTGAGE FEAR?

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etting a mortgage is daunting, nobody knows how lenders work behind the scenes, everybody gets declined and the lender wants 18 years worth of paperwork!

That’s sometimes the view of many first time buyers – it is a scary time, but there’s no need to think like this.

Mortgage lenders do want to lend, if they didn’t, they wouldn’t survive – it’s as simple as that.

So how do you put yourself in the best position for a mortgage lender? Not just to get a mortgage, but to get the best possible deal.

How do you look on paper? This is really important; use a service like checkmyfile.com which provides three different credit reports in one – just how lenders would see you on paper. You might think yourself a low risk, but if the credit file says otherwise, that’s all that matters.

See how much you owe, having credit is good for your score, but too much and you’ll look overcommitted.

Check for errors, if anything doesn’t look right, contact the lender or the credit reference agency.

Look for missed payments, bring them up-to-date and try to keep everything paid on time.

Mortgage lenders can still lend with minor blips, but the fewer the better.

No score or low score? So, you’ve checked your credit file and your credit score

HERE’S SOME USEFUL TIPS: Who lives at your house? When a lender does their credit search, they want to see you on the voter’s roll, not Tommy Smith who lived there three years ago. It’s easy, check for yourself and get yourself registered, this will gain you some valuable credit score points.

Who’s taking all the risk? The lender wants you to take some risk too, in the form of your deposit.

For shared ownership, there are 14 lenders out of 26 who accept a 5% deposit. The best bit, with shared ownership it’s 5% of the share, not the full value – eg for a 25% share of a £350,000 home, the deposit can be as low as £4,375.

How much do you spend on coffee? Maybe £3.50 per day, which equates to £1,277 per year! Yes, its nice to have a fancy coffee but what’s better, a shiny new home or a beverage? The more deposit you save, the better the rate will be.

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FINANCE

IN A NUTSHELL • Prove where you live – get on the electoral roll and get your name on some bills • Low utilisation of credit – eg if your card has a £1,000 limit, using just £500 of that would be 50% utilisation • Pay on time – don’t be late with your regular outgoings; even arranged late payments have a poor effect • Fix stuff – any mistakes on your credit file, identify and fix • Don’t overdo it – credit is good for your score, but not too much is in the poor category. You might not need to worry, some lenders, especially the Building Societies, operate a more manual approach, ignoring the credit score and focusing more on you as an individual.

Bank statements are boring? Not to a mortgage lender, they like to see how you run your account, this gives them an idea of how you’ll run your mortgage. Try to stay within any overdraft facility, try not to miss any regular outbound payments.

Usually a lender will ask to see the last three months of statements.

Know your income?

Nowadays it’s rare to find someone with a pure basic salary, and make it your job to understand your payslips, the bonus, the overtime – are they regular or guaranteed?

This makes a big difference to your borrowing capacity.

You’ll need the last three months of payslips and be ready to explain how your income is derived.

Same for self-employed, it’s likely you’ll need two years’ tax calculations and tax overviews.

• Be prepared – keep your payslips, P60s, bank statements, utility bills etc • Don’t get too many searches – applying for any type of finance or mortgage results in a credit search and too many of these can lower your score At Metro, we speak to around 1,600 shared ownership buyers each month, so we get a good idea of what lenders like and don’t like.

You don’t have to be perfect, but you can help yourself and improve your credit score.

And finally, the best advice – speak to a Mortgage Adviser Why? There are around 270 different shared ownership mortgage products, designed to help many walks of life. One or more could be right for you.

Imagine a coffee shop with 270 different types of coffee, you might just need a bit of guidance?

Unless you’re like me and just drink instant coffee – but I probably don’t realise what I’m missing! metrofinance.co.uk

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COMING SOON

close

COMING SOON

SO RESI UPTON SQUARE

Upton, Northampton

Launching this summer is phase three of the popular SO Resi Upton Square development in Northampton, which will create 54 homes for shared ownership and a further 49 for private sale. A wide range of properties will be available, ranging from one to four bedroom homes, all finished to a high standard with carpets and kitchen appliances included in the price.

SO Resi Upton Square is on the outskirts of the town centre, but still within easy walking distance of lots of amenities, including a multiplex cinema, Northampton Town Football Club and a range of restaurants. The station is around 10 minutes away by car, with trains reaching London Euston in just over an hour.

The development is just around the corner from Upton Meadows Primary School, rated Good by Ofsted, and less than half a mile from the leisure facilities at Upton Country Park. Joggers and dog walkers will also appreciate the welldeveloped lakeside walks at Sixfields Reservoir, less than a mile away.

Sutton, London

SO RESI WALLINGTON In the heart of the London Borough of Sutton, SO Resi Wallington is a collection of nine stylish two bedroom apartments at Cambridge Gardens in Wallington, launching spring 2020. The new homes will all come with an en suite to the master bedroom, and most also feature a private balcony.

The location is perfect for those who want to enjoy easy access to all the city has to offer, while enjoying a quieter pace of life. Hackbridge Station, in Zone 4, is less than a mile away, offering services from Southern Railway and Thameslink, with trains reaching London Victoria in 28 minutes.

Wallington Station, in Zone 5, a similar distance away, offers direct services to London Bridge from 26 minutes.

Three Ofsted-rated Good primary schools are within walking distance, and behind the new development lies Beddington Park & The Grange, a former deer park that now has picturesque woodland walks, strolls along the banks of the River Wandle, sports facilities and a cafe.

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COMING SOON

close

COMING SOON

SO RESI MILL PARK

Bracknell, Berkshire

Bustling Bracknell in Berkshire is on the up – a programme of regeneration has transformed the area into a thriving 21st century town, with one of the newest and most exciting retail and leisure areas in the country, the stunning new £240m The Lexicon, now up and running.

SO Resi Mill Park, at Wildridings Road in Bracknell, launches shortly, with a collection of 26 one and two bedroom apartments that are ideally situated to make the most of everything the town has to offer. Just a 15-minute walk away from The Lexicon centre and only 10 minutes from the railway station, with trains to London Waterloo in under an hour, SO Resi Mill Park is idea for commuters and families. The area has great public transport connections, including buses to nearby Ascot, and drivers can reach Heathrow in 25 minutes or Gatwick in less than an hour.

The new apartments enjoy access to a communal garden and are well finished inside, with fitted kitchen appliances, including a tall fridge-freezer, plus a washerdrier in the hallway cupboard.

Hackney, London

SO RESI HACKNEY CORNER Waterside living in a prime London location comes courtesy of SO Resi Hackney Corner, launching in the spring. The development will comprise six one and two bedroom apartments near Bridport Place, overlooking the lovely Regents Canal. Residents all have access to a communal terrace on the ninth floor, which offers space to relax and unwind, as well as enjoy the views of the water.

These modern homes will be completed to an excellent specification, many featuring private balconies, and are ideally located in vibrant Hackney, home to a range of independent shops, restaurants, bars and cafes. The green spaces of Shoreditch Park and Rosemary Gardens are within easy reach, and residents will be just a 15-minute walk from Old Street underground station which offers services to London Bridge in around eight minutes. Cycle storage will be provided so residents can make the most of the borough’s extensive cycle network.

The surrounding area is an impressive mix of historic and contemporary, with Victorian warehouses and cobbled streets contrasting with progressive modern architecture, making it a fascinating part of London.

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COMING SOON

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COMING SOON

SO RESI STREATHAM HILL

Streatham, London

Another great SO Resi development is launching at Palace Road, Streatham Hill, Lambeth, in the spring. SO Resi Streatham Hill will comprise 10 contemporary one, two and three bedroom apartments in this prime London location, many featuring private balconies to offer valuable outdoor space in the hustle and bustle of the city.

Streatham Hill station in Zone 3 is a 15-minute walk away from the new homes and has services reaching London Victoria in 18 minutes and London Bridge in 35 minutes. Services from nearby Streatham Common to Waterloo take from just 22 minutes. For evening entertainment, the buzz of vibrant Brixton is less than two miles away.

The area around these high-quality apartments has much to offer – the Streatham Ice and Leisure Centre has an ice rink, 25m swimming pool, sports hall and gym, while hardier souls can enjoy swimming outside all year around at the Tooting Bec Lido. Meanwhile, the jazz venue Hideaway offers live jazz, funk, swing and soul music as well as stand-up comedy nights.

Crowthorne, Berkshire

SO RESI CROWTHORNE This spring, SO Resi is launching an exciting new development in the village of Crowthorne in the heart of Berkshire. Residents of the upcoming collection of contemporary one and two bedroom apartments will benefit from many nearby amenities including shopping and dining facilities in addition to a range of good schools.

The village of Crowthorne offers a tranquil lifestyle, while its transportation links mean that those looking for more excitement can be in the buzzing city of London in just under an hour. The apartments are a short drive away from Crowthorne train station, making Reading just a 14-minute journey by train, and London Paddington only 50 minutes away. The location of this development, along with its excellent transport links, make it ideal for those seeking the perfect blend of both town and country.

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GLOSSARY

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GLOSSARY OF TERMS

CONFUSED BY FINANCIAL ACRONYMS AND INDUSTRY TERMINOLOGY? OUR HOME BUYING GLOSSARY IS HERE TO MAKE THE PROCESS A WHOLE LOT EASIER TO UNDERSTAND

AGREEMENT IN PRINCIPLE 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.

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.

ARREARS This is a term used to describe payments that have not been made on time.

BASE RATE The interest rate set by the Bank of England. Lenders use the Bank of England base rate as a basis to set their own charges.

BROKER A broker is someone who gives you advice on your mortgage. Some are independent, while others work for particular lenders.

BUILDING SURVEY 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.

DISBURSEMENTS 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.

EARLY REPAYMENT CHARGE 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.

EQUITY The difference between the value of the property and the value of the mortgage you have secured.

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.

FREEHOLD A freehold is when you fully own a property and the land it stands on.

GAZUMPING When a seller accepts an offer and then later on rejects it in favour of a higher offer from another bidder.

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 taxes 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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