the Ultimate Guide to... GETTING ON THE LADDER, THE PROPERTY MARKET AND HELP TO BUY
December 2015/ January 2016 £2.95
firsttimebuyeronline.co.uk
WIN!
HEAD CHEF TRISTAN DOWNES CREATES THE PERFECT CHRISTMAS LUNCH
A NIGHT’S STAY AT DOUBLETREE BY HILTON DOCKLANDS RIVERSIDE HOTEL, WORTH £350
THE LOW-DOWN ON SHARED OWNERSHIP
GETTING TO GRIPS WITH THE GOVERNMENT SCHEMES: HELP TO BUY STARTER HOMES HELP TO BUY: ISA
“If you can’t afford a home in the area you want, then look further afield where prices will be cheaper” Cheryl Pilliner-Reeves, architect
SPACIOUS CONTEMPORARY LIVING
Enjoy the high life at Rivers Apartments in one of the beautiful duplex penthouses, arranged across the top two levels of this impressive 22 floor tower in Tottenham. Designed to maximise space and light there are only two 3 bedroom penthouses available for shared ownership, both benefiting from private balconies, one on each floor.
...WITH SPECTACULAR VIEWS
River Lea
Queen Elizabeth Olympic Park
SPECIFICATION • Secure door entry system • Wood laminate flooring to living room, hallways and kitchen • Wool mix carpets to bedrooms • Contemporary fitted kitchen from Symphony Woodbury range • Built in oven, hob and stainless steel extractor hood • Fitted fridge freezer, washing machine and dishwasher • Modern white bathroom suite with chrome fittings • Ceramic floor and wall tiling to bathroom • Balcony to all apartments • Satellite/terrestrial TV point (subscription required) • District Heating System • Allocated parking to selected apartments Actual balcony view
Canary Wharf
Tottenham Hotspur FC
Sainsbury’s
The City White Hart Lane
Rivers Apartments
PRICES FROM £160,125 (BASED ON 30% EQUITY OF A 3 BEDROOM PENTHOUSE VALUED AT £534,050)
Maximum household income £85,000 for a three bedroom home.
REGISTER YOUR INTEREST NOW:
www.riversapartments.co.uk
Tel: 0800 058 2544
www.newlonhomeownership.org.uk
4
First Time Buyer October/November 2014
CONTENTS
DEC2015/JAN2016 / ISSUE 56 / FIRSTTIMEBUYERONLINE.CO.UK
What’s in… 72
Affordable homes
74
Belinda and Christopher Mills and their two young children were renting a home, which they had outgrown. Now they are the proud owners of a three bedroom house, which they bought through shared ownership at Metropolitan’s The Leys development in Wellingborough.
18 House hunter
HOMEPAGE
Help to Buy: ISA and the Starter Homes schemes – we explain how they all work.
We try and find Rosanna Germano and John Buxton their dream home within a reasonable commute to London.
13 Hot off the press
32 An insight into the market
This month’s main news snippets.
We share the interesting findings from our recent reader survey of over 1000 first time buyers.
20 Developer’s doctor 14 Living
Simon Scott, Head of Sales and Marketing at Origin Housing, answers all your property questions.
Give your home a true feel of Christmas with our selection of sparkling decorations and accessories.
34 Affordable ways to get on the ladder 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.
FEATURED
22 The view: Cheryl Pilliner-Reeves
16 At home with… Lord Newborough Founder of the award-winning organic farm, Rhug Estate in Wales, Lord Newborough is passionate about organic farming. He talks to Lynda Clark about his extraordinary and adventurous life.
Passionate about the environment, Cheryl is an architect, a senior lecturer at London Metropolitan University and has appeared on television. She talks to Lynda Clark about her path to success and gives her expert advice for first time buyers.
26 A helping hand There are now several government schemes to help first time buyers get on the ladder including Help to Buy, the new
44 Showtime! A round-up of our most successful FTB Home Show ever!
48 William is the winner! William Morcos was the winner of our £5000 competition at the FTB Home Show in October. Read his story to see how winning the prize has changed his life and what his plans are for the future.
First Time Buyer December 2015/January 2016
5
CONTENTS LORD NEWBOROUGH, PAGE 16
16
OWNING YOUR OWN HOME IS THE ULTIMATE DREAM AND THERE IS NOTHING BETTER THAN BEING SURROUNDED BY YOUR OWN SECURITY
Lord Newborough
HOMEMAKER
FOR FOR SALE SALE
94 Market Now the colder weather is here, Ginetta Vedrickas explores how you can have a warm home, while still cutting energy bills.
75 The67best TheFTB best FTB properties properties
96 Agony Agent All your property questions answered by our panel of experts.
78 First Home, First Meal
99 Buyer’s Guide
Tristan Downes, Head Chef at The Crown Tavern in Lee, creates the perfect Christmas lunch. Plus, we test the best Christmas fayre from the UK’s top supermarkets.
Check out FTB’s Buyer’s Guide, which walks you through the property process. Plus, Adele Barker, Director of Conveyancing at Beaumont Legal, explains the 10 things you need to know if you are buying an apartment.
REGULARS
77
106 Directory Where and how to contact your Help to Buy Agents, or providers.
Competition Win a night’s stay, plus dinner, at DoubleTree by Hilton Docklands Riverside hotel in London, worth £350
114 Last word A coffee and a chat with leading interior designer, Shaun Clarkson, who talks about his varied projects and his television work with BBC1’s DIY SOS.
38 Hotspot We look at Brixton as a place to live.
86 Mortgage Clinic David Blake of Which? Mortgage Advisors answers all your mortgagerelated questions.
90 Finance Kay Hill looks at the possibility of mortgage interest rate increases and how to prepare if they do eventually rise.
92 Credit Clinic The latest in our series in which Experian’s credit expert, Joe Green,
6
answers your questions about all things to do with your credit.
First Time Buyer December 2015/January 2016
EDITOR’S LETTER
EDITORIAL 020 7258 1777
Editor-in-Chief SARAH GARRETT sarah@firsttimebuyermag.co.uk Editor LYNDA CLARK lynda@firsttimebuyermag.co.uk Editorial Assistant KAT STEPHENS
Creative Director RYAN BEAL
Sub Editor HELEN MATHIAS
Contributors ADELE BARKER, DAVID BLAKE, RACHEL COLGAN, JOE GREEN, KAY HILL, LAURA DEAN-OSGOOD, RICHARD SEXTON, ROGER SOUTHAM, GINETTA VEDRICKAS, A D V E RT I S I N G 020 7258 0067
Director of Advertising/Exhibition Sales LYNDA CLARK
lynda@firsttimebuyermag.co.uk Special Events FIONA MARSHALL – First Time Buyer Home Show – First Time Buyer Readers’ Awards fiona@firsttimebuyermag.com 07964 062766 Accounts FIONA MARSHALL accounts@ultimateguidecompany.com
Welcome As we come to the end of 2015, it is a time to look back and review what has been achieved this year. I think it has been a very exciting time and, with the various schemes now available – Help to Buy, shared ownership, the new Help to Buy: ISA and the Government’s Starter Homes programme – it is certainly kick-starting the property market and means that first time buyers are now in a very good position to be able to buy their dream home. It has also been a very busy and successful year at First Time Buyer too. Our Home Show in October was a triumphant success, with over 2000 first time buyers coming along on the day, all of whom were able to discuss with a record number of exhibitors the aspects of buying a home. Our next Home Show is on Saturday 16 April 2016 at Fairfield Halls in Croydon so do go to ftbhomeshow.com and register now. We have just launched our FTB Readers’ Awards 2016 and the shortlist will appear in the next issue and go online on February 1st 2016. We will soon be asking you to vote at ftbawards.com, so a big thank you in advance for taking the time to cast your all-important votes. Lastly, if you are thinking about taking out the new Help to Buy ISA and are not sure how it works, then go to page 26 for lots of information. We also explain the workings of the Government’s Starter Homes programme, which is coming soon. I hope you all have a very happy Christmas and a prosperous New Year, and thank you for all your support. Until next time, happy house hunting
Managing Director SARAH GARRETT sarah@firsttimebuyermag.co.uk Public Relations RACHEL COLGAN rachel@building-relations.co.uk SUBSCRIPTIONS 020 7258 1777
first-time-buyer-magazine EDITOR’S PICKS…
SWITCHBOARD 020 7258 1777 FAX: 020 7258 1787 THE ULTIMATE GUIDE COMPANY LTD, 37 IVOR PLACE, LONDON NW1 6EA All advertising copy for February/March 2016 must be received before 22 January 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.
@firsttimebuyer
We don’t have to negotiate with landlords anymore Laura Veronese, Affordable ways to get on the ladder, Page 35
Even factoring in the cost of travel, we still make considerable savings every month
We now pay £1,200 a month for our house, which doesn’t leave us much left over to save
We have a mortgage in principle, so we are in a strong position to proceed
Dominic Hunt, A helping hand, Page 28
William is the winner!, Page 48
Rosanna Germano, House hunter, Page 18
We wanted to get on the property ladder, so the kids had somewhere to grow up in Belinda Mills, Real Life, Page 74
First Time Buyer December 2015/January 2016
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EDITOR’S LETTER
10
First Time Buyer August/September 2014
LETTERS
Mail box 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 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.
This month’s star letter wins the perfect roaster for the family, which will come in very useful at this time of year, with Christmas on the horizon. It will keep the meat moist and prevent the oven from getting dirty! Made from polished stainless steel, it can be easily kept clean by popping in the dishwasher after use. Priced at around £36, it also comes with a Judge 25-year guarantee. judgecookware.co.uk
THE RIGHT SOLICITOR I have been house-hunting for my first home and I have found the perfect place. I now need to find a good solicitor who can do the conveyancing, but I am not sure how to go about this. or how I will know if they are any good? Do you have any advice, please? Gabrielle Eastley FTB: Usually, the first way of finding a solicitor is to ask your friends and family to see if they have used a solicitor that they would recommend to you, so it will have come from a reliable source. As an alternative, you can look at the Law Society regional directory for solicitors at lawsociety.org.uk/ choosingandusing/findasolicitor.law
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
WHERE TO START? I have been saving for a long time now, so that I can buy my first home. I think I have enough for a deposit, but I am completely confused as to where to start. Before I begin my search, I would like to be prepared, but I am getting quite bewildered. Rachel Porter FTB: Buying a home is a very big decision and also a very exciting one. It is a good idea to make a list of things that you would like in a property and put them in order of importance. Then decide on the location and consider transport links carefully, especially if you are commuting, so you can start looking at properties that match your needs. Unless you are really good at DIY, I would suggest that you avoid homes which are in need
BUYING OFF-PLAN I have been searching for my first home for quite a while and have been looking at older properties, but I think I am now going to start investigating newbuilds as I haven’t found anything I like, or that is affordable. A friend suggested that I look into buying off-plan, but I am not sure what that entails. Jamie Sanders FTB: Buying off-plan is when you purchase a property before it has actually been built. This means that you have to rely on the
of a lot of work as this can become very costly. You should also think to the future and consider whether the property would be attractive to a buyer when you come to move on and sell it. Do also remember to ensure to check your credit rating before you try and get a mortgage.
architect’s plans and other information the developer can give you, like computerised designs of what the home will look like and floorplans of the interior. Most developments have a showhome, which will give you a very good idea of the eventual appearance of the property. The benefit of buying off-plan is that you buy at an agreed price before your home is built, so, even if prices go up, you will still pay the original agreed price. Another plus is that you can often choose your own fixtures and fittings, like carpet, flooring and wall tiles, for example.
VISIT OUR WEBSITE For everything you need to know about buying for the first time, go to firsttimebuyeronline.co.uk
First Time Buyer December 2015/January 2016
11
Homepage NEWS IN BRIEF
HOUSE PRICE GROWTH The latest house price index, from Your Move and Reeds Rains, reports that the annual rate of house price growth across England and Wales has climbed to 5.2%, which is the fastest increase seen since April.
ON THE UP October 2015 house purchase approvals were at their highest in seven years and up 21.9% from October 2014, according to the latest Mortgage Monitor from e.surv.
TOUGH FOR RENTERS New data from Savills reports that renters spend more than half their income paying to live in London. A typical renter hands over 59.4% of their wage to their landlord. The study goes on to say that those who own their own home in London use up only a quarter of their income on their mortgage, due to low interest rates. Whilst first time buyers’ salaries are increasing, the size needed for a deposit has rocketed – in 2000 the average ftb deposit needed to buy in London was £10,000, but by 2005, it had more than doubled to £21,000. In 2010 it had more than doubled again to £56,000 and, today, an average deposit is £74,000. The average rent for a one bedroom apartment in 18 out of 33 London boroughs is £1000 a month.
WE ARE A NATION OF PROPERTY HAGGLERS! New research from Which? Mortgage Advisers reveals that, when it comes to buying a property, the majority of homebuyers were prepared to haggle and usually saved money as a result. The research asked people who had bought a property in the past five years what their initial offer was, whether they negotiated and what they eventually paid. It found that 75% of homebuyers initially offered below the asking price for their property, and up to 66.6% were successful in securing their property for less than the advertised price. Homebuyers in Wales and the Midlands were the happiest to negotiate, with 80% of them initially offering less than the asking price. In comparison, only 60% of homebuyers in London initially offered less. Homebuyers in Wales, Birmingham and Manchester had the most success when negotiating, with 75% in Wales and 70% in Birmingham and Manchester securing their homes for less than the advertised price. Those that paid the asking price or more cited a number of reasons for doing so, but, generally, they were motivated by the stiff competition for properties. 25% of homebuyers (who paid the asking price or above) said this was due to competition for their dream home, and 20% reported they were involved in a bidding war.
CHEAPER TO BUY THAN RENT AVERAGE HOUSE PRICES The latest figures from the Land Registry show that the price of an average London property is now worth £499,997, compared to £186,553 for the rest of England and Wales. The northeast was the only region to record a decrease in prices, which are down 0.3%, with the southeast recording an 8.5% rise, followed by the east of England which is up 8.3%.
Purchasing a property is more cost effective than renting in more than a third of British cities, according to the latest research by property search website zoopla.co.uk. Zoopla’s analysis of the cost of renting a two bedroom home, compared to paying a mortgage, reveals that buying works out cheaper than renting in 36% of cities in the UK, on a month-by-month basis. Property purchasers did particularly well, compared to their renting counterparts, in Scotland and the north of England. In Glasgow, rental payments amount to an average of £596 per month, whereas monthly mortgage payments only totalled £447. This means Glaswegian buyers are paying 25% – or £149 – a month less to own property than rent it. In Hull, buyers – who pay on average £397 a month – are £55 better off than renters in the city, who pay an average of £452 per month to rent. Conversely, the southeastern corner of the UK represents the best value for money for renters. The average London tenant pays rent to the tune of £2,218 per month, whereas the capital’s homeowners shell out an average of £3,302 on servicing their mortgages, meaning buyers in London are paying 49% – or £1,084 a month – more than the city’s renters. Buyers in Reading and Cambridge can also expect to pay a hefty monthly premium for the privilege of home owning. On average, owners in Reading typically pay £3,600 a year more than tenants, while servicing a mortgage in Cambridge costs £3,700 more a year on average. Across the UK, the current average asking rent for a two bedroom home is £666 per month, compared to an average asking price of £145,840. As a result, servicing a 90% LTV mortgage typically costs £58 more per month than the average tenant would pay for renting such a property.
First Time Buyer December 2015/January 2016
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Homepage LIVING
‘Twas the night before Christmas
Christmas comes but once a year and everyone wants to make it a truly magical occasion. Decorating the tree and adding some sparkling accessories around the home will certainly make your Christmas dreams come true Aspen flocked tree, £45; Santa tree topper, £4; snowman decoration, £1.50; polka dot mushroom decoration, £2 for 4; candy canes, £1.50 for 6; gingerbread decoration, £2; Christmas pudding bauble, £2 for 3; heart bark lantern, £4; Santa sign, £3.50; LED wreath, £30; garland, £10; nutcracker soldier, £4; wooden lantern, £12; Christmas sleeps countdown, £5; Christmas sack, £5; Capri sofa, £399; Capri armchair, £299; Opal table, £29; reindeer cushion, £10; jingle cushion, £10; bah humbug cushion, £12, Tesco
Gingerbread reindeer kit, £9.98, Lakeland
Bunting, £10.96; reindeer wall decoration, £24.99; LED berry tree, £25.99; light up joy decoration, £34.99, Lakeland
14 First Time Buyer December February 2010 2015/January 2016
Homepage LIVING
Those little extras u Church decoration, £5, BHS
Elf decoration, £4.99, Dobbies
Cappuccino mug, £3; tea bag rest, £1; Bambi mug, £1; Santa cookie jar, £12; tartan pillar candle, £3; tray, £5; Christmas tea towel from £1; wreath, £15; baubles, from £1, George at Asda
Russian doll decoration, £6, Marks & Spencer
Christmas pudding decoration, £4.98, Lakeland
Starry night chocolate advent house, £44.49, Lakeland
C O N TA C T S » Asda asda.com » BHS bhs.co.uk » Dobbies dobbies.com » George at Asda george.com » Marks and Spencer marksandspencer.com » Lakeland lakeland.co.uk » Tesco tesco.com
Snowman decoration, £4.98, Lakeland
Fireplace decoration, £6, Tesco
First Time Buyer December 2015/January 2016
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Homepage LIVING
At home with:
Lord Newborough Lord Newborough is founder of the award-winning organic field-to-fork farm, Rhug Estate in Denbighshire, Wales. He is passionate about organic farming and it is the largest farm of its kind in Wales, selling award-winning meat to some of the most prestigious restaurants in the UK and abroad. His life has been quite extraordinary and he has certainly had some adventures along the way, as he explains to Lynda Clark
“IF YOU CAN GET A MORTGAGE AND BUY A PROPERTY INSTEAD OF RENTING, IT WILL PAY OFF IN THE LONG RUN” 16
First Time Buyer December 2015/January 2016
FTB: Tell us about your first property experience LN: I bought my first property in 1978 in Shropshire. It was a medium sized house, which came with 400 acres, and there were another nine properties on the land as well. I agreed a price with the owners at 4pm on the Thursday afternoon, my solicitors worked through the night and we completed at 2.30pm on the Friday – it was pretty amazing! I still own it now, but I am in the process of selling it. FTB: Where do you live now? LN: I have a house on the Rhug Estate and I live there about 85% of the time. I used to commute from my house in Shropshire, but, last October, I decided to spend more time at the farm and it is much easier than driving every day. FTB: As a young man, you went to live in Australia, tell us about that LN: After I had graduated, my father packed me off to Australia with £100 and a one-way ticket. I had planned to go to New Zealand, but I arrived in Australia and, within a couple of days, I got a job as a jackaroo, which is a farm hand and one of the lowliest jobs, but good fun. I travelled
Homepage LIVING
around Australia during the two years I was there, but I never went to New Zealand, which is something I’ve regretted not doing ever since. FTB: What did you do when you came back to the UK? LN: I decided that I should get to know more about farming and so I worked on the Glynllifon estate, where I was brought up. My father was still running it then, but eventually I decided I needed to ‘do my own thing’, so I ran an air charter company out of Heathrow. We ran peoples’ private planes and supplied the pilots and stewards. I have always been interested in flying and got my pilot’s license when I was 17 and my helicopter license when I was 20, so I think it’s in my blood! I then decided to buy a circuit board manufacturer out of receivership and, when we started, we had one factory with 25 people working there. By the time I eventually sold it, 10 years later, there were two factories and 130 people employed. FTB: What did you do next? LN: I started to look around to see what else I could do as I wanted a new challenge. An opportunity came up to get involved in fishery protection in Sierra Leone. It was a joint venture with the Government there and, until then, it had been unpoliced for 15 years and was a freefor-all. It was a big job and involved organising ships to patrol, change legislation, get fishermen to buy a proper license and secure a revenue stream. It became extremely dangerous and unstable though, and, whilst I was there, I went through three coups, had death threats and even discovered somebody trying to plant drugs in my luggage. I withdrew everyone and came back in 1994, after things became too dangerous to carry on and it was no longer safe. FTB: Tell us about your organic farm, Rhug Estate? LN: When I got back, my father was in his twilight years, so I helped out on the farm. In 1998, sadly, he passed away and I inherited the 12,500-acre estate. I have always been passionate about sustainable organic farming and, even in the 90s, my wife and I tried to eat organic food, which wasn’t as popular then as it is now. It was new territory and a bit of a step into the unknown as we were entering a niche market. Now all the livestock enjoy a 100% organic diet and live free-range on clover-rich pastures. We started with just nine employees and now have 110 and produce organic beef, bison, lamb, salt marsh lamb, chickens, turkeys and geese. The brand name now appears on many Michelinstarred menus across the world. We also have a large farm shop, which sells a wide range of organic food, cosmetics and wine, plus duvets that are produced from organic wool from the
sheep on the estate. Then we have a bistro and a grab-and-go shop – which sells snacks for people who are driving past and in a hurry – so we cater for everyone. We also have a stall in Borough Market in London. FTB: What are your plans for the future? LN: I love travelling and I sell what we produce to other countries. I am just off to Dubai, Abu Dhabi, Bangkok and Singapore. It is hard work and very tiring, but I do enjoy it, as I am very hands-on. We are also very interested in alternative energy and have wind, solar, hydro and geothermal projects on the estate.
Currently, I am in the process of getting planning permission to build houses on some of my land, which should help as there is a great need for more housing in this area. FTB: What advice do you have for first time buyers? LN: If you can get a mortgage and buy a property, instead of renting, it will pay off in the long run. Owning your own home is the ultimate dream and there is nothing better than being surrounded by your own security. rhug.co.uk
First Time Buyer December 2015/January 2016
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Homepage FIRST RUNG
The
HOUSE HUNTER
What we found... THE EAST END LIFE Rawalpindi, East London
THE WILD CARD from
£60,000*
Steppingley Gardens Flitwick, Bedfordshire
from
£235,995
This month FTB goes on the hunt with Rosanna Germano and John Buxton, who are after a one bedroom home within a reasonable commute to London
PROFILE
Names Rosanna Germano, 35 and John Buxton, 34 Occupation IT support worker, Social marketing executive Maximum budget £210,000 Requirements A one or two bedroom home that’s within a reasonable commuting distance from central London. Parking and some outdoor space would be preferable.
What they wanted…
This new development is located in a peaceful residential road in the heart of Canning Town, an east London district that’s experiencing great growth. The hustle and bustle of East End life is just minutes away, while, from nearby Star Lane station, you can reach Canary Wharf in just 15 minutes. Inside, the homes are finished to a high spec; open-plan living/ dining areas feature wooden flooring and the fitted kitchens are complete with integrated appliances. Most of the homes also benefit from a balcony or terrace.
A community of almost 200 new homes has been created in this peaceful location, on the outskirts of Flitwick, Bedfordshire. Homes range from two bedroom coach houses to five bedroom family homes, which all sit just a mile from the town centre. The homes are beautifully finished, with openplan living areas, well-sized bedrooms and fully tiled bathrooms. Kitchens also come with integrated appliances. There’s private parking for two cars, while trains from nearby Flitwick station arrive at London St Pancras in just under an hour.
genesishahomes.org.uk
taylorwimpey.co.uk
* Based on a 25% share of the full market value of £240,000
We’ve been living in London for years and have moved around a little bit – from south to west, and then to east London. We’ve seen the rental prices go up over the years and, at the moment are paying quite a lot of money in rent for a very small, one bedroom flat. We’d absolutely love to buy our own place – to have some more space and somewhere we can call our own. We’ve been saving hard, and have a budget of £210,000. We’re quite realistic that, in London, this is a pretty modest budget, and we’re completely open to the option of moving a little further away from the centre of town. As long as we’re within an hour or so’s commute of central London, where we both work, we’ll be very happy. We have a car, so a parking space or reliable parking nearby is a must for us – we’d also love a balcony or garden as we’ve lived for so long without either.
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First Time Buyer December 2015/January 2016
What they thought… These homes are quite close to where we’re living now, so we know the area well. We hadn’t imagined we’d be able to buy something here in our budget, so it’s a pleasant surprise. We really like the design of the homes and the building, and love the idea of moving into something so new and fresh. The kitchens are very stylish and it’s really cool that they come complete with appliances, as we don’t have any of our own!”
It’s interesting to see that, for a little over our budget, we’d be able to get a two bedroom place. Bedford would be a completely new area for us, but we’re excited by the idea of starting somewhere fresh, and are really up for being so close to the countryside. We love walking and being outdoors… perhaps we could even get a dog! The homes themselves are really attractive and we like how it’s arranged over two floors – with the parking spaces right under the building.”
Homepage FIRST RUNG
THE QUIET LIFE Harp Meadow, Sudbury, Suffolk
First choice!
THE ICON from
£204,995
Battersea Bridge Road, Battersea, London
from
£TBC
THE CITY COMMUTER from
Leybourne Chase, West Malling, Kent
These pretty new homes lie just a 10-minute walk from the ancient town of Sudbury, on the Suffolk border. Countryside abounds, but there are plenty of modern amenities in the town itself and in nearby Colchester. The homes at Harp Meadow range from two to four bedroom houses, all benefiting from private gardens and a garage, or offstreet parking. The interiors are beautifully designed, with spacious kitchens, French doors opening to the garden, and wellsized bedrooms. Travel into London Liverpool Street takes as little as 70 minutes.
Come home every night to one of the local area’s iconic old buildings – the new homes here sit in Battersea’s redeveloped 1911 police station. The five-storey, red brick building is home to several one bedroom apartments, all located just minutes from the Thames and all that it has to offer. The homes are designed with modern living in mind, featuring high ceilings that help to create bright, spacious living areas, and most homes benefit from a balcony or terrace – perfect for a spot of al fresco dining.
bellway.co.uk
tvhsales.co.uk
Wow, this really would be a big change from living in London! Sudbury looks like a really beautiful and interesting place – and I think we would really enjoy country walks and finding quirky old pubs – something we both love. The homes are really pretty too, and again, the prospect of having two bedrooms is really exciting. It is a little further away from London than we’d first imagined, so we’d really have to assess both the commuting times and travel fares to see if it’s a feasible option.”
What an interesting building this is – we think it would be great to be part of such an icon, and would be fun showing friends and families where we live. It’s also an absolutely fantastic location – with the Thames so close and so many great facilities nearby. Battersea Park is one of our favourite spaces in London, so it would be wonderful to be able to go running there on a regular basis. We’d never have thought that homes in this area would be within our reach, so it’s an intriguing option.”
£180,000
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THE NEXT STEP
“Because John has family in the area, we’ve already started asking them questions and taking a look ourselves at what West Malling would be like to live in. We will arrange a viewing and then take it from there. We already have a mortgage in principle, so if we really like what we see, we’ll be in a stronger position to proceed.”
We are very impressed by the homes at Leybourne Chase – they suit our budget very well, and the commute into work is very reasonable indeed. It’s also a familiar part of the world to us, as John grew quite nearby, and has family about 20 minutes away. The apartments look great – there’s good space inside and, very importantly, we’ll be able to park our car without having to worry about it. The area is very pretty and what we really love is that the development actually has its own gardens and even a country path. There’s lots going on in the area and we’re sure we’d always be out and about exploring all the shops, pubs and parks – it’s really exciting.”
First Time Buyer December 2015/January 2016
19
ADVICE
Developer’s Doctor Simon Scott, Head of Sales and Marketing at Origin Housing has extensive experience in the affordable housing industry, having worked at some of London’s leading housing associations and as chair of the London Home Ownership Group – made up of those who work for providers of Affordable Housing based in London. Simon gives some invaluable advice on how you can get on to the property ladder.
Question… I am a first time buyer currently renting and looking to buy my first home in Harrow. I have found it really difficult to save the deposit to buy a property on the open market while renting, so I am considering shared ownership. Will I ever be able to own the home outright with shared ownership? What happens if I want to sell the property in the future to move in with a partner?
property is known as a resale. If you intend to sell your share, first you must inform the housing association, who will have your home valued by an independent surveyor. There is an initial eight-week period where the housing association will market your home to their list
Simon Scott, Head of Sales and Marketing at Origin Housing
of registered eligible applicants. In the unlikely circumstance that the property hasn’t sold during this period, you can then sell it privately through an agent. If you decide to sell your home and you have staircased up fully, then you can simply sell your property on the open market.
Answer … Shared ownership would be a great way for you to get on to the housing ladder. Purchasing a shared ownership property is different to buying on the open market, as buyers require a considerably smaller deposit, as little as 5% of the share you buy. What is more, with the shared ownership scheme, buyers can purchase a share in the property, usually at least 25%, and rent the unowned share at a subsidised amount. In fact, in many cases, the average monthly costs of owning a shared ownership property can be lower than the cost of renting privately. Once buyers have moved into their new home, they are given the opportunity to staircase up, ultimately allowing them to own the property outright. This means that you can buy an additional share in the property as your circumstances change. As you staircase up, you will own more of the property and, as a result, pay less rent to the housing association. If you decide to staircase, you need to instruct a solicitor and apply for a mortgage for the additional share. The process is straightforward, and, at Origin Housing, we help our customers every step of the way. Sometimes buyer’s circumstances do change, meaning they have to sell their share in their property. If you do decide to move in with your partner and sell your property, this isn’t a problem. Selling your shared ownership home when you own less than 100% of the
20
First Time Buyer December 2015/January 2016
THE ONLY WAY IS ENFIELD Launching soon is a new development, Saffron House in Enfield, of eight, two bedroom and two, three bedroom apartments, available for shared ownership from Origin Housing. Each home at Saffron House will be finished to Origin’s usual high standard, with modern fitted kitchens from the Symphony Woodbury range, and contemporary white sanitaryware from Twyfords in all bathrooms. Properties offer spacious accommodation and quality finishes throughout, plus excellent energy efficiency. Located on Enfield’s bustling Baker Street, with an eclectic range of shops, pubs and cafes on its doorstep, Saffron House is just over half a mile from Enfield’s town centre. Enfield Town rail station is also only half a mile away, with direct trains to Liverpool Street from Enfield Town taking only 33 minutes – perfect for those commuting to and from the City for work. Applicants must live or work in Enfield. Prices at Saffron House have yet to be released. Applicants can register their early interest at originsales.co.uk / 0800 068 8990.
AFFORDABLE HOMES
First Time Buyer August/September 2014
21
THE VIEW
22
First Time Buyer December 2015/January 2016
THE VIEW
Building a whole NEW WORLD Cheryl Pilliner-Reeves is an architect, a senior lecturer at London Metropolitan University, has appeared on television and is passionate about the environment. But this is only a fraction of what Cheryl has done in the past and what she plans to do in the future. Lynda Clark finds out how her journey began to become an architect with such strong environmental ethics
Cheryl has always tried to break the boundaries. For as long as she can remember, she has been interested in making things. She said, “Right from an early age, I always put a woodwork bench on my Christmas list, but I never got it. Soon I began to realise that my parents didn’t think it was appropriate for a little girl and it was very frustrating. Later on, I asked for a sewing machine and I got that as I suppose my parents thought it was more of a girl thing! I always loved assembling flat-packed furniture and my two sisters could never understand why I was so excited about it. When I was a teenager, I loved painting the front door, for instance – I would wake up and decide what colour to use and then get painting. I remember redecorating my bedroom and, as my parents liked wallpaper and patterned carpets in those days, I wanted something calm and fresh, so I just used one colour everywhere. I chose pale grey as I hadn’t discovered white back then! I also made a fantastic collage on my ceiling, with everything found in magazines on style, catwalk fashion favourites and ethical issues, such as anti-vivisection – which I put next to make-up adverts to boycott – it was very random, but defining my choices! It was my bespoke wallpaper on the ceiling” Cheryl had a Jamaican father and a Malaysian mother and grew up in two very different, but happy households. Sadly, when aged just three, her mother had to return to family in Malaysia and was unable to return. When tragically, at just six years old, her father died, an English family with two daughters, who lived nearby and were close family friends, adopted Cheryl. “As my adoptive parents knew me and my parents so well, it made things easier, but it was a bit of a cultural change. They were lovely, but as my adopted mother had only really aspired to an average female role of secretary or seamstress, there were not high expectations of me – but I always had different ideas. When I was about 12, I decided I wanted to do a paper round and I asked at the corner shop if there were any vacancies. They said no and I am sure it was because I was a girl and they had preconceived ideas about only boys doing that job. Eventually they agreed to give me a try and, to their surprise, found I was the fastest paper person they had ever had. I have always been aware of the gender boundaries and I enjoyed playing boys games and
competing with them. Delicate things just didn’t suit me and I was always looking for a challenge. “Not many universities taught architecture and I wanted to stay in London, but not live at home. I was brought up in southeast London, so I moved to north London, which was great.” Eventually, Cheryl went to the University of North London and said, “It takes seven years to train to become an architect and, during that time, I also trained at an architectural practice, which was very exciting, complimenting my studies. “There were so many things I enjoyed doing, but architecture encompassed everything that I enjoyed. There were some obstacles in the way, though, as, when I was at school, my head of the sixth form said I would never get in to study architecture. I was pleased to prove her wrong. My teachers also advised me to give up art and carry on with maths, which was crazy. As an architect, you need to be able to understand maths, but you must also be able to draw and, even today, schools are advising the same thing.” Cheryl’s time at the architectural practice went very well, but she was totally unaware of the different stratas of the
“WHEN BUYING, ALWAYS LOOK FOR POTENTIAL – A FLAT THAT IS DARK AND NORTH-FACING WILL BE VERY DIFFICULT TO MAKE LOOK APPEALING, WHILST A SOUTHWESTFACING LOUNGE OR GARDEN WILL MAKE IT EASY TO GIVE THE WOW FACTOR TO A HOME WITH THE RIGHT, SIMPLE INTERIOR” First Time Buyer December 2015/January 2016
23
THE VIEW
“IF IT WORKS FOR YOU, THEN POOL YOUR RESOURCES AND DON’T TRY TO DO IT ALONE. IF FRIENDS OR FAMILY CAN HELP WITH THE DEPOSIT, THEN ULTIMATELY, IT HELPS EVERYONE” profession. She was always aware that architects usually come from middle class backgrounds. “I found that certain doors were open for educated people, so I was glad that I went to a university that had once been a polytechnic and there was a great mix of people. I wanted to break the mould of what people assumed an architect to be like.” Eventually she moved to a practice in London, which was run by two female partners. She worked very hard and would never take a lunch break, until one of the partners told her she ought to and said that everyone has homes to go to. Cheryl remarked, “They were very humanitarian to work for. The first project I worked on was turning some garages into a two bedroom house and, some years after leaving the practice, I walked down a street and recognised that my design had been built. The partners also let me go part-time as I wanted to continue studying for my final, which was great.” In 2003, she set up Pilliner-Reeves Architects, a sustainable architecture practice, as she started receiving requests to do private work very quickly and always had an ethical approach to her work. “I became a vegetarian when I was a teenager and the environment has always been important to me.” She studied in Los Angeles, which was a great experience, and then, as a fully qualified architect she decided she wanted to specialise in designing buildings that were at the forefront of ethical architecture. She did a masters degree in sustainability at the Architectural Association and wanted to work on projects that were not totally financially driven, but would improve their impact on the world. Cheryl has worked on a number of noteworthy projects, such as Cambridge University’s Leverhulme Centre of Human Evolutionary Studies building and
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First Time Buyer December 2015/January 2016
THE VIEW
“IT’S FANTASTIC TO SEE CHILDREN ENJOYING CREATING THINGS AND INTERACTING. ITS AN ENRICHING SUBJECT AND ENCOURAGES CHILDREN TO THINK WITH BOTH THE LEFT AND RIGHT HAND SIDE OF THEIR BRAIN, LOGICALLY AND CREATIVELY” Imperial College’s Burlington Danes Imaging Centre. Both projects have striking architectural features and a high degree of environmental design. Cheryl has gone from strength to strength and has worked on projects of various scales. Due to her reputation in the architectural world for best practice in sustainable design, she is often commissioned to collaborate on projects – including a 622-home, residential scheme which achieved an Eco Home rating of Very Good as it included wood pellet boilers to provide heating and electricity, which reduced the project’s annual carbon emissions by 395 tonnes. Cheryl also works on projects for developers and investors such as Wisdom Equity Partners, a particularly outstanding property development company that is committed to architectural excellence, quality of build and homeowners’ satisfaction. One of her other amazing achievements was to build a schoolroom in Ghana. She explains, “A group of students came to the Architectural Association to study a sustainability course and the tutor, Mark Hemel had a connection with a school in Ghana. We went out there and we were given a site – we had to work out the climate, location and what was going on there, which was a challenge when designing the building. We proposed a classroom made out of local materials. With the help of locals, we harvested 10m bamboo poles, each of which took three or four people to carry, and made a scale model to show them what it would look like. Local villagers helped build it and it was wonderful when the children came out and used it.” A very busy lady, Cheryl is now a fellow of the Higher Education Academy and has been a Senior Lecturer at London Metropolitan University for 11 years, where her specialist area of expertise is architectural design and environmental technology. Alongside her frantic work schedule, she has also appeared on the highly successful Channel 4 property programme, Phil Spencer Secret Agent, where she had to redesign a house and propose improvements. It had to be done in double quick time and Phil was very impressed by her suggestions and work ethic. She is now
working on the BBC2 series, Tricks of the Trade, which will air early next year. She is helping a couple to redesign their first property to make it into the home of their dreams. Cheryl has two young sons, aged five and seven, and they have reminded her of the question from her childhood – how do schools meet the need to explore subjects like architecture and making things? This has led her on to a new project – Archimake kids workshops. She is aware that most architects have relatives in the same field and also that architects are often slow to mature and hardly ever retire. She said, “I didn’t start until I was 18, and, when I was growing up, there was nowhere for children to go who wanted to make things. With Archimake, I am now teaching primary school children architecture workshops at afterschool clubs and also home-schooled children. We have tried arranging workshops with the head teachers of London schools, but none have invited us to teach children during the school day, which is a shame as it can be hard for parents to get children to after-school clubs. We would love to get some sponsorship, so we can introduce our workshops to schools that have a high proportion of children on free meals, to encourage children from a range of backgrounds to consider architecture. Making things often helps children with learning difficulties, such as dyslexia, to express themselves, which is invaluable. It’s fantastic to see children enjoying creating things and interacting. Its an enriching subject and encourages children to think with both the left and right hand side of their brain, logically and creatively. Not everyone is going to be academic, so this helps young people who enjoy making and creating. It’s a joy to see them having such a fun time and we get lots of great feedback from children and their parents.” She has some great advice for first time buyers. “If it works for you, then pool your resources and don’t try to do it alone. If friends or family can help with the deposit, then ultimately it helps everyone. There is no reason why we can’t lean on each other when we have to and it’s a good system. My father came over from Jamaica and bought a house near to where
my adopted parents lived. I always wondered how he managed to do it as my adopted parents had grown up in council housing and felt very proud to be the first in the family to have saved enough to buy their own house. Eventually, my biological aunt told me that she had sold my father the house. She explained that the siblings pooled their resources and all saved together and then everyone took turns to take money out of the pot when they wanted to buy a home of their own. That way, everyone became a home owner, nobody was out of pocket and they all felt very proud of what they had achieved.” Cheryl also advises to save and be frugal and if you can’t afford a home in the area you really want to live in, then look further afield where prices will be cheaper. In time, the ripple effect will increase the value. Start small and gradually work up the ladder and look at whether the value of the home can be increased – a little bit of creativity and architectural insight will always improve the value, which will pay off in the end. My first flat was not in a particularly good area, but next to a great area. Very soon, I found my flat had doubled in value, after I made a few changes and made it look brighter. When buying, always look for potential – a flat that is dark and north-facing will be very difficult to make look appealing, whilst a southwest-facing lounge or garden will make it easy to give the wow factor to a home with the right, simple interior. I frequently get asked to help people on this sort of thing on small properties, whilst with bigger projects I often work with Wisdom Equity Partners to help to give a property that desperately needed Cinderella treatment ” prarchitects.com archimake.org
First Time Buyer December 2015/January 2016
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HELP TO BUY
A HELPING HAND The Government have, at long last, made first time buyers a top priority. The Help to Buy scheme is going from strength to strength, the Help to Buy: ISA is launching soon and the Starter Home scheme is their latest programme – all of which are designed to help ftbs buy their first home
EXPERT COMMENT
The Help to Buy equity loan scheme has
HELP TO BUY This popular equity loan scheme allows homebuyers to buy a brand new property with just a 5% deposit. Buyers receive an interestfree equity loan, for five years, of up to 20% of the value of the property, which then provides them with access to more affordable 75% loan to value interest rates. So this means lower monthly mortgage repayments as well as low upfront costs. The thought of a loan, which is interest free, might sound rather scary and could put people off, but the equity loan offered under the Help to Buy scheme is interest free for five years. After five years, this increases year on year by a fee calculated at 1.75% of the equity loan, plus 1%. It is a good idea to pay it back as soon as possible, or when you sell the property, as the loan is still cheaper than most mortgages – which are essentially loans, anyway. The scheme is open to any homebuyer looking to buy a property up to the value of £600,000.
26 First Time Buyer December 2015/January 2016
EXAMPLE OF HOW IT WORKS
continued to go from strength to strength. With house prices in London continuously
FOR A PROPERTY WORTH £200,000
rising, it is almost impossible for first time buyers and home movers to get on the
Amount
Percentage
Cash deposit
£10,000
5%
Equity Loan
£40,000
20%
people the opportunity to purchase,
Mortgage
£150,000
75%
who otherwise wouldn’t have been
The equity loan scheme gives many
able to. Since the Help to Buy equity loan scheme began, the Help to Buy
SELLING YOUR PROPERTY AND PAYING BACK THE LOAN
London team at Aldwyck have guided purchasers seamlessly through the
Market value of your home
Equity loan taken out
Amount
Bought for £200,000
20%
Borrowed £40,000
20%
Pay back £50,000
Sold for £250,000
property ladder without a hefty deposit.
process. If you are interested in the scheme, please visit our website,
You can pay back part, or all of your loan at any time. The minimum percentage you can pay back is 10% of the market value of your home. The amount you pay will depend on the market value at that time.
helptobuylondon.co.uk, or speak to one of the team on 0300 500 0996.
Rose Crossman Head of Sales & Marketing, Aldwyck Housing Group
HELP TO BUY W H O O F F E R S H E L P T O B U Y: I S A S ?
LATEST FIGURES
ELIGIBILITY
¸ Up to 30 June 2015, 56,402 properties were bought with the support of the Help to Buy equity loan scheme ¸ The majority of sales were to first time buyers (46,113, representing 82% of total sales) ¸ The average purchase price was £216,030
¸ You have to be a first time buyer to be eligible, so, if you or your partner has ever owned a home before, you will not be able to open a Help to Buy: ISA. ¸ You can make an initial deposit of up to £1000, meaning a head start of £250 from the Government towards the £3000 maximum limit*.
HELP TO BUY: ISA See infographic below The Help to Buy: ISA will be available through banks and building societies from December and is a tax-free savings account, like a normal cash ISA, but with one main difference – the Government will top up the money saved in the account by 25%, up to the value of £50 a month, and up to a maximum total bonus of £3000. To claim the £3000 maximum, you will need to save £200 a month into your Help to Buy: ISA for five years. For basic rate taxpayers, this will be equivalent to saving completely free of tax. You and your partner can open separate Help to Buy: ISA accounts, which will double the amount of your bonus, if you are both able to contribute £200 into your accounts each month.
So far, Barclays, Lloyds Banking Group, Nationwide, NatWest, Santander and Virgin Money have all signed up to offer Help to Buy: ISAs. However, nobody has released full details as yet. There is no requirement to take out a mortgage with the lender who provides your Help to Buy: ISA, so it is worth shopping around for both the best Help to Buy: ISA rate and the best mortgage deal.
*You cannot put money into a Help to Buy: ISA and regular cash ISA in the same year. This means that, if you have opened, or put money into a cash ISA since April 6th 2015, or if you do so before the scheme is introduced, you will have to wait until the 2016 tax year to open one of the new accounts. ¸ The bonus only appears when you buy your first property as it goes straight to the mortgage lender. ¸ The Government top-up never stays in your ISA. ¸ You can only use the bonus on a property worth £250,000 or less outside London, or a maximum of £450,000 in London. ¸ Interest rates will vary from bank to bank, so it is advisable to shop around.
Continued on page 28
How the Help to Buy: ISA will work First time buyer opens a Help to Buy: ISA
First time buyer makes monthly deposits and government bonus grows
Buyer purchases their first home and government bonus made available
25% government bonus Max £3,000
Home purchased
Max monthly bonus £50
25% government bonus Max monthly deposit £200
First time buyer savings, including tax free interest
The bonus is available on homes up to £450,000 in London, and up to £250,000 outside London
Maximum initial deposit of £1,000
Continued on page 34 First Time Buyer December 2015/January 2016
27
HELP TO BUY CA S E S T U DY
Living costs in London are spiralling out of control, with a recent report suggesting that rent over the last three months in the Capital has increased five times faster than tenant income*. With the average apartment in London exceeding £1,500 to rent, housebuilder Barratt Homes says that now is a good time to consider the benefits of homeownership. One couple have recently found this to be true and, thanks to Help to Buy, are now paying £500 less a month in mortgage payments than they were in rent, and love their spacious three bedroom home at Phoenix Quarter in Dartford. Business analyst Dominic Hunt and family support worker Natasha Smith, both in their twenties, were looking to buy their first home together. Whilst Natasha was living at her parents’ home in Kent, Dominic was paying £1500 in rent for a small flat in trendy Balham. Between them, the couple had managed to save a small deposit, so started their search for their first home within an easy commute of London and close to Natasha’s parents. They were delighted to discover Phoenix Quarter in Dartford, by Barratt Homes, where they have bought a three bedroom house, with a deposit of just under £17,000 – and the location still allows Dominic to be at his desk in London in under an hour. Daily London commuter Dominic said, “It’s amazing how much we have got for our money and, thanks to Help to Buy, we are delighted that our mortgage now works out to be so much less than my rent was. My flat in Balham was in a great location, but it only had three windows, two of which looked directly out on to another building. The rent was £1500 and was only going to go up, so I knew I wanted to get out and buy somewhere of our own. Now we have a beautiful three bedroom home with a great big dining kitchen and lovely lounge as well as a garden – and our monthly mortgage is £1,000. Even factoring in the cost of train travel, we are still making considerable savings every month and feel like we have really made an investment in our future.” Having moved into Phoenix Quarter just a couple of months ago, Dominic wasted no time and proposed to Natasha in their new kitchen, just two weeks after moving in! Now with a wedding to plan for, the couple are delighted to be in their new home and are looking forward to their future together. Dominic added, “I had prepared a picnic lunch and was going to propose in a romantic spot somewhere in London but, in the end, I proposed in our new kitchen and she said yes! It was a lovely, albeit nerve-wracking, moment, but we were so excited to tell everyone, we didn’t actually get around to eating the picnic. “We love our new home and can see us being here for at least the next five years. Help to Buy has really helped us get our finances sorted and to focus on our future together, and has meant that we have been able to buy a three bedroom house, as opposed to the small flat we thought we might have been able to afford.” Phoenix Quarter is a stylish new development by Barratt Kent, which was launched earlier this year. The development, when complete, will deliver a total of 636 new homes, with apartments and three, four and five bedroom houses. Due to its close proximity to Dartford train station, Phoenix Quarter is proving to be a popular development with purchasers like Dominic and Natasha, who need reliable and fast access to London. With eight trains running every hour through the station and only a 40-minute journey into London Charing Cross or Waterloo East, the development is perfect for commuters. Barratt Homes are expected to launch a new phase of homes at Phoenix Quarter in 2016 and all will be available with Help to Buy. For further details about Phoenix Quarter and Help to Buy, please visit barratthomes.co.uk, or contact 0844 470 0565. * homelet.co.uk/news/article/london-rents-exceed-1500pm-for-first-time
CA S E S T U DY
It’s a double celebration for a brother and sister from Southampton, who are both celebrating taking their first steps on to the property ladder, having both bought homes at Lovell’s popular Mayflower Mews development in the city. Self-employed builder Lloyd Rustell and his partner Rachel Baker, who are both 24, moved in to Mayflower Mews with their baby daughter Evie – now 10 months old – in May this year. The young family loved their new two bedroom apartment and it made such an impression on Lloyd’s sister Megan that she decided to follow suit. Megan and boyfriend Luke Cromar have now moved into an apartment of their own at the development, making the two couples neighbours. Both couples have bought their homes using the Help to Buy equity loan “We’re a close family and it’s great to have Megan and Luke living nearby. Our new home is perfect and we couldn’t be happier. When my sister Megan saw it, she liked it too, so I suggested she looked into moving here.” Previously, Lloyd and Rachel were living with Rachel’s parents in Weston, Southampton. Lloyd said, “We didn’t want to rent and had actually been looking at another property, but it didn’t work out. Rachel and I really liked this apartment as soon as we walked in – it offers us the space we need as a young family and we like the fact that the development is secure and private. We’re in a good location, with shops nearby and Weston and Netley, where our families live, are just down the road.” Megan, a childcare practitioner and painter, and decorator Luke, who are both 21, are equally thrilled to have bought their first home at Mayflower Mews and to be established on the housing ladder at such a young age. Megan added, “Luke and I have both been living with our families and had been saving up for a deposit on a home, but we didn’t think we’d be in a position to buy anywhere for some time. When we came to Mayflower Mews and saw the show apartment, we just fell in love with it. We didn’t think we had enough money, but then we spoke to Lovell and a mortgage advisor and they helped us to see that, by using Help to Buy, we could actually afford it. We were quite shocked, but we want to start out on our own and have our own life, so we couldn’t wait to move in.” Lovell now has only two Ely-style three bedroom houses with garages available at Mayflower Mews, priced at £259,950 (£207,960 after Help to Buy equity loan). For more information, contact the sales team on 0808 274 8246. Lovell also has a choice of apartments at Mansfield Park in Harefield, Southampton, which is less than four miles from the city centre. Three, one bedroom apartments with parking, priced at £153,500 (£122,800 after Help to Buy equity loan) and one, two bedroom apartment with allocated parking, priced at £174,500 (£139,600 after Help to Buy equity loan) remain available. For more information, call 02380 083 043.
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First Time Buyer December 2015/January 2016
HELP TO BUY
HOMES AVAILABLE WITH HELP TO BUY KINGS PARK
FROM £275,000*
Harold Wood *With Help to Buy, a deposit of £13,750 is required
The Imperial Apartments Countryside’s latest collection of one and two bedroom homes at Kings Park, Harold Wood overlooks the impressive landscaped Regency Square. They are well situated to enjoy the lovely surroundings, including the designated Area of Nature Conservation, and are within a short walk from Harold Wood station, which will benefit from Crossrail. Each of the apartments features either a terrace or balcony and boasts spacious open-plan living/dining/ kitchen areas. Master bedrooms come with fitted wardrobes and, in the two bedroom apartments, they also include en suite shower rooms. The kitchen includes integrated SMEG appliances, including oven, fridge/ freezer and dishwasher. Residents will also benefit from allocated parking and cycle storage facilities as well as audio/video entryphone systems. Journey times from nearby Harold Wood station take 35 minutes to London Liverpool Street and, in 2018, with the introduction of Crossrail, the journey time will be even faster. In the local area there are a great range of amenities and the development is surrounded by countryside, woodland and parks, including Harold Wood, offering expansive woodland, open grassland and sport facilities. Apartments are available from £275,000 for a one bedroom and £355,000 for a two bedroom, and Help to Buy is available. kings-park.co.uk, or call 01708 348 578
EDISON HOUSE AT PRIME PLACE Godalming
FROM £242,995*
*With Help to Buy, a deposit of £12,150 is required
A new collection of one bedroom apartments in Edison House at Prime Place, Godalming, has just been launched. Prime Place is a contemporary town centre scheme of apartments and townhouses, all arranged around a central courtyard garden. It is just steps away from Godalming High Street and less than 10 minutes’ walk from the station, where trains will take you to London Waterloo in just 47 minutes. The apartments are designed in a contemporary open-plan style and each has a private balcony or terrace, plus an allocated space in the underground car park, with direct lift access into the buildings. Prime Place is just a few minutes’ walk from the River Wey and Godalming offers an excellent selection of shops, restaurants and entertainment. Vibrant Guildford is less than five miles away. primeplace.co.uk, or call Hamptons International 01483 351 933
STEPPINGLEY GARDENS Flitwick, Bedfordshire *With Help to Buy, a deposit of £12,800 is required
FROM £242,995*
Taylor Wimpey’s new Steppingley Gardens development in Flitwick, Bedfordshire, offers a collection of one, two, three, four and five bedroom properties. They combine generous living space with energy-efficient heating, double glazing and a fitted kitchen, with integrated oven, hob and hood. Steppingley Gardens is on the edge of the thriving small Bedfordshire town of Flitwick, and bordered on three sides by farmland and allotments. Greenery will occupy much of the development too, with landscaped open spaces, boulevards and open squares. Flitwick offers a wide range of shops, pubs and restaurants, plus a sports centre. Commuting into central London is quick and easy and trains from Flitwick to London St Pancras take around 40 minutes. Among the first homes on sale is the two bedroom Appleford house type, which starts from £256,000 and is available with Help to Buy. taylorwimpey.co.uk, or call 01908 544 800 Continued on page 30
First Time Buyer December 2015/January 2016
29
HELP TO BUY
EVERYTHING YOU NEED TO KNOW ABOUT STARTER HOMES Housing is firmly on the political agenda following May’s election, with the Government strongly recognising the need to up the ante by building more homes and helping more first timers get on the property ladder If you’re looking to buy your first home, the range of schemes available to help you is larger than ever. In short, it’s a great time to consider becoming a homeowner. While you’ve probably heard about Help to Buy, you may not know about the latest programme being launched: the Starter Homes scheme. Here’s what you need to know…
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First Time Buyer December 2015/January 2016
WHO IS ELIGIBLE AND WHICH HOUSES CAN YOU BUY? The new initiative was originally launched last December, but has recently been ramped up – the Government have announced they will double the scheme to 200,000 homes, to reflect its popularity. As the name suggests, you have to be a first time buyer to purchase a Starter Home, and the key point is that the scheme allows you to buy a newbuild property with a 20% discount on its market value. With the average price paid for a first home at over £150,000, according to research from Your Move and Reeds Rains, you could receive a discount of around £30,000 – a sizeable sum. However, there are some conditions. The programme is designed to help young people, so you must be under the age of 40 in order to buy. Secondly, these properties are designed for first time buyers, so must have a market value of less than £250,000. The exception to this is in London, where the maximum price for a Starter Home will be £450,000. To make sure these homes still meet a high standard, the Government have appointed an advisory panel, made up of some of the country’s leading architects, meaning eligible builds will be excellent quality and great value to boot. In total, 16 of the country’s biggest housebuilders have pledged support for the scheme, including Barratt, Avant and Taylor Wimpey. Between them, they’ve built around 60,000 homes in the last year. The properties will be built on brownfield sites all over England, with some of the largest councils also backing the scheme.
Richard Sexton Business Development Director, e.surv Chartered Surveyors
HOW DOES THIS SCHEME TIE-IN WITH OTHER SUPPORT AVAILABLE? You will have to wait a while before you can buy a Starter Home, so there’s enough time to open one of the new Help to Buy: ISAs, too. These accounts – also funded by the Government – give you an extra 25% cash top-up on your savings, which you receive when purchasing your first property. If you don’t want to have to wait for a Starter Home, there are also two other Help to Buy programmes to help you get a foot on the ladder. The Mortgage Guarantee scheme allows you to buy homes with a deposit as small as 5% of the total value. There is also an Equity Loan scheme, where the Government will lend you up to 20% of the value of any newbuild home, worth up to £600,000, helping you access better rates. While these might not be as attractive as the Starter Homes scheme, they are available now and there are no limits on how many first time buyers can use them.
HOW CAN FIRST TIME BUYERS PURCHASE A STARTER HOME? Starter Homes will be advertised like normal properties, as soon as they are finished. By registering interest at starter-home.co.uk, you’ll be alerted when the homes become available in your area. Until planning permission has been given and building has begun, there won’t be an estimate on when you can buy. If you’re interested, you should consider signing-up soon, as there is already a lot of demand for these homes. When the scheme was launched, over 50,000 potential buyers registered interest within the first month, so get in quickly to take advantage of the scheme. starter-home.co.uk
HELP TO BUY
First Time Buyer August/September 2014
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FIRST TIME BUYER SURVEY
AN INSIGHT INTO THE MARKET
First Time Buyer magazine recently conducted a reader survey of over 1,000 first time buyers to find out exactly their thoughts of the property market and, most importantly, what situation they are in as they face the challenge of getting on to the property ladder We’ve all read the headlines about first time buyers needing thousands upon thousands of pounds to buy their first home and it wouldn’t be surprising for anyone to think that getting on to the property ladder was a non-starter. However, our recent survey revealed some very interesting findings about the thoughts and attitudes of those who are currently planning to buy their first home. Hopefully, our survey will dispel some myths, or confirm some truths about homebuying and inspire others who are in the process of making decisions about buying their first property.
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First Time Buyer December 2015/January 2016
YOU NEED HUNDREDS AND THOUSANDS OF POUNDS TO GET ON TO THE PROPERTY LADDER Our research revealed that a third of first time buyers currently looking to buy their first home actually have £10,000 or less; a further third have between £10,000 and £20,000. For most, the size of deposit is the main stumbling block for most first time buyers when buying their first home today. Generally,
the larger the deposit saved, the better access homebuyers have to more affordable mortgage rates. For example, a deposit, which equates to 5% of the amount borrowed may command an interest rate for a mortgage of around 5%. However by saving an extra 10% or 15% deposit, this rate may drop to between 3% and 4%, which could result in a saving of hundreds of pounds every month. In recent months, we have actually seen many more 95% mortgages become available for first time buyers. For example, in September this year, Nationwide launched a range of fixed rate
FIRST TIME BUYER SURVEY
95% mortgages especially for first time buyers, starting at under 4%. Rates for the competitive range of 5% deposit mortgages start from 3.99%, with a £999 fee, for the two-year fixed rate deal. There are also three and five-year fixed rate deals, starting at 4.59% and 4.79% respectively. As well as more 95% mortgages being available, helpful schemes such as Help to Buy mean that in many cases – especially when buying a brand new home – a 5% deposit is all that is required to get on to the property ladder. The scheme involves a 20% interest free equity loan for five years and means that ftbs just need to secure a mortgage for the remaining amount.
BEST FRIENDS TOGETHER? Nearly half of first time buyers that we surveyed are looking to get on to the property ladder on a single income. Our research tells us that first timers are less likely to buy with a friend (2.6%) and, given the importance of homeownership, our research also tells us that first timers would rather wait until they are in a relationship before deciding to buy a home. Editor, Lynda Clark said, “It seems that buying with friends is not the answer, certainly not for the majority of those surveyed. As more first timers are forced to live in rented and, most likely, shared accommodation, the desire to escape some of the frustrations of communal living may be the driving force behind a sole house purchase. Signing up to a mortgage with someone whose life could take a different direction to theirs at any point, is clearly not the preferred route for many first timers making such a large financial investment.” In such situations, many single income homebuyers are more likely to enjoy the benefits of Help to Buy, 95% mortgages or perhaps consider a smaller property.
LOOKING GOOD FOR 2016 Confidence is high amongst those who we surveyed and our research reveals that over half of first time buyers believe that they will be able to get on to the property ladder during the first half of 2016. With such a positive outlook, as well as a wide range of low-deposit schemes, savings incentives and affordable mortgages available, it certainly would seem to be a good time to buy your first home. Whichever way you choose to get on to the property ladder; whether it is through family support, or hard earned savings, homeownership is likely to be one of your biggest financial decisions of your life, so it’s vitally important that you take your time, in order to find the right home and mortgage for you.
THE BANK OF MUM AND DAD WILL BE ABLE TO SORT YOU OUT According to our findings, nearly 60% of first time buyers are not in a position to be able to ask a family member for a loan. The bank of mum and dad has long been the first port of call for first time buyers looking for a quick boost up the property ladder. The reality is that, as parents are now working longer and pensions look less likely to offer the kind of returns once expected, the bank of mum and dad is showing signs of slowing down. Despite this reduction in parental funding, over half of first time buyers are still hopeful of getting on to the property ladder in the next six months. So how will this happen? Schemes like Help to Buy have come into their own for those who are unable to ask for a loan from their parents. Instead of the family bank, the Government can step in to provide an interest-free equity loan for five years, meaning that only a 5% deposit is required in order to buy a brand new home. For the fortunate 40% who are able to ask for parental help, Help to Buy may prove a more cost effective way for them to do so. If parents are able to lend a 5% deposit, as opposed to the larger amounts needed on the open market, their money should go a lot further with Help to Buy, due to the access it provides to cheaper mortgage interest rates.
RENTING IS A WASTE OF MONEY The majority of first time buyers still believe that renting is a waste of money. In fact, our survey revealed that under 1% of first time buyers would rather rent than buy their own home. For most (96.9%) renting is seen as a waste of money, but it is largely the only option that is available to them at this time in their life. The problem with renting is the fact that increased rents over the last few years make it much harder for hard working first time buyers to save for the allimportant housing deposit. Private rents earlier this year had increased at their highest rate since 2009, according to the buy-to-let index by estate agents Your Move and Reeds Rains. The situation, combined with increasing house prices, is expected to continue to worsen and is largely responsible for the average age of getting on to the property ladder reaching 40 years old. The forthcoming Help to Buy: ISA will help first time buyers living in rented accommodation to make their hard-earned savings go a little further. The recently-launched scheme (as outlined on page 26) means that the Government adds £50 for every £200 of savings made by a first time buyer into a bank ISA. Combined, a total of £15,000 can be saved over four years. Our research tells us that 40% of first time buyers haven’t yet heard about this scheme – so our advice is to find out as much as you can , so you can benefit from the savings plan as soon as possible.
First Time Buyer December 2015/January 2016
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AFFORDABLE HOMES
AFFORDABLE WAYS TO GET ON THE LADDER Many first time buyers are struggling to buy their dream home but there are some great and affordable alternatives to help. Whether it be through shared ownership, or discounted market sale, it’s certainly worth looking at your options SHARED OWNERSHIP – PART BUY/ PART RENT put simply, this is where you buy a share of your home – usually between 25%-75% – and then pay a subsidised rent on the part that you don’t own. Over time and when you can afford it, you can buy more shares, until you own your property outright. This is called staircasing and the more shares you buy, the less subsidised rent you pay.
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’ll need to take out a mortgage to pay for your share of the home’s purchase price ¸ Shared ownership properties are always leasehold ¸ You can sell your shared ownership 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
34 First Time Buyer December 2015/January 2016
usually charge you an administrative fee, so you should ask them whether this is a fixed fee, or a percentage of the property price. If they cannot find a buyer after eight weeks, you will be able to sell your home privately or through an estate agent ¸ Housing Associations also 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 R E YO U E L I G I B L E F O R S H A R E D OW N E R S H I P ?
£ You are a first time buyer (or you used to own a home, but can’t afford to buy one now) £ Your household earns £60,000 a year or less (or £71,000 a year or less in London for a one or two bedroom property, or £85,000 a year or less in London for a three or more bedroom property) £ You rent a council, or housing association property
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 A SHARED OWNERSHIP SCHEME To buy a home through a shared ownership scheme, contact the Help to Buy agent in the area where you want to live. See page 106 for details.
DISCOUNTED MARKET SALE This scheme allows you to buy a newbuild property at a discount against the market value, but, when you come to sell, the same discount is applied to the current market value. This means that the discount percentage is carried forward forever. It is a great scheme if you want to buy in a high-value area and cannot afford to do so, but it is important to remember that this is only available on a limited number of newbuild homes and not all mortgage lenders will be keen to offer a mortgage to someone using this scheme. Berkeley Homes offers this scheme to people living or working in the Royal Borough of Greenwich, to purchase a property at their Kidbrooke Village development for 30% below the open market value. A limited number of one bedroom discount market sale properties are available in Meridian Gate, one of four unique neighbourhoods that make up Kidbrooke Village. With asking prices starting from £330,000, eligible applicants could be living in a one bedroom apartment with a balcony or terrace for £231,000. Other additional benefits include a 24-hour concierge service and access to a residentsonly landscaped area.
AFFORDABLE HOMES
The development is near to local cafes, schools (including two located on the site), and excellent transport links from Kidbrooke station, where it takes just 15 minutes to London Bridge. Specially created pedestrian and cycle routes also run through the Village, which is set within 136 acres of open space. To qualify for one of the discounted market sale apartments, applicants must be a resident or employed within the Royal Borough of Greenwich, earn a gross annual household income which does not exceed £66,000, be unable to buy a suitable home to meet their needs on the open market, not already own a home and be the owner of the new property.
CA S E S T U DY
Meridian Gate
To find out more about the Discount Market Scheme properties go to kidbrookevillage.co.uk, or call 0208 150 5151.
KUSH RAWAL Sales & Marketing Director, Thames Valley Housing Kush Rawal, explains the things about shared ownership you didn’t know you needed to know! ¸ If renting is your only option, then shared ownership is certainly worth thinking about, as it is often a cheaper option and you will be taking your first step on the property ladder. By renting, you will never own the home you live in and, with rents so high, it is very hard to save. ¸ Staircasing means that, as and when you can afford it, you can buy more shares in your home, until you own it completely. Have a plan from day one and decide how you intend to get into the position where you can buy more shares – then stick to your strategy. Try and save regularly and talk to a financial advisor to get help and advice on how you can achieve this. ¸ If you buy with Thames Valley, you can take advantage of their scheme, Shared Ownership PLUS. With standard shared ownership you buy a share in the property and pay rent on the share you don’t own. You also pay a service charge and the usual costs of running a home. If you buy additional shares and staircase, then the minimum you are able to buy is 10% but, each time you do this, you need to pay a solicitor, pay for a valuation and perhaps stamp duty, so you have to find the extra money from somewhere. ¸ Shared Ownership PLUS is an optional agreement that doesn’t affect your lease in any way. You have the usual benefits of shared ownership, but you can buy an extra 1% of your home each year, if you want to, at a predetermined price. So, in the first year, the price you pay will be 1% of the property’s full value. There will be a fixed price increase of 3% every year after that and they will tell you upfront exactly how much your additional share will cost each year. You can continue on the scheme for up to 15 years as long as your share doesn’t exceed 79%. So the maximum you can buy through Shared Ownership PLUS is 1% each year over 15 years and there is no minimum. You are free to sell at any time or, if you decide to buy more than 1% in a particular year you can. This allows you to buy a minimum of 10% more at the current market valuation. ¸ If you buy your home through shared ownership and find you are struggling to pay the bills, then consider taking in a lodger. This is not the same as sub-letting, or renting the home out, so you must live in the property as well. It is advisable to check with the housing association before you do this and also inform your insurance company and HMRC – from April 2016, you can earn rental income of up to £7,500 a year for a furnished room in your home without having to pay tax on it. ¸ Costs can change, so it is vital that you manage your finances well. There is a big possibility that mortgage interest rates will rise soon and your subsidised rent will also rise every year. ¸ As a shared owner, your legal status is different compared to owning the property outright. This brings some extra benefits, but also some additional responsibilities, so make sure you properly understand. ¸ You should maintain your home, but you cannot make any major changes, like knocking down a wall. If you want to make some changes, you must speak to the housing association before you start. ¸ Affordability goes both ways, so, just like a mortgage lender, we make sure you are not taking on too much at one time. You will also need to meet certain income requirements.
“WE CALCULATED THAT, IN THE PAST THREE YEARS ALONE, WE WASTED £38,000 ON RENTING” After years of renting, Mattia and Laura Veronese found that shared ownership was the only way for them to buy their first two bedroom apartment at Pulross Road by Network Living, in Stockwell, SW9. Mattia, who works in psychiatry, said, “Before purchasing our new home, my wife and I were living in a one bedroom apartment in Clapham. It was in a lovely location, but the rent was £1400 a month, plus bills, totalling £1700. This was the absolute maximum we could afford each month, so when it came to looking for a new home, we had to find somewhere that could fit into our budget. While viewing potential properties online, we came across the apartments in Pulross Road, which really stood out.” With a £50,000 deposit, partly funded by their family, the couple purchased a 50% share for £227,500, with a full market value of £455,000. “We calculated that, in the past three years alone, we wasted £38,000 on renting. Now we pay roughly the same as we did before each month, but actually get to pay towards something which is ours. We feel so lucky to have found a new apartment in London. Shared ownership for us meant we could afford a home in an area we really wanted.” Laura, an accountant added, “We also have more independence, as we don’t have to negotiate with landlords anymore! It feels like a proper home. My commute is a lot less stressful and Mattia can now cycle to his office.” The homes at Pulross Road are part of a 10-year regeneration of the Stockwell Park Estate, which will eventually provide 1000 new and refurbished homes in this up-and-coming area of London. All the properties at Pulross Road have now been sold, but Network Living has availability at two other developments in Stockwell – The Junction, where only one apartment remains at £570,000, and Park Heights, a 20 storey skyscraper, where prices start from £455,000. For more information go to site-sales.co.uk, or call Park Heights, 0344 809 2026; The Junction, 0344 809 2027
tvha.co.uk Continued on page 36
First Time Buyer December 2015/January 2016
35
AFFORDABLE HOMES
SHARED OWNERSHIP HOMES FROM £97,500*
VIRIDIUM ONE Camberley, Surrey
Thames Valley Housing has just launched 15 smart, contemporary one and two bedroom apartments through shared ownership at Viridium One in Camberley, Surrey. The homes are part of Viridium, an awardwinning scheme by Hodson Developments, which are just a short stroll from the town centre and within easy walking distance of Camberley and Blackwater stations. The open-plan living/dining/kitchen area makes excellent use of the space and opens on to a balcony, or in some homes, a roof terrace. The stylish kitchen comes with fully integrated appliances, including a hob, oven, fridge/freezer, dishwasher and washer/dryer. Every apartment has an allocated parking space in the underground car park and there is also a secure cycle store. Security gates to the development also provide privacy and reassurance. Camberley has excellent facilities, including The Mall, with more than 90 high street and independent shops, cafes, bars and restaurants and its own theatre. From Camberley station there are frequent trains to major towns, including Reading, Guildford and Basingstoke, and it takes just over an hour to reach London Waterloo. Prices at Viridium One start at £97,500 for a 50% share in a one bedroom apartment with a full market value of £195,000 and from £125,000 for a 50% share in a two bedroom apartment with a full market value of £250,000. Initial priority will be given to people living or working within Surrey Heath. tvhsales.co.uk, or call 020 8607 0550 *Based on a 50% share with a full market value of £195,000
THE FABLE APARTMENTS AT THE LEXICON City Road, Islington
FROM £130,000*
Affinity Sutton is offering one, two and three bedroom apartments through shared ownership at The Fable Apartments at The Lexicon, City Road. These contemporary apartments feature fitted kitchens complete with integrated appliances and the homes also come with secure communal cycle storage. City Road is just half a mile away from Islington High Street, with a host of independent and high street shops. There is a large variety of restaurants, offering food from all over the world, and a wealth of pubs and bars. The beautiful Regent’s Canal is just a short walk away and offers a scenic retreat from London life. Travel links are excellent, with Angel and Old Street underground stations just half a mile away. Buses to Kings Cross St Pancras take less than 15 minutes, while the tube takes just two minutes. There are 20 one bedroom apartments available, with prices starting from £130,000 for a 25% share with a full market value of £520,000. A 5% deposit of £6,500 is required.
affinitysutton.com, or call 0300 100 0303 *Based on a 25% share with a full market value of £520,000
DRUMMOND HOUSE, ROYAL ARSENAL RIVERSIDE Woolwich
FROM £83,750*
Drummond House is the latest addition to the £1.5 billion regeneration scheme at Royal Arsenal Riverside in Woolwich. It will provide 75 shared ownership apartments from Notting Hill Sales, the newly rebranded sales division of Notting Hill Housing. Royal Arsenal Riverside will provide 5000 new homes, alongside a hotel, shops and commercial workspace. Drummond House will offer residents living or working within the Royal Borough of Greenwich, Bexley, Bromley, Lewisham and Southwark, the chance at luxury riverside living in popular southeast London. There are 50 one bedroom and 25 two bedroom apartments available, with additional on-site facilities including shops, a museum, gym, ferry dock, cafes, pub, supermarket, play area and concierge service. Each apartment will either have a balcony, terrace or patio, with access to a podium garden. The modern interiors have integrated kitchen appliances, built-in wardrobes in the bedrooms and energy efficient lighting throughout. The future Crossrail station will enable residents’ easy access to Canary Wharf in just eight minutes. There is also an existing DLR station, Thames Clipper and excellent rail links. Prices for a one bedroom apartment start from £83,750 for a 25% share with a full market value of £335,000. nottinghillhousing.org.uk, or call 020 8357 4444 *Based on a 25% share with a full market value of £335,000
36 First Time Buyer December 2015/January 2016
HELP TO BUY
First Time Buyer August/September 2014
37
LOCATION
HOTspot
Photo Š Ewan Munro/Wikipedia
It’s always buzzing in ‌ Brixton
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S O M E FA M O U S RESIDENTS
Famed for its lively nightlife and mix of cultures, Brixton is fast becoming the must-buy creative corner of the capital Whatever time of day you emerge from Brixton underground station, the streets are bustling with life. Be it steel bands on the street, lively market traders, rushing commuters or busy bars, this is a town that rarely sleeps. Its vibrancy has meant that Brixton is rarely away from references in popular culture (singer Eddy Grant’s Electric Avenue arguably the most famous), and today it’s evolved into one of the capital’s most important cultural quarters. Brixton lies at the heart of the borough of Lambeth, close to the neighbouring locales of Herne Hill, Stockwell, Clapham and Streatham – all of which enjoy a growing popularity with homebuyers and renters alike. Brixton is superb for commuting, close to wonderful parks and is currently enjoying a great deal of success. Above all, there is a great focus on community and, although popularity is growing, locals continue to promote community-focused trading, arts and events to ensure the town’s heart and soul are never lost.
professions. Perhaps the most important to Brixton’s make-up is its Caribbean and African heritage, which gives rise to the amazing foods, avours and sounds in the area. There’s also a large Portuguese population – with Stockwell being home to one of the largest Portuguese communities in London. Brixton has a great number of settled residents, which helps form the strong community feel in much of the area, and it’s increasingly popular with young professionals too. Housing is varied and is made up of several large estates, a vast number of Victorian houses and converted buildings, as well as an increasing number of newbuild developments. There is a great need for affordable housing in
HOMES AND RESIDENTS There’s an eclectic mix of both homes and people in Brixton. The population is made up of a great number of cultures, ages and
38 First Time Buyer December 2015/January 2016
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the area, which has been met with a growing number of properties becoming available through shared ownership.
OUT AND ABOUT With every week that passes, it seems like there’s always something new to do in Brixton. If you’d simply like to soak up a buzzing atmosphere and sample some local beer and food, wander down to Brixton Pop. Housed in a series of empty cargo containers, the project was set up to provide an affordable home for local start-ups and businesses. It’s proved hugely popular for its great food and live entertainment. Try Indian nachos, great jerk dishes and locally brewed beers alongside a happy crowd and live entertainment. Almost next door, you’ll ďŹ nd Brixton Village, a ‘pop-up’ restaurant quarter housed in the former disused market, that’s been drawing crowds to the area for several years. There’s plenty of choice here. You can join the queue for amazing pizza at famous Franco Manca, sample excellent dim sum at Happy Dumplings, or drop in to Rosie’s for some great comfort cooking and excellent wine. Aside from these newer attractions, there are plenty of good pubs and restaurants in the area.
LOCATION
A fun night is always guaranteed at the Dog Star, while the Effra Hall and Hootenanny are also lively locals. Residents also love Brixton’s independent cinema, the Ritzy. Sitting opposite the grand Town Hall, this small screen cinema shows great ďŹ lms as well as hosting talks, events, live music and open-mic nights. Just minutes down the road is the famed Brixton Academy, which runs a brilliant schedule of high-proďŹ le acts throughout the year. There’s plenty to do outdoors in Brixton and the surrounding areas. A 10-minute walk from the bustling high street will land you in sprawling Brockwell Park. Home to parakeets, a lido, gym and cafĂŠ, this huge green space also hosts the annual Lambeth Country Fair, which is a huge hit with locals and visitors alike. There are more great parks within easy reach, including Loughborough Park, Clapham Common, while huge Battersea Park is just a few miles away. For something a little unexpected, travel up Brixton Hill to set your sights on a much-loved (and surprisingly littleknown) windmill, which was built in 1816 and restored in the 1960s. One of the few surviving windmills in London, today it is open for tours, guided walks and school visits.
SHOPPING There’s not much you can’t get your hands on in Brixton. Head ďŹ rst to Station Road market, just off the main road. The stalls are run by local
you’ll get the chance to give some unwanted pieces a new lease of life. Of course, if you can’t ďŹ nd what you’re looking for, you can be on Oxford Street in a little over 10 minutes.
TRANSPORT
traders, selling everything from fresh street food, beautiful cakes and treats during the week, to clothes, retro collectables and specialist items at the weekend. The adjacent streets are home to many more traders, selling meat, ďŹ sh and veg from the many stalls and open-fronted shops. If you’re after a bit of high street shopping, Brixton Road will serve you well. Within close proximity you’ll ďŹ nd many of the big-name shops as well as several independent stores, where you can get your hands on something a bit different. On Coldharbour Lane, Joy is great for niche gifts and pretty clothes, while at Traid
Brixton is in Zone 2, so getting around London is very easy indeed. It sits at the bottom of the Victoria line, so not only will you always get a seat travelling into central London, but you’ll arrive at Oxford Circus in just 11 minutes. The area is served by an extensive bus network that connects the town to nearby locales, such as Peckham and Clapham, as well as to some of the capital’s major transport links, including King’s Cross and Liverpool Street. Trains from the Overground station also connect Brixton to Kent and beyond. The proximity of Brixton to its neighbouring towns makes for easy cycle rides and by bike you can reach Camberwell in 10 minutes and Victoria in 20. Of course, you can always visit the velodrome in Herne Hill if you’d prefer some trafďŹ c-free pursuits.
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This new boutique collection consists of just 20 new homes and sits on a pretty tree-lined street close to the Clapham’s famous common. Just one and a half miles from the centre of Brixton, these homes offer a peaceful retreat from the bustling town centre. The apartments, which consist of studio and one bedroom homes, are thoughtfully designed, with features including under-floor heating, built-in storage, integrated appliances and bright living areas. Residents also have use of a shared garden and communal bike storage.
Park Heights has recently launched their Vista Collection of just 20 one and two bedroom luxury apartments situated on the upper five floors of this 20-storey landmark development. Each apartment enjoys private outside space with floor to ceiling windows offering breathtaking views of London. There is a 24-hour concierge service and a resident’s Sky Garden. Conveniently located within walking distance of Stockwell underground station, which provides easy access to central London.
This new landmark development sits in neighbouring Stockwell and forms part of the ongoing regeneration in the area. The 20-storey tower offers superb views over London and the surrounding area and includes a spectacular, shared roof terrace. The homes are well-sized and stylish with fitted kitchens, integrated appliances, oak-effect floors and large windows. Each home also features at least one private balcony. Plus, bus routes and tube stations are just moments from the front door.
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First Time Buyer December 2015/January 2016
39
OPEN MARKET
A typical Inspired Homes apartment
WELCOME TO EPSOM! Think of Epsom and you probably think of the Derby, which has been held at Epsom Downs Racecourse since 1661. It is also the home of Rutland House, a fabulous new development from Inspired Homes, just perfect for first time buyers Rutland House is a handsome four-storey brick building, which offers 32 one and two bedroom apartments on four floors and features a porticoed entrance and underground parking. As with all developments from Inspired Homes, the apartments are built to a very high specification and feature: ¸ Kitchens fitted with granite worktops and Bosch appliances ¸ Hardwood flooring throughout ¸ Bathrooms with Villeroy & Boch sanitaryware and Hans Grohe fittings ¸ LED lighting ¸ NEST thermostat systems ¸ 1gb hyperoptic broadband (the UKs fastest fibre broadband) ¸ Sky TV Rutland House is in the centre of Epsom and is perfect for first time buyers who want the best of both worlds, as the Surrey countryside is on the doorstep while, from nearby Epsom station, you can reach London Victoria by rail
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First Time Buyer December 2015/January 2016
in just 38 minutes, making for a very easy and quick commute. For those who want some fresh air and green space, the rolling South Downs are in easy reach of Rutland House and, nearer to home, is Roseberry Park, which is very near the town centre. The famous Laine Theatre Arts, the University of the Creative Arts and the renowned Epsom Playhouse bring a dynamic creative community to the town. There is also a growing collection of bars and restaurants in the area and The Ashley Shopping Centre offers over 50 outlets, continuing to serve as a vibrant hub of employment. Prices start from £256,950 for a one bedroom apartment (with a ground rent of £300 a year and service charges at £130 a month). Two bedroom apartments start from £346, 950 (with a ground rent of £350 a year and service chargers at £130 a month). The apartments are also available to buy off-plan. For more information go to inspiredhomes.uk.com/ our-homes/rutland-house-epsom
E P S O M ’ S FA M O U S H I S T O RY
Renowned for centuries, the first recorded Derby was held on Epsom Downs Racecourse in 1661. When water from a pond was found to have medicinal properties, the minerals in Epsom Salts were identified. Epsom village soon became a prosperous spa town, attracting several famous visitors, including Samuel Pepys and King Charles II. The origins of the name Epsom are open to debate. The most widely accepted theory is that it derives from Ebbi’s ham (Ebbisham); Ebbi being a Saxon woman and ‘ham’ meaning village or small town.
Rutland House
AFFORDABLE HOMES Essence
First Time Buyer August/September 2014
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OPEN MARKET
A FAMILY AFFAIR Barratt Homes’ Manchester Division is celebrating its first Help to Buy completion at The Orchards, in Liverpool. Parents of two, Rebecca and John Symes, were presented with flowers and champagne, to mark the happy occasion Rebecca, 33, who works as a bank clerk, and John, 40, a process operator, were looking to move on and up the property ladder to a more spacious home, to accommodate their daughters, Charlotte, four, and Lucy, 15 months. The couple have purchased a spacious four bedroom semi-detached home at The Orchards in Roby, Merseyside, a sought-after, familyfriendly neighbourhood to the east of Liverpool
and within easy commuting distance to the M62 motorway. Like many young families, The Symes’ utilised the Government’s popular Help to Buy scheme as an ideal way to buy their home.
Now happily settled in, the couple couldn’t be more delighted with their new home, and are full of praise for the excellent service they received from Barratt, who they wouldn’t hesitate to recommend to others.
THE ORCHARDS
The Orchards is a stunning new development of 129 two, three and four bedroom homes, located in Roby, a quiet residential neighbourhood popular with families, and within easy reach of Liverpool. As well as offering desirable family homes, The Orchards development has also brought with it substantial improvements to the local bus route and the highway along nearby Larch Road. As part of its commitment to enhancing and supporting the communities in which it builds, Barratt Homes has also made contributions towards the improvement of nearby outdoor sports facilities and open spaces. For sales enquiries, go to barratthomes.co.uk where visitors can also take advantage of an online Help to Buy calculator. The calculator shows potential buyers which properties would be within their price range if they took advantage of the Help to Buy scheme.
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Fawley
Helmsley
FTB HOME SHOW
WW OO SH SH MEP!PER STITO Our First Time Buyer Home Show was another overwhelming suc cess, with both record numbers of exhibi tors and potential first time buyers wh o were able to find out everything they ne eded to know about getting on the ladder. Here’s a round-up in pictures, from a packed Business Design Centr e in London’s Islington. Check ftbhomeshow.com for details of our next Home Show, on 16 April 2016. Supporting sponsor, Nationwide were busy all day
One of the Linden Homes team talks to a visitor A seminar from Beaumont Legal
Inspired Homes enjoyed a great show
East Thames were rushed off their feet
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Moat Homes advising a first time buyer Plentific were hard at work all day
PHOTOS: BUILDING RELATIONS | BUILDING-RELATIONS.CO.UK
FTB HOME SHOW
Editor, Lynda Clark chats to first time buyers in the seminar room
Catalyst Housing helped many first time buyers
Southern Home Ownership giving informa tion to potential buyers
Help to Buy London explain the scheme
Getting financial advice from Nationwide
Experian explain credit scores
Fairview New Homes with potential cust omers
PLS Solicitors were on hand with legal advice
First Time Buyer December 2015/January 2016
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FTB HOME SHOW
ents Nottinghill Housing had great developm
Viridian Housing had a very good show
Housing Association Affinity Sutton were on hand Fabrica showcased their developments
Your Move advising first timers
Which? Mortgage Advisors helping ftbs
Pocket Living had lots of interest
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FTB HOME SHOW
Lawcomm Solicitors helping to explain the conveyancing process
Prince Evans Solicitors enjoyed the show
Centra Living advising how to buy a first home
The team at Countryside had some great developments
The Peabody team were hard at work
Metropolitan’s Homematch service expla ined by a member of their team
Neil Wilkins from Genesis HA talks to an ftb
Direction Law gave great legal advice
Site Sales were busy all day
Barratt London showcasing their Catford Green development
TMP Sherwins helping an ftb
First Time Buyer December 2015/January 2016
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REAL LIFE
William is the winner! William, 32, and Kate have been together for eight years and have two children, Jessica, six, and Max, who is one. They have been renting a home in Morden, Surrey and trying to save as much as they can for a deposit. William said, “Soon after we met, we decided to put our savings together. It was easy at first as we both worked full-time and had no children, and the rent was much cheaper. However, as time went by and the family grew and circumstances changed, it has become much harder. We now pay £1,200 a month for our terraced house, which doesn’t leave us much left over to save.” When they found out about the First Time Buyer Home Show, they arranged for William’s parents to look after the children, while they made the trip to Islington to find out about their options. They talked to one of the financial advisors at the Show and were surprised to discover that they could get a mortgage based on four to five times their salaries and, with the £15,000 they had already saved towards their deposit, the situation looked much more positive. After the Show they put their heads together, looked at how the figures stacked up and discussed their various options, such as Help to Buy and shared ownership. William and Kate both entered our competition to win £5000 towards their deposit and, at 4.30pm, when the name was drawn, it was William who won! He said, “When Lynda, the editor of the magazine telephoned me, I was speechless and I just couldn’t believe that my name had been drawn as there were so many visitors to the show. It is so exciting and, now we have £20,000, it means it is really viable for us to buy our first home – which is a dream come true.” They are now actively looking around the locations that they are familiar with, such as Morden, Sutton and parts of Surrey. William continued, “I am also aware of developments in Croydon, which have potential to grow due to the Westfield Shopping Centre soon to be built there, which will increase the value of homes in the near future, so we shouldn’t drag our feet.” “The Show was really useful and having so many property experts in one place was fantastic as it can take a long time to get so much information from websites, plus, it is never the same as actually talking to someone face-to-face. We also went to some of the seminars, which again were very helpful. To win the prize was incredible and we are over the moon and feel so lucky. We have been saving for so long and now our first home is just on the horizon, thanks to First Time Buyer magazine.”
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Michael Redina Photography (mikeredina.com)
When William Morcos and his wife Kate read the feature in the Metro newspaper about the First Time Buyer Home Show and decided to go, they had no idea how it was going to change their lives
“I JUST COULDN’T BELIEVE THAT MY NAME HAD BEEN DRAWN AS THERE WERE SO MANY VISITORS TO THE SHOW. IT IS SO EXCITING AND, NOW WE HAVE £20,000, IT MEANS IT IS REALLY VIABLE FOR US TO BUY OUR FIRST HOME – WHICH IS A DREAM COME TRUE”
OPEN MARKET
CATFORD GREEN – THE LATEST LONDON HOTSPOT
Forming a major part of the Mayor of London’s multi-million pound ‘London Plan’ regeneration project, Catford is entering into an exciting period of large-scale renovation. This south London district, which lies eight miles southeast of central London, is set to become a vibrant new area to live, shop and relax in. From new homes, community facilities and open spaces, to a redeveloped shopping centre and newly pedestrianised Broadway, here you can really be part of a rejuvenated community space ideal for entertaining and day-to-day living. Bathrooms and en suites are also equally well appointed. With its distinctive and characterful neighbourhoods, green open spaces, diverse shopping streets and enviable transport links, southeast London is attracting an increasing number of savvy Londoners, who are calling this part of London their home. From Catford Green you are close to some of southeast London’s most popular attractions, such as the Greenwich Old Royal Naval College and Royal Observatory, from where you can soak up the panoramic views across the city. Or, why not lose yourself strolling through Greenwich’s vibrant market and medieval town square? You can also take your pick from a choice of restaurants, or dive into a wealth of riverside arts, festivals, museums and world-class entertainment at the O2 arena. Prices for a two bedroom apartment start at £393,000.
Described by the Mayor as a “fantastic development”, Catford Green is central to the area’s regeneration. It boasts 588 new homes over 12 buildings, on the former site of the famous greyhound stadium. Ideal for young families and professionals, Catford Green is set among thoughtfully landscaped grounds, which seamlessly open on to the 54 green acres of Ladywell Fields. Respectful of its open surroundings, a selection of Catford Green’s apartments overlook the River Ravensbourne and the award-winning open spaces of Ladywell Fields. Most homes come with a balcony – perfect for unwinding and making the most of the views. With nurtured open community spaces between each building, play areas and a re-landscaped riverside, Catford Green offers a tranquil environment away from the bustle of central London. Flanked by two railway stations, Catford Green benefits from exceptional transport links into central London and further afield, with London Bridge just 11 minutes away. Situated in zone 3 and bordered by Catford and Catford Bridge stations, you’ll find commuting is a breeze. Many of London’s major stations are reachable in less than 30 minutes, including St Pancras
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International for connections to the continent. Interiors at Catford Green are designed to be aesthetically balanced, peaceful spaces. Generous, open-plan layouts are flooded with natural light to enhance a sense of space. Modern appliances are sleekly integrated into each apartment’s design, making each flexible
To find out more about Catford Green and visit the show apartment on-site, visit barrattlondon.com/ catfordgreen
AFFORDABLE HOMES
A PRIME LOCATION AT AN AFFORDABLE PRICE Booming demand and rising prices has helped Wandsworth become the London borough with the most million-pound property postcodes, according to research by Which? Mortgage Advisers. For those looking to buy a home in the south London borough, prime prices like this make it increasingly difficult. However, one young couple managed to make the leap from renting in Wandsworth to buying their first home there, thanks to the shared ownership scheme by Octavia Living WALPOLE LODGE AT PLAZA GARDENS
First time buyers Jack Birmingham and Lydia Bryant didn’t want to leave the area, but were concerned about the rising values in their neighbourhood. On discovering the shared ownership scheme at Octavia’s Spectra in SW18, just two minutes from their rental home, they soon realised that they could afford to get on the property ladder after all, without giving up on a location they loved. Jack, 27, explains, “Lydia and I had been renting in the Wandsworth area for several years. Because we wanted to buy our own home, we were saving for the majority of that time to allow us to pay a decent deposit. Of course, we were aware of the rising prices and assumed we’d have to move away from the area to find something more affordable. Spectra was really close to where we were living at the time and so, when we saw it was available with shared ownership, it made perfect sense to view the apartments there.” Lydia, 26, continues, “We liked the area and so we didn’t want to leave, but were worried
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we couldn’t afford to stay, so Spectra was an ideal solution. We were already registered with Wandsworth’s Home Ownership Team, so when we viewed the development and liked what we saw, it all progressed very quickly. Octavia were really helpful, explaining the shared ownership process clearly from the start. They even recommended a broker and solicitor with shared ownership experience.” Jack said, “Octavia made the whole experience a really positive one, when we expected it to be stressful! We are definitely planning to staircase here, especially as our costs are cheaper than when we were renting, meaning we can save a lot easier. It’s nice to have the option to do so. “Our one bedroom apartment is on the top floor, which makes it feel really exclusive. We have a large, south-facing balcony, which was lovely during the summer. The benefit of a newbuild home is that everything in our apartment is so shiny and new. Plus, the neutral décor gives us a blank canvas to add our personal touches and to make it our own.”
Thanks to the popularity of the shared ownership scheme, all of the properties at Spectra have now sold. However, Octavia will be launching another scheme in south London soon. Walpole Lodge at Plaza Gardens is a contemporary development of one, two and three bedroom apartments in Putney. The apartments are beautifully equipped and elegantly designed within a complete community, and offer a choice of affordable housing. Adjacent to East Putney underground, Putney Plaza offers convenience for commuters with a contemporary lifestyle, with an unparalleled location close to the River Thames. The area retains a village charm with a popular high street, leafy walks and a plethora of pubs and restaurants for some quality down time. 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. The scheme is specifically designed for first time buyers whose household income is less than £71,000 a year and priority will be given to those who live or work in Wandsworth. Prices for a one bedroom apartment are expected to start from £87,500 for a 25% share of the full market value of £350,000. Two bedroom apartments will start from £113,750 based on a 25% share of the full market value of £455,000, and three bedroom apartments from £131,250 based on a 25% share of £525,000. For further sales information on Walpole Lodge, or the shared ownership scheme, please contact the sales team on 020 8354 5500 or visit octavialiving.org.uk
AFFORDABLE HOMES Essence
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AFFORDABLE HOMES
WATERSIDE LIVING Are you looking to get a foot on the property ladder, but are not sure if you have the finances? Then help is at hand as Southern Home Ownership are proud to present Bow River Village, a selection of one, two and three bedroom apartments available for sale on a shared ownership basis HOW SHARED OWNERSHIP WORKS How shared ownership works is quite straightforward – you buy as much of the property as you can afford, usually at least 25% and a maximum of 75%, and you pay a subsidised rent to us on the rest. Shared ownership is the affordable home ownership option. It can also be cheaper than renting privately. The mortgage cost and reduced rent usually add up to less than the equivalent rental payments to a landlord. For more information on shared ownership, visit our website: shosales.co.uk
BOW RIVER VILLAGE Bow River Village is a contemporary, waterside development, consisting of one, two and three bedroom apartments in one of east London’s most sought after locations. The apartments offer: ¸ Private balcony or roof terrace ¸ White gloss kitchens with built in appliances ¸ Tiled bathrooms ¸ Provision for Sky+ and Hotbird ¸ TV point and entry phone system Bow River Village sits in a perfect spot next to the quiet River Lea. The River Lea is London’s second waterway, made famous by the 2012 games, a short distance upriver. The whole of the Lea Valley is filled with open spaces and sports facilities for you to explore. There are river walks and shared spaces beside the water, to give all residents the chance to enjoy this unique location to the full. It is the perfect place to spend a sunny Sunday afternoon, or watch the sun go down after a hard day at work. Bow brings together all that’s exciting and vibrant about modern urban living. From the Columbia Road flower market to the restaurants of Brick Lane, it draws you in with its buzz.
Bow River Village
Roman Road market is the oldest in the country and Victoria Park is one of the finest in London, complete with wide-open spaces, ponds and wildlife. You’ll find popup bars, restaurants and galleries, cinemas, theatres and performance venues sitting alongside traditional pubs, and fish and chip shops. Bow is a great place for jobs too. There’s a real push to turn the area into one of London’s creative hubs, with new businesses and opportunities. The whole area is set to be transformed into a connected valley, with a mix of dynamic parkland and work spaces. Bow River Village is the perfect base for enjoying everything that London has to offer. Buses
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stop nearby and Bromleyby-Bow underground station (Hammersmith & City and District Lines) is only a five-minute walk, with Bow Road DLR less than 10. From local stations, it’s an easy 15minute commute to Canary Wharf, or the City. Nearby you’ll find: ¸ The shopping at Stratford (including Westfield) ¸ The sports facilities of Hackney Marshes and the Lea Valley ¸ The great nightlife of Shoreditch Go a little further to discover: ¸ The O2 and Greenwich Park ¸ The South Bank ¸ City Airport and the Excel Centre
And there are easy connections to the rest of London, including: ¸ The shops of Oxford Street, Knightsbridge and the King’s Road ¸ Sports stadiums, including Wembley, Lords and Wimbledon ¸ The National Gallery and Museums To register your interest in our shared ownership homes, visit shosales.co.uk/ bowrivervillage There will also be a selection of one, two, three and four bedroom apartments available to rent privately. For more information on these and to register your interest, visit bowrivervillagelettings.co.uk
AFFORDABLE HOMES Essence
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AFFORDABLE HOMES
MAKE YOUR DREAM A REALITY AT DUNTON MEADOWS
A stunning new home in the beautiful Kent countryside, with excellent transport links into central London and at an affordable price? You can have all of this at Orbit Homes’ new development Dunton Meadows! Located in Dunton Green, just a stone’s throw from the town of Sevenoaks, this new development of one and two bedroom apartments is situated adjacent to the Sevenoaks Wildlife Reserve and occupies a prominent position in the picturesque Kent countryside. What’s more, prices start from as little as £106,000 with shared ownership. The local area boasts a wide selection of outdoor pursuits, local shopping and other convenient amenities close at hand. In Sevenoaks, the restaurant and café culture provides a lively and bustling daytime atmosphere, whilst in the evening, theatre, cinema and live performances can be enjoyed at the STAG Community Arts Centre. Despite the rural location, Dunton Meadows is well connected, too. The development is
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within a short walk of Dunton Green train station, which provides a regular service into London in 35-45 minutes. Homes at Dunton Meadows are built to a high specification and each includes a contemporary fitted kitchen, with integrated Zanussi appliances, and fitted carpets throughout. With plenty of play areas, landscaped gardens and a resident’s gym, Dunton Meadows is sure to be a sought-after place to call home. Available with shared ownership, one bedroom homes at Dunton Meadows start from just £106,000 and two bedroom homes from just £124,000. For more information about Dunton Meadows, please visit orbithomes.org.uk or call 0845 600 3674
AFFORDABLE HOMES Essence
First Time Buyer August/September 2014
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AFFORDABLE HOMES
LIVING THE DREAM Are you a first time buyer looking for a really stylish home in a great location, one which is spacious and affordable? Then Estuary Housing’s new development, Vickers House at Roneo Corner in Romford, could be the home of your dreams Estuary Housing’s new development offers 93 new apartments, with 37 homes being sold through shared ownership. The one, two and three bedroom apartments come with an allocated parking space, plus all the homes have a balcony. The fitted kitchens include a built-in oven, hob, extractor hood and washing machine, and there is plumbing for a dishwasher. There is laminated flooring in the kitchen and living room, carpets in the bedrooms and tiles in the bathrooms. The main bedroom comes with a fitted wardrobe and all the apartments have gas central heating Roneo Corner is in a great position for enjoying all that Romford has to offer. The famous Romford Market, which is one of the oldest street markets in Britain, is nearby and is a haven for shoppers looking for a special experience, with 150-plus stalls, which sell absolutely everything you could imagine. The market is also home to the recently revamped Romford Shopping Hall, which boasts more than 40 high quality stores. Other local shopping destinations include The Liberty, a newly modernised centre with over a 100 shops and The Mercury Mall and The Brewery which both offer cinemas, restaurants and shops. If you want to relax, or go for a jog or bike ride, then there are plenty of parks close by, with attractive lakes and wide-open spaces, including The Chase Nature Reserve and Harrow Lodge Park. For nightlife there are also many clubs, bars and pubs around Romford. But you don’t have to go very far from the development as there are plenty of shops, banks and supermarkets within easy reach. Set on South Street, Roneo Corner is less than 10 minutes from the town centre and train station, which offers a quick commute into central London. Applicants are required to either live or work in the London Borough of Havering. For more information, go to roneoromford.co.uk
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AFFORDABLE HOMES
E17 – AWESOMESTOW! Living in zone 3 would seem to be out of the question for first time buyers, but Banbury Park, the latest flagship development by Centra Living, is right in the heart of Walthamstow. Lynda Clark goes along to see what is on offer and is more than impressed With the huge housing shortage in central London, it is wonderful to see this really stylish development offering 250 much needed new homes in the sought-after area of Walthamstow. This development certainly ticks all the boxes – built on former brownfield land, it offers a selection of one, two, three and four bedroom homes through shared ownership and private sale. Through shared ownership, buyers can purchase a 50% share of a one bedroom home at Banbury Park from as little as £148,500. One bedroom homes are also available for outright sale from £350,000. Tim Seward, Head of Property Sales, said: “E17 – or ‘Awesomestow’, as it has been dubbed – is reaping the benefits from significant investment and is rapidly becoming one of the most exciting and sought-after places to live. Our new homes present a great opportunity to be part of this well-connected and stylish community. Banbury Park also represents good value for money, in comparison to other parts of the Capital.” Located on Billet Road, Banbury Park has 76 shared ownership homes and 174 for private sale. The new £70m development replaces disused warehouses, industrial works and an electronics factory. Over 2,400 square feet of retail and commercial space will also be created to house a major new retail unit, as well as smaller shops, boutique stores and business premises. It will also have landscaped community spaces, shops, offices, and a public square that will help to continue the regeneration of the area. Banbury Park also boasts excellent transport links into central London – there are numerous bus connections from Billet Road to Walthamstow and Blackhorse Road tube station. The development is also situated beside the North Circular and is a 10-minute drive from the M11. I was so impressed by the space, storage, and amount of care that has been given to create these really stylish homes. The large fitted wardrobes, huge storage cupboards and high-quality fixtures and fittings in the kitchens and bathrooms are superb. What’s more, Banbury Park offers both apartments and houses, which is very unusual in such a central location and will eventually have 350 homes in total when it is finished in 2017. Walthamstow is a buzzing community with many high street shops as well as a market, which is the longest street market in Europe. There are also plenty of pubs, live music venues, and bars in the rather quaint Walthamstow Village, plus a host of restaurants offering everything from tapas to fine dining. There are a large range of easily accessible outdoor spaces too, including Lloyds Park and, a little further afield, Hollow Ponds and Epping Forest. When I left Banbury Park, I truly felt that it was ‘awesome’ – a real The famous designer, property hotspot of William Morris was born in northeast London, Walthamstow. The William Morris which is putting itself Gallery is situated in Lloyds Park and firmly on the map. regularly shows exhibitions of his work. He is famous for saying: “If I were asked to say what is at once the most important For more information production of art and the thing most to call Centra Living, part be longed for, I should answer, a of Circle Housing on beautiful house.” 0845 223 0000 or visit banburypark.co.uk
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FOR SALE
FOR SALE
THE CREAM OF THE CROP
Each month, FTB scours the market for the best starter homes for first time buyers. Whether you’re looking for a stylish apartment in the capital, or space for your growing family, we hope you enjoy the selection. (Prices and availability correct at time of going to press)
B O W, E A S T L O N D O N
HOIC FIRST C
E
EAST-END
LIFE ★★★
London Life p68-69 FA R N B O R O U G H , H A M P S H I R E
HOIC FIRST C
E
EXTREA SP★A★C★
Family Homes p70-71
BECKTON, EAST LONDON
HOIC FIRST C
E
WATEMRUSNIITDYE COM★ ★ ★
Affordable Homes p72-73
First Time Buyer December 2015/January 2016
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FOR SALE
LONDON LIFE B O W, E A S T L O N D O N
HOIC FIRST C
From £305,000
E
EAST-END
LIFE ★★★
Merchants Walk Thriving Bow in east London is home to this popular development of homes, ranging from studio to three bedroom apartments. The contemporary homes are finished beautifully, with floor-to-ceiling windows and French doors opening from an open-plan living area to a well-sized private balcony, or terrace. Merchants Walk is in zone 2, and the transport links are excellent: Devon Road DLR is just a few minutes’ walk, and there are many fabulous and fun things to do within walking, or cycling distance. You’re also just moments from the canal, with a range of bars and restaurants along the way. Peabody 020 3369 8670 merchantswalk.co.uk
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FOR SALE LEYTON, EAST LONDON
From £574,995 COCKFOSTERS, NORTH LONDON
From £350,000
The Exchange The second phase of this plush new development has launched in up-andcoming Leyton. The homes range from one bedroom apartments to four bedroom houses, and include a balcony, or garden, as well as some allocated parking. The apartments are finished to a high spec, with fitted kitchens, fully tiled bathrooms and wooden flooring. It’s also easy to get
CARLSHALTON, SUTTON
about town – Leyton Midland Road Overground station is just moments from the front door. There’s also a great deal for residents to do locally, with the Olympic Park, Westfield Stratford City and plenty of outdoor pursuits all within very easy reach. Bellway Homes 01689 886 400 bellway.co.uk
Bolingbroke Park There will be over 200 new homes at this new development, set in stunning parkland in north London. The homes will include one, two and three bedroom apartments as well as three and four bedroom townhouses. The apartments are thoughtfully designed, with spacious living/dining areas, large hallway cupboards, en suite
from the master bedroom and wellsized balconies. The grounds include two lakes and lots of green space to sit back and enjoy the fresh air. Picadilly Line services from nearby Cockfosters take just 30 minutes into King’s Cross. L&Q 0333 003 3637 bolingbrokepark.co.uk
From £297,500 WEST EALING, WEST LONDON
From £390,000
Lavender Crescent The leafy south London borough of Sutton is home to this collection of new apartments and houses. The homes sit along the banks of the River Wandle and offer great views of the local area and the London skyline. The homes are set over four floors and are finished beautifully. The wool-twist carpets in the bedroom, oak effect
floors and chrome fixtures all make for stylish living, and fitted kitchens come complete with integrated appliances. Hackbridge rail station is a 14-minute walk, where services reach London Victoria in just 25 minutes. Rydon 0344 800 1613 lavendercrescent.com
Jigsaw This landmark development in the Capital’s ‘leafiest borough’ forms part of ongoing regeneration in the area. The beautiful homes, which have been designed by Conran and Partners, sit in the heart of West Ealing within pretty landscaped grounds and a new community, that will include a school, sports centre and cafe. Inside, the
homes benefit from bright, spacious living areas, including floor-to-ceiling windows, quality fitted kitchens and an impressive balcony, or terrace. Trains from West Ealing station take just 15 minutes into London Paddington. Fabrica and Rydon 020 8003 0701 londonjigsaw.co.uk
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FOR SALE
FAMILY HOMES FA R N B O R O U G H , H A M P S H I R E
HOIC FIRST C
E
EXTRA SP★A★C★E
Sun Park This new development of two, three and four bedroom houses is close to local amenities, schools and leisure facilities – perfect for busy family life. The three bedroom semi-detached homes here feature a large living/dining area, with doors opening to a garden, and a downstairs w/c and storage. Upstairs, there are two further bathrooms. There is a lot on offer in the local area, including great shops, restaurants and plenty of country pubs. London is also just 40 minutes away by train, making commuting very easy indeed. Bellway 0118 933 8032 bellway.co.uk
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From £369,950
FOR SALE H I G H L E Y, S H R O P S H I R E
From £172,500 CHELMSFORD, ESSEX
From £360,000
Hugesleah Place This impressive new collection of homes lies in a tree-lined setting in the pretty village of Highley, close to the River Severn. With countryside and village life on the doorstep, this is a great place for families to explore. Meanwhile, bustling Kidderminster is just 12 miles away. The three bedroom detached homes
here feature a private garage and garden. Inside, the houses are designed with modern families in mind, with separate living area, lounge and kitchen downstairs and three well-sized bedrooms on the first floor. Taylor Wimpey 01746 330 713 taylorwimpey.co.uk
HORSHAM, WEST SUSSEX
Beaulieu Heath The 49 new family homes at Beaulieu Heath offer the best of both worlds; they’re set in tranquil parkland and landscaped spaces, while close to the city of Chelmsford. Inside, the homes are beautifully designed,with great consideration for space. Well-sized kitchens are separate to spacious lounge areas and the larger homes
are set across three storeys – perfect for getting personal space. These homes form part of a wider development that will eventually see a new railway station and more homes, with a vision for a growing, thriving community. Countryside Homes 01245 597 277 beaulieu-heath.co.uk
From £305,000 TONGHAM, SURREY
From £415,000
The Lanes at Wickhurst Green Set within the pretty village of Broadbridge Heath, these new homes present the perfect opportunity to join a thriving country community. The houses range from two to five bedrooms and are suitable for families of all sizes. The three bedroom homes feature an open-plan downstairs living area, with doors
opening to a private garden. Upstairs, three well-sized bedrooms are served by a stylish family bathroom. The historic town of Horsham is two miles away, where trains to London take under an hour. Countryside Homes 01403 242 142 thelanes-wickhurstgreen.co.uk
Tongham Copse There’s lots for families to do in this leafy town, close to the Hampshire border. This new development of three and four bedroom houses is within easy reach of Aldershot and Farnham, for shopping, sports centres and lovely parks, while Guildford is a short drive away. Arranged over three floors, the three bedroom homes are
spacious and bright, with bedrooms arranged over the top two floors, along with a w/c or bathroom on each floor. Road travel is easy on the nearby A31 and Aldershot station runs direct services to London Waterloo. Taylor Wimpey 01252 907 198 taylorwimpey.co.uk
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FOR SALE
AFFORDABLE HOMES BECKTON, EAST LONDON
HOIC FIRST C
E
From £335,000 – shared ownership will be available
E D I S R E T A W NITY COM★M★U★
Royal Albert Wharf This exciting new development, which will eventually comprise 1500 homes, is creating something of a buzz in east London. Royal Albert Wharf will transform a previously brownfield site into a bustling community, featuring contemporary flats – with fantastic views out over the Albert Basin, the River Thames and the rest of London. The first phase launches 350 apartments, with over 70 available through shared ownership. Transport links are excellent, with Gallions Reach DLR, several bus routes, the Thames Clipper station and London City Airport all within easy reach. Notting Hill Housing 0207 531 2500 royalalbertwharf.com
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FOR SALE S WA F F H A M , N O R F O L K
From £95,996* TELFORD, SHROPSHIRE
From £159,995
Nelsons Quarter Set in the heart of Norfolk, this new collection of homes is surrounded by fascinating towns and villages, and great amenities. The houses here range from two to four bedrooms and are available in a range of styles. The two bedroom end-of-terrace is set over two floors, with a separate kitchen and living area and
downstairs w/c, with the bedrooms and two further w/cs on the first floor. Swaffham is within easy reach, while Kings Lynn and the stunning Norfolk coastline are just 30 minutes away by car. Taylor Wimpey 01760 300 506 taylorwimpey.co.uk
*Based on a 75% share of the full market value of £127,995
COLCHESTER, ESSEX
Reflections at the Cloisters Sitting on the edge of the pretty town of Priorslee, these charming houses are part of a new development of family homes, built on beautiful grounds, which now include an ecology park with ponds, footpaths and bridleways. The homes are perfect for growing families, and have plenty of space and storage, a
downstairs w/c and family bathroom upstairs. There’s also a rear garden and private parking. Reflections is well connected, with easy road access to Wolverhampton and Shrewsbury and direct trains to Birmingham. Taylor Wimpey 01952 456 289 taylorwimpey.co.uk
From £166,995 N U N E A T O N , WA R W I C K S H I R E
From £128,950
Avellena Place With both city and country life within easy reach, this new collection of homes is perfect for growing families. The homes range from two to five bedroom houses and are set across a large site surrounded by green space. The three bedroom homes feature separate kitchen and living rooms, French doors opening to a
private garden and a downstairs w/c. There are a number of highly regarded schools in the area and commuting is easy, with trains to London Liverpool street taking just 50 minutes from nearby Colchester. Bellway Homes 01206 844 834 bellway.co.uk
Eaton View This new range of homes sits just outside the town of Nuneaton, close to the Warwickshire countryside, and just 25 miles east of Birmingham. A perfect home for commuters, Eaton View offers the best of both worlds – a quiet retreat within easy reach of city life. The homes range from two to three bedrooms, ideal for couples
and growing families. The interiors are beautifully finished, with wooden flooring, tiled bathrooms and fitted kitchens with integrated appliances. There’s also private parking – perfect for getting around the area. Lovell Homes 02476 481 525 lovellnewhomes.co.uk
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REAL LIFE
Shared ownership: Wellingborough, Northamptonshire FAC T F I L E
Property: Three bedroom house Market value: £157,500 Deposit: £16,350 Share: £47,250 for a 30% share Monthly outgoings: Around £560
Belinda and Christopher Mills and their young children, Mason and Isabella were previously renting a two bedroom home, which they had outgrown. Thanks to Metropolitan, one of the country’s leading housing associations, they managed to buy a three bedroom house with two parking spaces through shared ownership
Belinda and Christopher Mills have just bought a 30% share of a three bedroom house at The Leys, an attractive development of 40 new homes in Wellingborough. The family bought through shared ownership, which makes home ownership more affordable. Rather than having to pay the full market value for their home, the Mills’ bought a 30% share with savings and a mortgage. This meant that the family only had to pay a deposit on the share that they were buying, rather than on the full property value, bringing down the cost of buying a home. Through shared ownership, the Mills’ ongoing housing costs are kept low too, as they pay off their mortgage on the 30% share that they own, and a subsidised rent and service charge to Metropolitan. With a monthly housing cost of a little over £560, the Mills were able to buy a new home for less than it would cost to rent a similar quality property privately in the area. Belinda said, “We were in a two bedroom property with two children but we really needed a larger home nearer to Chris’s work that we could settle in for the longer term. We didn’t want a huge mortgage to over-burden ourselves. We can stay here but, when you are renting, you can get moved on. It was important to us to get on the property ladder as we wanted somewhere that the kids could grow up in.” New homes at The Leys were developed for Metropolitan to a high-quality specification and include a range of integrated appliances, carpeting and tiling as well as coming with the assurance of a 10-year warranty – which proved to be an opportunity that was too good to miss for the Mills family. Belinda added, “I found out about shared ownership through the housing association that I was renting from and they mentioned the scheme on their website and in their newsletters. It took a while before we decided to buy, because we were in Bedford, where
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WE DIDN’T WANT A HUGE MORTGAGE TO OVER-BURDEN OURSELVES. WE CAN STAY HERE BUT, WHEN YOU ARE RENTING, YOU CAN GET MOVED ON. IT WAS IMPORTANT TO US TO GET ON THE PROPERTY LADDER, AS WE WANTED SOMEWHERE THAT THE KIDS COULD GROW UP IN values are much higher, but my husband works in Northamptonshire and so we started looking over this way. “When we saw the advert for The Leys, the fact that it came with fitted kitchens, bathrooms and carpets made it very attractive – we already knew and liked the area as we have family who live locally in Wellingborough. “The buying process proved to be relatively straightforward too. When buying a new home through shared ownership, there is no need to deal with estate agents and no chain to cause complications. Metropolitan also offer support through the process, with a dedicated Sales Officer on hand to make sure that things go
smoothly – which made a big difference.” Belinda and Christopher completed their initial application for shared ownership with Orbit, the local Help To Buy Agent who manage applications for low cost home ownership schemes in the Midlands. The family then viewed with Metropolitan in January 2015, received their mortgage offer in February and exchanged and completed and moved in April 2015. Now they have been living there for a few months, Belinda said, “We’re settling in very well and we are really happy; my daughter has settled in well at her new school and it’s a much shorter commute to work for Chris, too.”
LIVING
Furnish your home with the new PLFS Rent to Buy scheme
This is how it works: As you can see from the chart, the PLFS ‘Rent to Buy’ scheme is a very simple process, designed to ensure that you get the furniture you need at the time you need it. As with everything they do at PLFS, you can be assured that the service is second to none, plus the quality and value of the furniture is excellent. They have put together a selection of ready-made room packages that will suit any style and budget, and these can be added to with kitchen packs, rugs, and electrical items. If you want to design your own pack, simply use the picker service form for any item in their catalogue and they will be happy to work out a monthly cost for you. If you wish, you can add to your rental items at a later date – if you need to furnish additional rooms for example. They can then add these costs to your current rental deal, so you finish paying for the extra items at the same time as the original delivery. Naturally, you don’t have to worry about delivery charges, as these are all included in the monthly rental price, to ensure you know what will be charged every month for the duration of the contract. The scheme is open to anyone who needs furniture for their home, and can be used to buy as little as one room of furniture to a whole house. propertylettingfurniture.co.uk
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First Time Buyer December 2015/January 2016
Have you ever wondered how you will be able to afford your own new furniture for your new property? The PLFS ‘Rent to Buy’ scheme has been set up to help first time buyers and those on limited budgets furnish their homes at a fraction of the up-front cost of outright purchase
COMPETITION
A night to remember WIN!
HOW TO ENTER
WITH A NIGHT’S STAY LETREE UB DO AT R NE DIN NDS LA BY HILTON DOCK TH OR W RIVERSIDE
Answer the following question:
How many rooms does the DoubleTree by Hilton Docklands Riverside have?
£350
Send your answer, with your full name, address and telephone number, to: lynda@firsttimebuyermag.co.uk Closing date: 22 January 2016
THE PRIZE…
How many of us dream The Columbia restaurant of spending a night at a top London hotel and enjoying a delicious dinner with breakfast the next morning? Now your dreams may come true and you and a companion could be staying at the fabulous DoubleTree By Hilton London Docklands Riverside hotel, with stunning views across the Thames, and dinner, drinks and breakfast included DoubleTree by Hilton Docklands Riverside is a unique hotel, which is spread across three buildings, including the Grade 1 listed Columbia Wharf dating back to the 17th century. The 379-room hotel sits beside the Thames, boasts London’s only dry dock and private pier, with an exclusive ferry service, and features two expansive riverside terraces, one with a bar and barbecue, plus a 24-hour fitness centre. All the bedrooms have stunning views of the London skyline and include floating-style beds, tea and coffee facilities and complimentary WiFi. The en-suite bathrooms come with luxury toiletries made with essential oils – perfect for a little pampering! The riverside terrace features a bar and DIY barbecue menu, providing the perfect spot for al-fresco dining as it is covered, heated and decked with couches and blankets for chilly days or
nights. The fitness centre is open around the clock and is perfect for a work-out to start off the day, or a spot of yoga in the evening to wind down. This is the only London hotel to have its own private pier and a free cross-river shuttle ferry to the Canary Wharf Pier, which runs approximately every 10 minutes.
One lucky reader will win one double room for two guests sharing, evening dinner with cocktail in the bar and bottle of house wine, and breakfast the following morning. Check in after 3pm, check out by midday. This prize does not include the mini bar or room service. The prize must be claimed within five months and cannot be used on Tuesday or Wednesdays. Check in after 3pm and check out by midday. The prize is non-transferable and no cash alternatives will be given. Competition is open to UK residents only.
DINE IN STYLE The Columbia Restaurant, Bar & Terrace is open all day and Head Chef Rajpal Singh offers a seasonal modern British menu punctuated with international influences including signature dishes of lamb cutlets and 28 day dry-aged steak. doubletree3.hilton.com columbiarestaurant.co.uk
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FIRST MEAL
FIRST HOME, FIRST MEAL Christmas is the time of year when it is traditional to cook turkey. Tristan Downes, Head Chef of The Crown Tavern in Lee, created this delicious recipe for the perfect Christmas lunch or dinner. Tristan Downes, 28, is Head Chef of The Crown Tavern in Lee and has never dreamt of anything other than being a chef. He started by working for Marco Pierre White as a commis. From there, he worked a circuit around London, gaining experience in all types of cooking and cuisines. He stayed in Mayfair for four years before deciding to move closer to home, where he got his first head chef job at the very young age of 22. The Crown Tavern is his new home. His food is bold, British, seasonal food, with a hint of other cuisines from around the world. He builds each dish with a focus on flavour, texture and beauty, although he’s a chef who believes ingredients don’t go on the plate unless they contribute to the dish.
ORANGE, SMOKED PANCETTA AND HAZELNUT STUFFED TURKEY
The turkey 1 onion, quartered 4½-5.6kg/10-12lb bronze turkey, with giblets removed (to use in stock) 85g soft butter 1 whole nutmeg 10 rashers streaky bacon 125ml glass Madeira, or white wine Watercress sprigs, to garnish Orange, smoked pancetta and hazelnut stuffing 150g pack diced smoked pancetta 75g butter 2 onions, finely chopped 1 garlic clove, crushed Grated zest of 1 orange 200g fresh white breadcrumbs 2 tbsp chopped sage 50g hazelnuts, toasted and roughly chopped 1 egg, beaten Honey roasted Chantenay carrots with apple and sticky parsnips 4 small parsnips, peeled and halved lengthways 100g Chantenay carrots 2 tbsp olive oil 1 tbsp clear honey 1 tsp coriander seeds, crushed 2 red eating apples, cored and quartered
METHOD FOR THE TURKEY 1
2 3 4 5
6 7 8 9
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Prepare the turkey the night before. Put the onion quarters, reserved lemon halves and thyme sprigs in the cavity between the legs. Pack the stuffing into the neck end. Secure the neck skin with skewers and tie the legs together. Weigh the turkey. Calculate the cooking time at 40 minutes per kilo, plus 20 minutes. Put a large sheet of extra wide foil in a large roasting tin and put the turkey on top. Smear the breast with the butter, then grate over half of the nutmeg and season well. Cover with bacon, then pour over the glass of Madeira or wine. Seal the foil well to make a parcel. Chill overnight. On the day, take the turkey out of the fridge 1 hour before roasting. Heat oven to 190C/fan or 170C/gas 5. Put the turkey in the oven Then, 90 minutes before the
First Time Buyer December 2015/January 2016
end of cooking, remove foil and bacon and drain off the juices from the tin to use in the gravy. 10 To test whether the turkey is cooked, push a skewer into the thickest part of the thigh – the juices should run clear. If they are pinkish, cook for 15 minutes more, then test again. 11 Transfer the turkey to a platter, cover with foil, then a couple of tea towels, and allow to rest for at least 30 minutes before carving.
4
METHOD OF THE STUFFING
METHOD FOR THE VEGETABLES
1
1
2 3
Put a large frying pan on the heat and add the smoked pancetta. Cook for 23 minutes until just starting to turn golden. Remove the pancetta from the pan with a slotted spoon and set aside. Add the butter, onions and garlic to the pan and cook for 45 minutes, stirring occasionally.
5
6 7
2
3
Remove from the heat and transfer to a bowl with the pancetta. Leave to cool. Heat oven to 180C/160C fan/gas 4. Stir the orange zest, breadcrumbs, sage and nuts into the onion mixture and mix well. Season, then stir in enough of the beaten egg to bind the mixture, but not make it sloppy. Use to stuff the turkey or shape into balls, place in a roasting tin and cook for 30 minutes.
Heat oven to 180C/160C fan/gas 4. Put the parsnips and carrots in a large roasting tin. Mix the oil, honey and coriander seeds together with some seasoning and spoon over the vegetables, turning them to coat, then roast for 20 minutes. Add the apples to the tin and cook for a further 20 minutes until the vegetables are golden and just tender.
TRIED AND TESTED
FTB’S FAST FOOD
BEST TURKEY
Planning the perfect Christmas dinner, or inviting friends round for drinks? We tested a range of seasonal fayre to see which are the tastiest and the best value for money
TESCO
Turkey in 10, £5 FTB SAYS: This succulent turkey breast, rolled in traditional sage and onion stuffing, can be microwaved, carved and served from frozen in just 10 minutes. The perfect fuss-free solution at an amazing price.
M&S
BEST FOR DRINKS PARTIES
10 mini lobster mac & cheese, served in pots, with mini spoons, £10
M&S
FTB SAYS: A really unusual but
Gold melt in the middle chocolate pudding, £8
popular savoury, these tender
FTB SAYS: A festive twist to a
pieces of sweet lobster with
true classic. This deliciously soft
conchigliette pasta, served in
and rich chocolate pudding, with
a rich cheese sauce are
a hidden orange centre and
BEST FOR BOXING DTAY DESSER
seriously mouthwatering.
finished with a sparkly gold lustre, is sheer indulgence.
TESCO
Finest Sloe Gin, £16 FTB SAYS: This rich and fruity
LAKELAND
slow gin is smooth and sweet,
6 Nutcracker crackers, £19.99
with subtle flavours of cherry and
BEST DRINK
Christmas wouldn’t be the same
almond. Each bottle contains
without some fun crackers. Each
whole sloe berries and is
one contains a different hand-
the perfect way to toast
painted miniature nutcracker soldier with
the festive season.
a hanging loop, all ready to adorn your Christmas tree and perfect to keep and
BEST PROSECCO
treasure for the future. Each cracker also includes a joke and paper hat!
TESCO
Finest Bisol Prosecco NV, £8.99 FTB SAYS: This great value fizz is really
BEST CRACKERS
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First Time Buyer December 2015/January 2016
fresh and light and has a subtle taste of just-ripe pears. It is the ideal budgetfriendly alternative to champagne.
TRIED AND TESTED
ASDA
ASDA
Extra Special maple smoked salmon, £2.80
Spiced pumpkin, cranberry and pecan loaf, £2.28
FTB SAYS: This delicious smoked salmon is infused with maple
BESTED
SMOK SALMON
BEST FOR VEGGIES
syrup, before smoking over maple and beech wood chips to create a lovely combination of sweet and salty flavours.
FTB SAYS: This meat-free alternative for Christmas lunch is packed full with seasonal flavours of pumpkin, carrot, onion, sage, peanuts and pecans, and is served with a maple shallot gravy.
LAKELAND
The Lakeland Christmas pudding, £5.49 FTB SAYS: This is a proper pudding, packed with fruits, and flavoured and preserved with Irish stout and French brandy. It’s very good value and is rich
BEST CHRISTMAGS PUDDIN
in flavour, very moist and tastes really homemade.
ATIVE BEST ALTERN AS CHRISTM DESSERT
WAITROSE
Christmas signature spice fruited sponge pudding, £10 FTB SAYS: Packed full of sultanas, raisins and walnuts and topped with glace orange quarters and stem ginger, this pudding is light, but still has all the festive flavours.
CARLUCCIO’S
Panettone Tradizionale, £16.95 FTB SAYS: The Italians certainly know all about producing the perfect panettone as this is their traditional Christmas cake.
Cooking a roast,
This one, from Carluccio’s, is made with juicy dried fruits
or that special
and candied peel, with a hazelnut glaze. It is light, fluffy and
BEST PANETTONE
GETTING THE RIGHT EQUIPMENT
really moist, and very moreish.
Christmas turkey, means getting the right roaster. The Judge non-stick roast tin and rack has been designed to cook meat to perfection. Made from heavy carbon steel with a non-stick coating, the tin provides even heat distribution, while the rack has been designed into a V to allow fat to drain away from the meat, making it crisper and healthier too. It is also dishwasher safe, and priced around £37.98 judgecookware.co.uk
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LEASEHOLD
THE GOOD, THE BAD & THE UGLY! A lot of life is about compromise. Whether it be living with your family, embarking on a cohabiting relationship, or friendships. At any point in time, unless you are living in a bubble or are incredibly selfish, then all areas and aspects will be give and take. Whether it is as mundane as what to choose for dinner, which film to see, or who has control of the remote for the evening, it all needs compromise Some of us are better prepared to handle compromise than others, some of us are more accommodating than others and some just go through life downright selfish. Only the other day I was queuing for a delayed tube and a young man thought trying to sneak in ahead of the long queue was appropriate behaviour. The tens of people waiting thought differently and let him know their feelings. But why would someone think such a selfish act appropriate and what in the makeup of a person drives them to want to upset a host of others? Now the point of this is not to give some moralistic discourse on life’s journey, but rather to give an angle on what it means to live in a home. This may seem a strange comment, but you need to stand back and think about community and sharing. If you are looking at a flat as your first home then it is best to approach it with a view as to a community you are entering. It is a matter of give and take, in being reasonable. It would be unpleasant to leave smelly rubbish in a hallway for your neighbours to look at and smell, when you could take it down to the bin store. If you don’t want it in your flat then fair guess others would
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not want it inflicted on them. If you are having a party, alerting your neighbours and having consideration would seem common sense. After all, would you want to be disturbed when you had planned a quiet evening? Would you rather be considerate and friendly in handling matters? The biggest challenge to managers of flats and the common parts is disputes between neighbours. A lot of disputes start out from a trivial matter and then grow out of proportion. What may seem the most important, earth shatteringly important thing at one moment, can actually be trivial from another perspective. It is not always possible to see that, however. Over the years, I have seen examples of the good the bad and the ugly many times over. When a neighbour is happy to help, or a community spirit fosters around sharing and supporting each other, it is fantastic. This may come from adversity, where the leaseholders feel their managing agents are not treating them fairly and band together to resolve. Or, it can come from a positive approach, whereby there are great community amenities that allow garden parties and community activity. It is always bad when one of the neighbours creates disturbance, nuisance,
Roger J Southam, Non Executive Chair of Leasehold Advisory Service
or annoyance in their day-to-day living. If they are so inconsiderate that they block hallways with bicycles, rather than putting them in the cycle store, or leave wet umbrellas outside of their flats, then this can become an irritant and lead to conflict and contention. The ugly is the extreme and very rare. When you get a leaseholder who has little or no social skill, that leads them to aggressive behaviour or to be constantly in conflict, then this becomes a real problem. Managing those people is more the work of psychotherapy than common part management. Of course, there are all types of humans in everyday life and you are naturally going to encounter them in the course of flat living. However, if you embark on your exciting journey stepping on the home ownership ladder with a spirit of give and take, then the experience should be the more fun and satisfactory. Of course everyone is different and there would be no TV programmes like Neighbours from Hell! without dispute and conflict. These problems arise in houses as well as flats, so don’t be put off, just be aware! lease-advice.org
AFFORDABLE HOMES Essence
First Time Buyer August/September 2014
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FINANCE ADVERTORIAL
How much can you borrow to help buy your new home? Before you start hunting for your first home, it’s a good idea to work out how much you’ll be able to borrow. The amount that you’ve saved for a deposit will have an influence, but what’s harder to understand is how your personal circumstances and financial habits could also impact the amount you can afford to borrow out, clothes and travel, as well as credit card payments and other monthly bills like your mobile phone. If you have children, it’s important to take account of childcare costs as well » You’ll need to estimate what the utility bills, council tax and insurance will be for your new home, so it’s worth doing some research around this. If you’re renting a home already, this should give you a useful starting point for working these things out, but bear in mind that these bills change with the size and type of your property A common mistake that people make is to focus only on essential outgoings, forgetting about the spending on life’s little luxuries. This isn’t realistic. Would you really want to live in the house of your dreams if it meant giving up all of your hobbies, sports and clubs, or never taking family holidays? Any type of spending that is important to you should be included when you’re working out how much you can afford. One way to get an idea of how much you can afford to borrow is to use an affordability calculator, like the one on the Nationwide website. It takes account of the value of the property you want to buy, the size of your deposit, as well as your income and outgoings. You can also find a useful budget planner in Nationwide’s Independent First Time Buyer’s Guide. Taking that first step on the property ladder can be daunting, but Nationwide is here to help. It’s important to make sure that you can afford the mortgage that you take out and that the monthly payments you need to make won’t put your finances under pressure. All mortgage lenders check the affordability of any mortgage that you apply for. They do this by not just looking at how much money you earn, but how you spend it, and which parts of your monthly spending you would find difficult to give up. They also take into account the possibility of future interest rate rises increasing your monthly payments. Different mortgage lenders have their own
84 First Time Buyer December 2015/January 2016
ways of calculating affordability, but all will look at the details of the money you earn, what you spend it on, and your financial responsibilities (for example, if you have any children or other dependents and how old they are). Thinking about these areas in advance can help you get a good idea of what an affordable amount for you to borrow might be: » Take into account all the types of income that you have, as well as your main salary » When it comes to outgoings, include all of the reasons why money regularly leaves your account; spending on food and drink, going
You can find our affordability calculator, First Time Buyers Guide and other useful tools online at nationwide.co.uk
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
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 assistance can my partner and I get from the Government to help us get on to the property ladder?
David Blake of Which? Mortgage Advisers 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.
A
The first step on the property ladder can be difficult, but there are various schemes on the market to help make it easier. The Government has three main schemes at present: Help to Buy 1 (for newbuilds), Help to Buy 2 and shared ownership. Help to Buy 1 is only applicable to newbuild properties and is an equity loan. Provided you meet set criteria and have a deposit of 5%, the Government will provide you with a loan of 20% of the purchase price, while you arrange the mortgage to cover the remaining 75%. As you’re only borrowing 75%, you’re likely to have access to more mortgage deals and better rates than you initially would have done with just a 5% deposit. Help to Buy 2 is essentially a government-backed mortgage guarantee scheme. Despite the added insurance for the mortgage lender, it’s not likely you’ll find a better interest rate than if you had a standard 95% mortgage, as you still pose the same risk, but instead you’ll simply have more options to choose from. Last but not least, shared ownership means that you own a share of a property, while you pay rent on the remaining share. This option can really help those with smaller deposits buy a property, although it’s important to note that the cost of increasing your share in the property will depend on the property’s value at that time, so it could increase.
Q
I’ve been saving for a deposit for some time now and was wondering if there was anything I could do to maximise my savings, to boost the deposit I put down on my future home?
A
Getting a large deposit together is likely to be one of the biggest hurdles to overcome for most first time buyers, so it’s good news that you have savings under your belt already! Being able to put a sizable cash sum down on a property certainly has its advantages, including giving you a greater choice and potentially better
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First Time Buyer December 2015/January 2016
Q
Are there any new first time buyer mortgages available on the market?
A
mortgage deals – depending on just how much you manage to pull together. With this in mind, clearly maximising your deposit is the key to getting a better deal. For the savings you already have, shop around and make sure you have the most competitive rate of interest. Be sure to read all the terms and conditions of the savings packages before signing up, as some accounts come with access restrictions and various charges. You could consider the new Help to Buy: ISA which is coming in next year. This is designed to give a helping hand to first-time buyers saving a mortgage deposit. Savings deposited won’t be taxed and the big benefit is that the Government will effectively give you a 25% top-up on savings up to £12,000 (effectively a maximum bonus of £3,000). While the deposit will perhaps pose the biggest hurdle, remember, too, that you’ll also need cash to meet the additional costs of buying a home. These include stamp duty, mortgage arrangement fees, legal fees, plus any survey of the property you might need to carry out.
Typically, first time buyers will have a smaller deposit to put towards their first mortgage, so lenders see first time buyers as a more risky prospect to lend to and, in turn, there are fewer mortgages to choose from. Despite this, in recent weeks, an increasing number of 95% mortgage products have entered the market, which is encouraging and shows a strong commitment from lenders to lend to people with smaller deposits. First time buyers are the lifeblood of the property market and play an important role in helping to complete chains, enabling those that already own a property to move. As we approach the end of the year, lenders are reducing their rates of interest in order to meet yearly lending quotas – good news for first time buyers. If you decide to take out a 95% mortgage, it’s important to remember that you will face higher rates of interest on your loan. The bigger the deposit you can put down, the lower the rate on your mortgage and the more mortgages are likely to be available to you. To ensure you are getting the best deal and taking advantage of the latest on offer, it’s always best to speak with an independent whole-of-market mortgage adviser. They will be able to understand your finances and the options available to you based on your own individual circumstances. For further help and advice from Which? Mortgage Advisers, please visit: which.co.uk/ftbmortgages, or call: 0808 159 4852
MORTGAGES
RENTING A PROPERTY IS OFTEN ALL PART OF THE JOURNEY TO OWNING A FIRST HOME If you are a tenant and preparing to buy your first home, it’s important to check that you and your current possessions are as safe as they can be, to ensure your next move – perhaps as a first time buyer – is as positive as it can be. Your Move Lettings explains Renting a property is often part of the journey to owning a first home – a time to save for a deposit, or to start buying items that will eventually become, quite literally, part of the furniture when becoming a homeowner. It’s also an important time to understand the legal obligations of your existing landlords and ensure that, whilst you’re busy acquiring all those important items, you don’t run the risk of them being damaged, or even worse, ruined, because of your landlord’s lack of understanding of what they need to do. So what, as a tenant, should you be looking for?
DOCUMENTS AT THE START OF YOUR TENANCY How to Rent Guide (England only) As a new tenant, you should receive a Department of Local Government and Communities How to Rent Guide at the start of your tenancy, which gives practical advice about what to do before and during a let. A guide which, as a tenant, you must confirm you have seen at the start of a new tenancy. An Energy Performance Certificate An Energy Performance Certificate (EPC) details the energy efficiency of a property and gives a rating from A (the most efficient) to G (the least efficient). An EPC should not only be available when a property is being marketed, but also on the first day of a tenancy.
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A Gas Safety Certificate A Gas Safety Record (GSR) should be in place to ensure that all gas appliances, pipes and flues are in safe working order and the inspection must be carried out by a qualified Gas Safe registered engineer. It’s important that this is then checked every 12 months. Evidence of a Tenant Deposit Scheme Landlords and lettings agents are required to register a tenant deposit with an approved Tenancy Deposit Scheme, to ensure that the tenant’s money is protected. If you don’t know where you deposit is, it is worth checking whether it is in a scheme of this kind. A record of electrical inspections Landlords have to ensure that any electrical devices within their rental property are safe for use and, therefore, it’s important to see records of electrical inspections completed – there should be one completed every five years.
SMOKE ALARMS AND CARBON MONOXIDE ALARMS Landlords – with properties in England – have to have at least one smoke alarm on every storey of their properties – even where only a bathroom is located. And, if any room contains a solid fuel burning appliance, such as a wood burning stove, a coal fire, or an open fire place, a carbon monoxide alarm must be present too. The alarms must be correctly checked on the
first day of any new tenancy, but it is then the responsibility of the tenant to regularly check the alarms are in working order – the Department for Community and Local Government recommend this is done once a month and, if they are not working, it’s important to urgently report it as a maintenance issue. There’s more to read at your-move.co.uk/ landlords/smoke-alarm-regulations
LEGIONELLA RISKS Legionella is an illness that resembles pneumonia and can be caught from hot and cold water heating systems, including storage tanks, which aren’t functioning properly, or have been stagnant for some time. This can lead to the inhalation of infected droplets of water contained in the air – which can prove fatal. It is the responsibility of the landlord to make sure the water supply is working properly and arrange for a risk assessment by a ‘competent person’ – someone who knows the sources of legionella, what precautions to take and how to maintain and control systems to minimise the risk. The Health and Safety Executive has a free document which can be downloaded, that explains this in more detail, plus there’s more to see on the Your Move website at: your-move. co.uk/blog/landlords-and-legionnaires-how-toprotect-your-tenants. All in all, the lettings regulations are there to offer protection ensuring that, for those planning to buy their first home, the transition from tenant to homeowner is a happy and, above all, safe one. For further details about lettings regulations simply access the Your Move website at your-move.co.uk/ landlords/guides/lettings-legislation-and-safetyregulations, or call into one of their branches – yourmove.co.uk/branches – for help.
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First Time Buyer August/September 2014
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Upwardly mobile ‘What goes up must come down’, says the old adage. Unfortunately, when it comes to mortgage interest rates, what came down must, eventually, go back up again. Kay Hill looks at the possibility of mortgage interest rate increases and how to prepare for the worst It’s not really a question of if rates will go up, rather of when, followed by the equally worrying questions of how far and how fast. The Bank of England Bank Rate, which influences mortgage interest rates, has been at a historic low of 0.5% since March 2009 (the lowest it has been in the Bank’s 321-year history), but that won’t go on forever. “Interest rates will definitely change within the next 12 to 18 months,” warns David Gallagher, director at Appletree Financial Solutions and a financial advisor for more than 20 years. “We will see a rate increase, but what we don’t know is how far and how quickly it will proceed. I think we will see regular 0.25% or 0.5% increases over the next five years.” The advice from the Bank of England’s Monetary Policy Committee, which sets the official Bank Rate, is that, barring anything dramatic happening in the economy, rises “are expected to be limited and gradual” and the rate is likely to settle below the pre-crisis average of around 5%. Even small rate rises, however, can make life difficult for some. Gareth Shilton, director of mortgage and loans provider Ocean Finance, says:, “It’s inevitable that interest rates will rise, and while the rise is likely to be gradual, every rate hike will have an impact on families who are already struggling to make ends meet.” Indeed, research by Ocean Finance suggests
Bank of England
EXPERT COMMENT When considering a mortgage, it’s really important to look at the ‘what if’
that seven million people will struggle to cover their mortgage repayments if interest rates rise by just 1%. To put it into real terms, if you take out a £130,000 repayment mortgage for 25 years at 1.5% interest you will pay just £520 a month. A rise to 2.5% will mean an increase to £583 a month. A return to the pre-crisis level of 5% would cost you £760 a month (and bear in mind that many who are now paying off their mortgages remember rates of 12% or more). “I’m not averse to scaring people who are borrowing money,” says Gallagher. “I use my own experience as an example – when I bought my first home in the late 1980s, the mortgage interest rate then was 15%. Some
scenarios; one of which is how you would cope with a sudden increase in your mortgage repayment. Interest rates at the moment are artificially low – back in the 1970s they were 7-8% and that was generally regarded as acceptable. I’m not saying, by any means, that I expect them to increase as much as that, but I have been preparing my clients for a slight rise for over a year now. If I meet a client that can only afford to repay £500 a month, then I automatically know that owning a property is not for them at this particular time – I am a firm believer in lending responsibly. With others, I factor in a buffer zone, making sure that they can comfortably pay a slightly higher amount just in case
I N T E R E S T R AT E S I N B R I E F
there is a change of circumstances. I think it’s also important to get into the
The Bank Rate (sometimes known as the Base Rate) is the rate of interest that the Bank of England pays on balances held by commercial banks and building societies, and is set by the Bank of England’s Monetary Policy Committee. The MPC meets monthly, to examine the financial climate and set the interest rates at a level which will keep the economy stable and inflation at around 2%. Movements in the Bank Rate influence the lending rates charged by banks and building societies, which in turn has a knock-on effect on the economy. In simple terms, low interest rates make it more attractive to borrow than to save, so stimulating spending – which is why the Bank Rate has been kept so low during the recession. However, when an economy picks up, workers demand pay rises so the price of goods rises, meaning that the Bank of England might need to raise interest rates to stop inflation going above 2%. When rates rise, people spend less, so limiting increases in prices and wages. As it takes one to two years for a change in Bank Rate to affect the economy, the MPC is always looking ahead – so, even though inflation is almost zero at the moment, recent wage rises warn that it could soon rise.
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habit of saving regularly; with a bit of forward planning you can be prepared for the Bank of England’s awaited announcement. Michelle Niziol Director, IMS Independent Mortgage Solutions
FINANCE
EXPERT COMMENT While national interest rates are still at an historic low, more buyers will be prompted to jump on the fixed-rate
buyers don’t understand the difference in seriousness between a £10,000 car loan and a £100,000 mortgage.” A recent survey by the Building Societies Association found that 52% of borrowers said they would struggle, or fall behind with mortgage repayments, when interest rates rise. The Association’s head of mortgage policy Paul Broadhead notes, “Concern from borrowers is natural – there are at least 1.85 million homeowners that have never experienced a rate rise, we’ve had a record low Bank Rate for so long.” So what can be done to protect against the effects of rises? Those who have already signed on the dotted line for a mortgage should be careful not to overreach themselves by taking on additional loans – putting up with secondhand furniture and old carpets is far preferable to being repossessed. For those earlier on in the process, being honest about your real expenditure is a good start – it’s no good showing your prospective lender three months bank statements of you living on a shoestring if that doesn’t represent how you really want to live your life – the affordability criteria are there for a reason. “You need to have a life as well as paying a mortgage, so try to build in a bit of comfort,” says Gallagher. It goes without saying that taking out a mortgage that’s a struggle now, when rates
are rock bottom, is likely to be a recipe for disaster. You can choose a fixed rate mortgage to protect against rises for a period of time, but be wary of short term offers, especially if they come with steep fees. “A lot of companies are offering two-year deals to entice people,” warns Gallagher “but after two years there’s a good chance that rates will have doubled. Five-year deals offer much greater security.” Kevin Mountford, head of banking at MoneySuperMarket suggests, “For anyone looking to buy their first home, it’s important not to be led by interest rates alone when comparing mortgages. Expensive fees can wipe out the potential benefit of a lower rate so always do the sums. Fixed mortgages provide security that your rate won’t change during the term of the deal. Variable rates tend to be cheaper, but you need to ensure that you will be able to afford your monthly repayments, if and when interest rates do rise.” Whether to fix or not depends both on circumstances and your attitude to risk; in Gallagher’s experience many first time buyers prefer to play it safe: “If the borrower has the budget to cope with increases, then the cheapest option is likely to be a tracker mortgage, but when you put it to the client, 90% will go for a fixed rate – because they don’t want the uncertainty of payments going up, they would rather pay a little more to fix it.”
mortgage bandwagon. It was widely predicted that the Bank Rate would rise in September, which forced many lenders to be more conservative with their mortgage packages. While there are still attractive deals out there, it’s safe to assume that many lenders will already be thinking ahead and playing things cautiously as it’s only a matter of time before the Bank Rate rises again. The national rate is important, but it’s not the be all and end all. High street banks will only use this as a guide, and it’s vital that applicants remember that the national Bank Rate and actual mortgage rates are very different – fixed-term mortgage buyers are often unaware of the hidden costs involved. There’s still a worrying lack of knowledge when it comes to the nuances of different mortgage packages, which is why expert mortgage advisers will continue to earn their corn for the foreseeable future.
David Ingram Founder, MyLocalMortgage.co.uk
First Time Buyer December 2015/January 2016
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Credit Clinic Experian expert, Joe Green, answers your credit-related questions
Emergency credit card I have a credit card, which I keep purely for emergencies. I am a first time buyer and I have recently seen a home that I am very interested in. I am now going to try and get a mortgage, but a friend told me that having a credit card, which I don’t ever use, could have an impact on my credit rating and therefore I might not get a mortgage. Could you advise me if this is true and, if so, what I can do about it? Molly Chambers Your ‘emergency’ credit card could certainly come in handy, especially if you’re suddenly faced with an unexpected expense and aren’t able to fall back on your savings. Although the impact this card is having on your credit rating will depend on the policies of any new lender you approach, it is likely to be positive and here’s why… If you are keeping to the card’s terms and conditions and it has been open for at least six months, then it is likely to be helping your credit rating. Lenders like to see a positive track record of responsible credit management. As you haven’t been missing payments on this card, or going over your agreed limit, this should all be positive for your credit rating. Some lenders also look at your ‘credit utilisation’ – which is a fancy way of saying how much you are using of the credit you have available. We’d recommend using no more than 50% of your credit limit and certainly to avoid maxing out any single account. Now, as you’ve not been using this card you’re utilisation on it will be 0%, so this is likely to be seen as a positive for credit scoring, so I wouldn’t worry too much about what your friend has told you.
What is a credit report? I am 25 years old and I don’t know anything about a credit score, or report. My girlfriend and I are moving in together and hope that
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we might be able to afford to buy a shared ownership flat. My parents are advising us of what do, as they are homeowners, and they told me that a mortgage lender would look at my credit history before they agree to anything. Can you explain what happens and how it all works? James Burnett Getting a mortgage is probably the biggest single financial commitment you will make in your lifetime. Your mortgage lender will probably use a process called ‘credit scoring’ to assess your creditworthiness, which is the likelihood you’ll keep up your repayments. Credit scoring looks at information from three sources. This includes information from your application form, such as salary and employment status, along with information they may already have about you, if you’ve been a customer before. They will also get your permission to review your credit report, to see how you have repaid any credit you’ve used in the past. All this information is scored based on that lender’s policies and rules to give your application a score. It is this score that will help a lender decide if they will accept your application or not. To give yourself a head start, order your credit reports now from Experian and the other two credit reference agencies and review the information in them carefully. As it’ll be a joint purchase with your girlfriend, suggest she checks her reports as well. Your reports contain information about how well you have managed any credit accounts you have held over the last six years, including credit cards, mobile phone contracts and even some utilities, so you might find quite a few records on there.
Over the limit I want to buy my first home and, about a year ago, I was advised to take out a credit card so that I could get some credit history. Rather stupidly, I took out several store cards and two credit cards and, instead of being sensible, I have run up quite a lot of debt. I know that I have gone backwards when it comes to buying my own home, but at last I have come to my senses and I am trying to
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. pay back what I owe. My mother has offered to help me and pay off some of the debt, which is really great, but I am wondering if this will make any difference to my credit rating. Could you please advise me of what I should do? Fiona McDonald You’re right to say that taking out a credit card can be a good way of building a positive credit history, as this can build some solid evidence to lenders that you’re a reliable customer. These cards will certainly be impacting your credit rating, but it’s hard to say how without a few more details of how you’ve managed them. For example, if you built up unmanageable debts, or strayed over your borrowing limits, then your credit rating is likely to have suffered. You’re certainly on the right track by paying back what you owe now. If you can afford it, try paying back a little more than the minimum payments each month. Only paying back the minimum on a regular basis could suggest to lenders that you might be struggling. Details of how you handle credit repayments stay on your report for six years, so it’s important that you try to avoid any missed payments or exceeding your credit limits as this will impact your rating for a little while and could prove costly if you apply for a mortgage in the near future. Lenders check your credit report to assess the likelihood that you’ll pay back on time, so if they spot any negative information this may be a cause for concern. Being too close to your credit limits can also be a negative, so it’s worth keeping that in mind. For credit scoring purposes, we recommend using no more than 50% of your credit limits if you can. If you want help understanding how credit referencing works and how to improve your Experian credit score, visit experian.co.uk/improve
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How to have a warm home but cut energy bills If weather pundits are to be believed, we’re in for one of the harshest winters yet and chilly winds equal soaring energy bills. Buying your first home is enough of a worry, even before you factor in heating it, but is there anything you can do to minimise your outgoings? NEW VERSUS OLD
EXPERT COMMENT We’re currently talking to mortgage providers and insurance companies. It makes sense that, if you have an HQM home and lower running costs, you’re less of a risk to lenders, so should have access to better deals. One mortgage provider is already on board and we’re hoping for others.
Stretching yourself financially to get a mortgage is one thing, but assessing how much you’ll pay for heating bills is often overlooked. Statistics show that the type of property you buy has a big impact on your budget, so being armed with the facts may help you make that crucial decision when choosing a home. Research from the NHBC found that, on average, annual heating bills for a ground floor, one bedroom flat in a Victorian property cost around £940 annually, but, for an equivalent newbuild home, are just £500. A three bed semi in a period building comes in at a whopping £1,670 per year, whilst its modern equivalent costs around £780.
Gwyn Roberts BRE New Homes and Communities Team Leader
EXPERT COMMENT Elmsbrook proves that sustainable living doesn’t mean sacrificing comfort, as the properties are designed to cope with climate change peaks of up to 10ºC, so they are warm in winter, but don’t overheat during summer months. We are creating a sustainable lifestyle here, which we hope will change perceptions and become the benchmark for future developments across the country.
Rosie Nesbitt Director, Fabrica Group
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NEW STANDARDS FOR NEWBUILD HOMES New homes may be cheaper to run, but the Code for Sustainable Homes – intended to make newbuild homes even more energy efficient – was abolished earlier this year. Recently launched at Grand Designs, the new Home Quality Mark (HQM) intends to give consumers a new standard to judge what makes an affordable and easy to run home as well as promote better home design, aimed at improving living conditions. Registered HQM homes will result in reduced household energy bills, and contribute towards an improvement in householders’ health and wellbeing. Created by BRE, the UK’s leading building science centre – which gift-aids its profits to the BRE Trust, a registered charity that works to improve the quality and sustainability of the country’s buildings and built environment. BRE says, “the HQM has been designed to empower and enhance the lives of both buyers and renters of new residential properties”. BRE believe that new homes meeting the highest HQM criteria will be up to 50% more energy efficient than existing dwellings in
the UK. Additionally, they are being built to ameliorate a wide range of health-related issues brought about by inferior quality housing. These include poor air quality, cramped and badly designed living spaces and the impact of climate change, such as flooding.
HOUSE BUILDERS BACK THE SCHEME So far, many house builders have already shown support and are contributing to study sites across the country. HAB, CALA Homes, Lendlease, Kier, Pocket Living, Weinerberger and Userhuus are all taking part and it is expected that, by the end of the first year, around one in five of all new homes (around 30,000 according to NHBC statistics) will have an HQM rating – a significant proportion of the UK’s new homes market. Current sites include; London, Oxford, Royston, Sunderland, Watford, Winchester and Witney, and range from affordable housing to larger five bedroom family homes. As well as energy issues, the HQM also focusses on what users want from a new home in terms of cost, location, healthy living and technology, with a star rating system with which to assess homes.
DEVELOPMENTS WHERE HOMES ARE CHEAPER TO RUN There are developments around the country where you can buy a snug, well insulated home, without huge energy bills. Elmsbrook in Oxfordshire is the first true zero carbon residential development of its size in the UK. Built by FABRICA by A2Dominion, these pioneering properties are part of the wider North West Bicester Masterplan, which aims to deliver 6,000 energy efficient homes locally. At Elmsbrook, 393 homes start from £302,500 for two-bed houses and all come with rainwater harvesting to reduce water usage and solar panels to cut heating and energy bills. Water and
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heating come from a combined heat and power plant and the homes have high levels of insulation and triple glazing. Owners can check how much energy they’re using and estimate costs through a tablet home information system, known as a Shimmy.
CUTTING BILLS IN PERIOD-STYLE HOMES Not everyone wants newbuild, but there are ways to make draughty period-style properties more energy efficient and save on bills. Tim Pullen is the spokesperson for The Homebuilding & Renovating Show, homebuildingshow.co.uk, where he gives tips and advice on how best to cut energy use and reduce costs. Pullen says that thinking about the following aspects of your home can help…
HOW OLD IS THE BOILER? Gas and oil-fired boilers tend to have a useful life of 10 to 12 years. By that time, they are getting expensive to maintain, and have lost efficiency. Check moneysavingexpert.com/ family/grant-grabbing to see if you qualify for a government grant, as a new boiler could cut heating bills by up to £300. Turning down your central heating could also help. Thermostats are usually on a wall, but the centre of the room could be up to four degrees warmer. The Energy Saving Trust has shown that each degree you turn it down cuts 10% off your heating bill.
DRAUGHTPROOFING The cheapest, easiest and most effective way to reduce energy bills is to seal gaps around windows, doors, floorboards, skirting boards, loft hatches and pipes through walls. Fireplaces can also make a big difference. In a typical house, 15% of heat is lost to draughts and, if you have an unused fireplace with an open flue, this rises to over 65%. Draughtproofing the whole house typically costs under £200, but you could save that within the first year.
INSULATE YOUR HOME Ensuring your home is properly insulated minimises heat loss, but bear in mind that 35% of heat can be lost through walls, but only 25% through the roof. Houses built before 1920 are
most likely to have solid walls and can still be insulated internally, or externally. Loft insulation should be 270mm of mineral or sheep’s wool, or 140mm of rigid foam. Grants are available. Check out which.co.uk/energy/creating-anenergy-saving-home/guides/insulation-grants/ for more information.
DOUBLE GLAZING
EXPERT COMMENT
Double glazing is good, but replacement units are not always the answer. Single-glazed windows lose a lot of heat, but secondary double glazing can come in at a tenth of the price of new double-glazed units and are just as useful. However, only 10% of heat is lost through windows, so be budget aware.
The BRE’s new HQM standard is an easy fit with Pocket’s sustainability ideals and strategies. We are extraordinarily proud of our Pocket homes and buildings, and we believe that the HQM will provide a platform for us to demonstrate why. Being a consumer facing standard, HQM encourages the education and
CONTROL POWER CONSUMPTION
empowerment of occupants, and Pocket
As the proliferation of electrical equipment has increased, so has the amount of electricity used – a steady rate of 2% per year since the 1960’s. You can minimise electricity consumption by using low-energy lighting, power-down plugs and A-rated appliances. Voltage optimisation cuts electricity consumption, by making sure equipment is running at the optimum energy level. This not only saves money, it also reduces CO2 emissions and extends your equipment’s life. Voltage optimisers cost approximately £350 and cut electricity consumption by around 10% each year.
BRE to ensure the HQM is adapting
applauds this. Pocket is working with for the urban environment, so that it remains relevant and applicable to all different types of housing, including rural, suburban and urban.
Russ Edwards Design Director, Pocket Living
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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
Felicity Gentle Head of Sales and Marketing, Viridian Housing
Tim Seward Head of Property Sales, Circle Housing
Starter Homes 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. Send your questions to: First Time Buyer 37 Ivor Place, London NW1 6EA
or email lynda@firsttimebuyermag.co.uk
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Q
I’ve heard that the Government is introducing a new product for first time buyers called ‘Starter Homes’, offering a 20% discount, but I won’t be able to afford to buy 80%. Are there other options? Yasmin West, Ilford
A
Yes, that’s correct, David Cameron announced the introduction of Starter Homes recently as part of the Government’s ongoing drive to increase home ownership. The full details are yet to be released, but the principle is that it will be available to first time buyers under the age of 40. They will be able to buy a new home with a 20% discount with a value cap of £450,000 in London and £250,000 out of London. It will be classed as ‘affordable housing’, which means developers can offer the product to satisfy their planning obligation, to deliver an element of affordable housing on their new developments. It will be attractive to some buyers, such as higher earners and those with access to a good deposit. It will, unfortunately, be out of reach for
lower earners. Don’t worry, though, traditional products for affordable home ownership, such as shared ownership, should still be an active part of the offering from housing providers developing their own sites. With shared ownership, you can buy a share from as low as 25%, depending on the specific scheme, making it accessible to lower earners. In addition, some lenders are offering mortgage products at 95% loan to value, which means you only need a 5% deposit if you’re eligible. For example, Centra Living is offering shared ownership at their Banbury Park development in Walthamstow, with shares available from £148,500 (for a 50% share), or at Sovereign House in Tonbridge in Kent, with shares available from around £79,000 (for a 40% share). Both schemes offer the opportunity to buy a brand new home with a strong level of specification and design. With shared ownership, you have the flexibility to stick with your initial share, buy extra shares until you own the property outright, or sell your share at any time. For more details visit centragroup.org.uk/ findaproperty or call 0845 304 1002. Tim Seward
EXPERTS
How is it affordable?
Q
I’ve seen a lot of new apartments being built near to Battersea Power Station and heard some of them are for sale through shared ownership with housing associations, which makes them more affordable. With minimum values of £500,000, I just can’t understand how these apartments will be affordable; could someone explain how this works? Joanne Shaw, Streatham
A
The area near to Battersea Power Station (called Nine Elms) does have a lot of new apartments being built, many being offered for sale through shared ownership, like you say. With shared ownership you only buy a share of a property, meaning both the deposit and mortgage you need will be less. For example a property valued at £500,000 would require the following deposit and mortgage*: Open Market Deposit: £25,000 Mortgage: £475,000 Shared Ownership Deposit: £6,250 Mortgage: £118,750 In this example, the total monthly cost of the shared ownership property (mortgage, rent on
What increases in rent and service charge?
Q
If I buy a 30% share in a shared ownership property, I pay a rent on the share I don’t own. I also pay a service charge. Can the rent and service charge increase in future years? Jack Maldon, Dagenham
A
When you buy an apartment, you are usually buying a leasehold property. This means that
the share you do not own and service charge) would be £1,215*. This is less than you would pay renting privately in the same area; for example, the average monthly rent for a one bedroom apartment there is £1900. So, you can see that shared ownership can work out to be an affordable option. Across the years, when you are ready and you’ve saved a bit more, you’ll also have the option to buy more shares and, when you do this, your rent will decrease. There are a number of shared ownership homes due to be built within Nine Elms, with
Viridian being one of the major providers. Viridian’s latest scheme, as part of the Riverlight development by St James, offers you the chance to buy 25% shares in one or two bedroom apartments. Take a look at wandsworthsharedownership.co.uk to register your interest. There are considerations when buying any property, including legal fees, potential mortgage costs and stamp duty, so bear these in mind when working out your finances.
you will pay a service charge. Service charges are set by the landlord to recover costs they incur in providing services to the building your apartment is in. The service charge is set out within the lease. The charge normally covers general maintenance and repairs, insurance of the building (not your contents), and, where services are provided i.e. heating, lifts, lighting and cleaning of communal areas. The charges will also cover estate charges i.e. gardening, management and audit costs, plus a contribution to a reserve fund for major repairs, cyclical repairs and redecoration. The service charge in the first year of a new development will be estimated, but in future years it will be based on the expenses incurred by the landlord to maintain the building. To support this, the landlord will provide audited accounts, usually around September, after the financial year has ended. They will advise if there is a
credit or deficit in the service charge, so you know exactly what you are likely to need to pay in future years. If there is a major expense which will be in excess of the reserve fund, the landlord will write to all residents of the building and consult. This is applicable to all apartments. With shared ownership, you pay a rent for the share you don’t own. In the first year that the property was built, there will be an initial rent of up to 3%. In future years the rent will increase, as set out in the lease. You will need to discuss this with your solicitor, but in the latest Homes and Communities model lease, which Housing Associations offering shared ownership use, the rent increases by the Retail Price Index (RPI) at a set point in the year, plus 0.5%. Rent and service charge changes will be effective from 1st April each year. Your landlord will write to you by March, to advise you what the new monthly payments will be.
Felicity Gentle
Tony Harker
First Time Buyer December 2015/January 2016
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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?
FUNDING OPTIONS
JARGON EXPLAINED
G O V E R N M E N T- B A C K E D 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.
NEWBUY FIRST STEPS
ARE YOU ELIGIBLE FOR A GOVERNMENT-BACKED 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 99.
BUYING ON THE OPEN MARKET 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.
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 PART-BUY, PART-RENT
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.
HOMES AND COMMUNITIES AGENCY 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.
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’. FUNDING OPTIONS
RENT TO HOMEBUY PRIVATE INITIATIVES
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).
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.
BUYING ON THE OPEN M A R K E T & P R I VA T E I N I T I AT I V E S
To buy on the open market or from a house builder you’ll need to get a mortgage from a bank or other mortgage lender. To do so you’ll need to save a deposit and meet the lender’s lending criteria.
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The ftb process F
TIPS
Unless you have enough money to buy a property outright you’ll need a mortgage. A mortgage is a loan used to buy a property and is normally repayable over 25 years. The loan is ‘secured’ on the property, which means the mortgage lender could repossess your home if you fail to make repayments on time. For this reason it’s vital only to buy a property you can realistically afford. Before you start, find out how much money you can borrow. A mortgage adviser at a bank will need details of your income, outgoings, savings and credit history – they will then be able to give you an ‘agreement in principle’, which will state, in theory, how much they will be able to lend you. An agreement in principle, however, doesn’t tie you, or the bank, to anything. Instead, it will just give you a rough idea of how much money you’ll be able to borrow. You’ll also need a deposit, normally at least 10% of the property price. The bigger the deposit, the better the mortgage rate you’ll be offered. Each mortgage product will have a maximum loan-to-value or LTV.
inance
APPLICATION You will need to have at least three months of bank statements, payslips or tax returns, a valid passport and information on any outstanding loans. Banks will look at your outgoings to assess how much you can afford to pay on your mortgage each month. The bigger deposit you have and the better your credit score, the better the mortgage rate you’ll be offered.
BUDGET Work out how much you can afford to repay each month. Look at your income and outgoings, including bills, council tax, food, insurance and travel. If you are buying a leasehold flat, you’ll also have to budget for service charges, so find out how much they will be.
MORTGAGE BROKERS VS BANKS 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
100
First Time Buyer December 2015/January 2016
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.
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
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 interest-only 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
BUYERS’ GUIDE
TIPS
RESEARCH AN AREA
T
Buying a home is a big investment. You need to buy a home you can afford and one you’ll be happy living in.
horough research
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.
If you like a property, aerial shots of the area can be viewed at earth. google.com
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.
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.
PROPERTY SEARCH
ESTATE AGENTS
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 a
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.
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.
SEARCH
Register with local estate agents, and use the internet to search for properties.
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.
VIEWINGS
Look at several properties, and visit ones you like more than once and with someone else.
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.
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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BUYERS’ COSTS SOLICITOR’S/CONVEYANCING COSTS £500-£1,500
MORTGAGE FEE
B
uying process
£0-£1,000
SURVEYS AND VALUATIONS
£0-£300
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. TIPS
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. Use a recommended solicitor who you know to be reliable and can move fast.
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.
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.
SURVEY £300-£500 (depending on the type of survey you have done)
LOCAL AUTHORITY SEARCH FEES £300 (included in your solicitor’s bill)
£50-£920
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.
(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
1%
EXCHANGE AND COMPLETION
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.
SOLICITORS
(depending on your mortgage deal)
LAND REGISTRY FEES
SOLICITORS A QUICK SALE
VALUATION
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.
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.
102 First Time Buyer December 2015/January 2016
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.
for properties costing between £125,000 and £250,000
3% for properties costing between £250,00 and £500,000
4% for properties costing between £500,000 and £1,000,000
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.
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).
GLOSSARY
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.
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 A broker is someone who gives you advice on your mortgage. Some are independent, while others work for lenders.
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.
The difference between the value of the property and the value of the mortgage you have secured.
This is when you exchange contracts with the seller. When this has happened, both sides are legally bound to complete the transaction.
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
FREEHOLD
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.
A freehold is when you fully own a property and the land it stands on.
REDEMPTION
GAZUMPING
Paying off your mortgage in full is known as redemption.
When a seller accepts an offer and then later on rejects it in favour of a higher offer from another bidder.
REPAYMENTS The amount you have to pay back each month to your mortgage provider
GUARANTOR
The finalisation of the sale. Completion day is when all money is transferred and you become the legal owner of your new home.
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.
CONVEYANCING
HIGHER LENDING CHARGE
The legal process of transferring ownership of a property.
If you take out a large mortgage on a property, some lenders charge you an extra fee. This is
COMPLETION
LEASE
EXCHANGE OF CONTRACTS
COLLATERAL Something of value that is offered as a guarantee against a loan. With mortgages, your home is collateral.
This is a fee you have to pay in order to register your ownership of the property with the Land Registry.
EQUITY
BUILDING SURVEY A survey carried out by a qualified surveyor to spot any structural problems or faults in the home you are buying.
LAND REGISTRY FEES
EARLY REPAYMENT CHARGE
ARREARS This is a term used to describe payments that haven’t been made on time.
because the more money you borrow the more of a risk the lender is taking.
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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10 things to know if you’re buying an apartment Buying a flat is more complicated than buying a house, because you don’t buy the land outright. Adele Barker, Director of Conveyancing at Beaumont Legal – First Time Buyer’s Best Law for Conveyancing for the past three years – gives 10 things you’ll need to know before you buy
1. The difference between freehold and leasehold A freehold property is one where you own the home and the land on which it is built, whereas a leasehold is where you buy the right to occupy a property that you share in some way with someone else. Flats are leasehold, because you share a building with other people, as are all shared ownership properties, which you share with a housing association. The lease is the agreement between parties, which needs to be checked by a solicitor, making leaseholds more legally complicated (and costly) than freehold. 2. How long is the existing lease? With a leasehold you’re effectively buying the right to live in that property for a set amount of time, which can be any amount up to 999 years. As time moves on and the lease changes hands, this value reduces, so it’s vital you know how long is left on the lease and a solicitor will check this for you. Mortgage lenders tend to insist that properties have at least 70 years left on their lease so, if you buy one with less than 80 years of lease remaining, you may struggle to sell in five to 10 years’ time. An extension can cost several thousand pounds and take many weeks to deal with, so, if the lease is running out, you should try to push to have it extended before you buy. 3. What are the service charges? You need to know how much ground rent and service charge you’ll pay to live in the property and who is responsible for general repairs of any communal areas, so you can budget accordingly. What exactly do the services charges cover and how often are these costs reviewed? This is a regular cost you’ll have to pay when you move in, so you don’t want it to catch you out later.
104 First Time Buyer December 2015/January 2016
4. What alterations can you make? Are you free to make any alterations you like to your property, or are there restrictions and, if so, what are the restrictions? These can range from the obvious (you can’t remove internal walls) to more subtle ones, such as making sure you keep the same style and colour of front door. If you have any big plans for altering the flat, check with your solicitor whether the lease allows those changes. You may need to get written consent from the landlord before carrying out any works. 5. Who is responsible for major repairs? Your service charges should include costs for general maintenance, but might not include costs for potentially major repairs, such as if the roof of your block of flats needs extensive work. If a large repair is needed, you should be aware of who will be responsible and how the costs will be shared? This is important as it may be something you need to budget for in the future. 6. What restrictions are there on the property? You’re finally going to have the freedom of your own home, but are you allowed to have pets? In some flats you’re not allowed to own a dog and in others you’re not allowed to play music after a certain time of night. Estate agents are unlikely to know all the restrictions that affect a property, so you should ask your solicitor whether there are restrictions that will stop you from doing anything that matters to you. 7. What hidden issues are there in the local area? You’ve most likely looked into the local area and whether it’s got what you want nearby, but what hidden issues are there
from its past and what’s planned for the future? Property searches can be ordered by your solicitor and highlight things like whether there’s planning permission for a supermarket over the road, or whether your new home is built on the site of former mines or quarries, which could increase the chance of a sinkhole opening up outside. 8. Will you just deal with a landlord or a management company? In a similar way to when you rent, the landlord owns the property and a separate company often manages it for them. You’ll be dealing with these people regularly, paying service charges to them and asking them to fix any issues that arise, so it’s important you know who you’ll be dealing with. Whether it’s a professional management company, or an individual you’ll deal with, you need to know. 9. What other costs are involved? Other costs can arise that can’t be predicted at the start of a transaction. For example, management companies can make extra charges for changing their records when a new person joins or leaves a property, and for administration fees to provide information you’ll need in order to get a mortgage. This can add a couple of hundred pounds on to the cost of moving, so it’s worth budgeting for. 10. Where to go if you need further help? While you’re buying, your solicitor will answer your questions but, once you’re in your new home, it’s important to know where you can go for advice. The Government’s Lease Advisory Service has a range of information for tenants and landlords and you can use it before or after you move, to check you know what you need to know. Visit it at lease-advice.org.
BUYERS’ GUIDE
Beaumont Legal is one of the UK’s largest providers of conveyancing and winner of First Time Buyer’s award for Best Law Firm for Conveyancing in 2013, 2014 and 2015. For information on the services it provides, visit Beaumont-legal.co.uk, call its new business team on 0345 122 8080 or email quote@beaumont-legal.co.uk
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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 825 6888 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 helptobuyeastandsoutheast.uk.com
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
1
11
10
1 8
Tel: 0800 456 11 88 helptobuysouth.co.uk
7
1) 2) 3) 4)
Gloucestershire Oxfordshire Bristol Bath & NE Somerset, Mendip and North Somerset 5) Wiltshire 6) Berkshire 7) Hampshire 8) Isle of Wight
2
12
9
6
3 4
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8 HELP TO BUY LONDON
1 HELP TO BUY SOUTH WEST Tel: 0300 100 0021 helptobuysw.org.uk 1) 2) 3) 4)
106 First Time Buyer October/November 2015
Cornwall Devon South Somerset Dorset
Tel: 0300 5000 996 helptobuylondon.co.uk 1) London
Map supplied by Help to Buy South
USEFUL CONTACTS ZONES, HELP TO BUY AGENTS & HELP TO BUY PROVIDERS – RECEIVE ADVICE ON PROPERTY FUNDING OPTIONS
LONDON
Bristol Bath & NE Somerset, Mendip
Help to Buy London
scheme but not the mortgage
contact the participating
and North Somerset
0300 500 0996
guarantee scheme. They
lenders directly.
Wiltshire
helptobuylondon.co.uk
have the authority to give
Berkshire
the go-ahead for you to
Hampshire
Share to Buy
purchase a home with help
Isle of Wight
sharetobuy.com/firststeps
from the equity loan scheme. The agents make other key
Please note:
decisions during the purchase
Help to Buy agents administer
process. For the Help to Buy:
the Help to Buy: equity loan
mortgage guarantee, please
MIDLANDS Tel: 0345 850 2050 helptobuymidlands.co.uk
LONDON Shropshire Tel: 0300 5000 996
Staffordshire
helptobuylondon.co.uk
Derbyshire Nottinghamshire Lincolnshire
EAST & SOUTH EAST
Herefordshire Worcestershire West Midlands
Tel: 03333 214044
Warwickshire
helptobuyese.org.uk
Leicestershire Rutland Northamptonshire
Norfolk Cambridgeshire
NORTH WEST
Suffolk Bedfordshire Buckinghamshire
Tel: 0300 790 0570
Hertfordshire
helptobuynw.org.uk
Essex
Cumbria
Surrey
Lancashire
Kent
Merseyside
West Sussex
Greater Manchester
East Sussex
Cheshire
SOUTH WEST Tel: 0300 100 0021
NORTH EAST, YORKSHIRE & THE HUMBER
Tel: 0300 100 0021 helptobuysw.org.uk
Tel: 0113 243 6893 helptobuyneyh.co.uk
Cornwall Devon
Northumberland
South Somerset
Tyne & Wear
Dorset
Durham North Yorkshire West Yorkshire
SOUTH
South Yorkshire East Riding of Yorkshire
Tel: 0845 604 11 22 helptobuysouth.co.uk Gloucestershire Oxfordshire
TO 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
First Time Buyer October/November 2015 107
USEFUL CONTACTS H E L P T O B U Y P R O V I D E R S – O FFE R I NG NE W B UILD SCHEMES, INCLUD ING HELP TO BUY ( SHARED OWNERSHIP ) AND REN T T O B U Y PROPERT IES Newlon Housing Trust
0800 012 1442
newlonhomeownership.co.uk 0800 058 2544
Shepherd’s Bush Housing
Affinity Sutton
CHS Group
affinitysutton.com
chsgroup.org.uk
0300 100 0303
0300 111 3555
Aster Group
Circle Living
aster.org.uk
circleliving.org.uk
01380 735 391
0845 304 1002
Chelmer Housing Partnership
Estuary Housing Association
chp.org.uk
estuary.co.uk
0300 555 0500
01702 462 246
sbhg.co.uk Notting Hill Housing
020 8996 6666
nottinghillhousing.org.uk 020 8357 4444
Southern Home Ownership sho.org.uk
Octavia Housing
020 7553 6420
octaviahousing.org.uk 020 8354 5500
Swan Housing Association swan.org.uk
One Housing Group
LONDON
Gateway Housing
onehousinggroup.co.uk
Association
0800 234 6242
A2Dominion New Homes
gatewayhousing.org.uk
a2dominion.co.uk/newhomes
020 8709 4409
0800 783 2159 Genesis Homes Affinity Sutton
genesishomes.org.uk
affinitysutton.com
033 3000 4000
0300 100 0303 Guinness Partnership (South) Catalyst Housing
guinnesspartnership.com
chg.org.uk
0300 111 321
0300 303 2500 Thames Valley Housing Association
Origin Housing
tvha.co.uk
originhousing.org.uk
0845 351 2345
0800 040 7989 Wandle Housing Association Paradigm Housing
wandle.com
paradigmliving.co.uk
0300 2000 116
0845 337 4877 Peabody
SOUTH EAST
peabody.org.uk
0845 601 7729 Hexagon Circle Living
hexagon.org.uk
circleliving.org.uk
020 8778 6699
020 7021 4444
A2Dominion New Homes a2dominion.co.uk/newhomes
Places for People
0800 783 2159
placesforpeople.co.uk
0845 304 1002 Home Group Clapham Park Homes
homegroup.org.uk
metropolitan.org.uk
0845 230 2074
0845 850 9571
Accent Nene accentnene.org
Sanctuary London
01733 295 400
sanctuary-housing.co.uk
020 3535 3535 Hyde New Homes East Thames
hydenewhomes.co.uk
east-thames.co.uk
020 8297 7555
0800 781 4755
Accent Peerless accentpeerless.co.uk
Servite Houses
0800 294 2280
Max McMurdo
viridianhousing.org.uk
0845 600 0830 Islington and Shoreditch Estuary Housing Association
Housing Association
estuary.co.uk
isha.co.uk
01702 462 246
020 7226 3753
Family Mosaic
London and Quadrant
familymosaicsales.co.uk
lqgroup.org.uk
020 7089 1315
0844 406 9800
Gallions Housing Association
Metropolitan Home
gallionsha.co.uk
Ownership
0300 123 1141
mho.co.uk 020 3535 2555
First Time Buyer December 2015/January 2016
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USEFUL CONTACTS HELP TO BUY PROVIDERS Family Mosaic
Housing Solutions Group
familymosaicsales.co.uk
housingsolutions.co.uk
020 7089 1315
0800 876 6060
Raglan Housing Association
Southern Home Ownership
raglan.org
sho.org.uk
0800 011 6420
020 7553 6420
Rosebery Housing
Sovereign Housing
Association
sovereign.org.uk
One Housing Group
rosebery.org.uk
0845 712 5530
onehousinggroup.co.uk
01372 814 000
020 8920 7777 Moat moat.co.uk
First Wessex
Howard Cottage Homes
firstwessex.org
howard-cottage.co.uk
0800 0191 470
01462 683 307
Flagship Homes
Hyde New Homes
flagship-homes.co.uk
hydenewhomes.co.uk
01603 255 444
020 8297 7555
0300 323 0011
01425 283 600 Worthing Homes worthing-homes.org.uk
0800 234 6242
01903 703 100
SOUTH WEST Swan Housing Association
Rosemary Simmons Housing
swan.org.uk
Aster Group
Origin Housing
Association
0300 303 2500
aster.org.uk
originhousing.org.uk
rsmha.org.uk
0800 040 7989
01372 461 440
01380 735 391
Genesis Homes
Jephson Homes Housing
genesishomes.org.uk
Association
Association
Cornerstone Housing
033 3000 4000
jephson.org.uk
Orwell Housing Association
Sanctuary South East
tvha.co.uk
cornerstonehousing.net
01926 339 311
orwell-housing.co.uk
sanctuary-housing.co.uk
0845 351 2345
01392 273 462
01473 218 818
0800 781 4755
Guinness Partnership (South)
Thames Valley Housing
guinnesspartnership.com
Knightstone Housing
London and Quadrant
CURO
0300 111 321
Association
Paradigm Housing
Sentinel Homescope
lqgroup.org.uk
curo-group.co.uk
knightstone.co.uk
paradigmliving.co.uk
sentinelha.org.uk/homescope
0844 406 9800
01225 366 000
01934 524 300
0845 337 4877
01256 338 800 Town and Country Housing
DCH
LHA-ASRA Group
Peabody
Servite Houses
tchg.org.uk
dchgroup.com
lha-asra.org.uk
peabody.org.uk
viridianhousing.org.uk
01892 501 626
01752 856 037
0116 257 6716
020 7021 4444
0800 012 1442 Western Challenge Housing
Elim Housing
Metropolitan Home
Places for People
Soha Housing
Association
elimhousing.co.uk
Ownership
placesforpeople.co.uk
Soha.co.uk
spinnakergroup.co.uk/
01454 411 172
mho.co.uk
0845 850 9571
01235 515 900
westernchallenge
Hastoe Housing Association hastoe.com 0800 783 3097 Home Group homegroup.org.uk 0845 230 2074
First Time Buyer December 2015/January 2016
111
USEFUL CONTACTS HELP TO BUY PROVIDERS GreenSquare
Rooftop Housing Group
greensquaregroup.com
rooftopgroup.org
01249 465 465
0800 0421 800
Guinness Partnership
Sanctuary Southwest
(Hermitage)
Sanctuary-housing.co.uk
guinnesspartnership.com
0800 083 9283
0300 303 8034 Severn Vale Housing Hastoe Housing Association
Svhs.org.uk
hastoe.com
01684 272 727
0800 783 3097 Signpost Housing Association sha.co.uk
Assoc. Ltd
0800 783 7837
jephson.org.uk
Nectar Homes
Derwent Living Housing
accentnene.org
Association
01733 295 400
derwentliving.com 01332 346 477
Acis Group acisgroup.co.uk
East Midlands Housing
0800 027 2057
Association emhomebuy.org.uk
Asra Housing Group
0844 892 9000
0116 257 6716 Black Country Housing
Family Housing Association family-housing.co.uk
Guinness Partnership
Merican Housing Association
0121 766 1100
(Northern Counties)
mercian.org.uk
guinnesspartnership.com
0121 322 7373
Sovereign Housing
bcha.co.uk
Friendship Care and Housing
sovereign.org.uk
0121 561 1969
fch.org.uk
0845 712 5530
08456 019 095 Bromford Group
0845 605900 Metropolitan Home Jephson Homes Housing
Ownership
Assoc. Ltd
mho.co.uk 020 8920 7777
Synergy Housing
bromfordgroup.co.uk
Heantun Housing Association
jephson.org.uk
Part of the Aster Group
0845 601 0878
heantun.org
01926 339 311
Places for People
synergyhousing.co.uk
placesforpeople.co.uk
01202 308600
0845 850 9571 Westcountry Housing Raglan Housing Association
westcountryha.org.uk
raglan.org
01803 200 300
0800 011 6420
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Accent Nene
Group
nectarhomes.co.uk 0845 850 4505
0116 223 3700
asra.org.uk
Jephson Homes Housing
01926 339 311
MIDLANDS
First Time Buyer December 2015/January 2016
01902 571 100 Caldmore Accord
Midland Heart Longhurst and Havelok
midlandheart.org.uk 0345 60 20 540
caldmoreaccordha.org.uk
Home Group
Homes
0300 111 7000
homegroup.org.uk
longhurst-group.org.uk
0845 230 2074
0845 309 0700
Muir Group
De Montfort Housing Society
yourownspace.org.uk
demontforthousing.co.uk
01928 728 0399
USEFUL CONTACTS HELP TO BUY PROVIDERS Nottingham Community
Broadacres
Housing Association
broadacres.org.uk
ncha.org.uk
01609 767 900
0845 650 1204
the Ultimate Guide to... GETTING ON THE LADDER, THE PROPERTY MARKET AND HOMEBUY
Crucible Homes Orbit HomeBuy Agents
cruciblehomes.co.uk
orbithomebuyagents.co.uk
0114 421 3430
0345 850 2050
Find out all you need to know about buying your first home
Equity Housing Places for People
equityhousing.co.uk
placesforpeople.co.uk
0800 733 233
0845 850 9571 Guinness Partnership Raglan Housing Association
(Northern Counties)
raglan.org
guinnesspartnership.com
0800 011 6420
0845 605900
Riverside Housing Association
Headrow Limited
riverside.org.uk
headrow.org.uk
0845 111 0000
0133 250 4337
Rooftop Group
Home Group
Wakefield and District
rooftopgroup.org
homegroup.org.uk
Housing
0800 0421 800
0845 230 2074
wdh.co.uk
Sanctuary North
0845 850 7507
sanctuary-housing.co.uk
Sanctuary Midlands
Jephson Homes Housing
sanctuary-housing.co.uk
Association
0800 131 3348
jephson.org.uk
www.firsttimebuyeronline.co.uk
NORTH EAST Accent Foundation Ltd
viridianhousing.org.uk
Leeds Federated Housing
accentgroup.org
0800 012 1442
Association
01274 717 500
lfha.co.uk South Staffordshire Housing
0113 386 1000
Association ssha.co.uk
Longhurst and Havelok
0800 096 8690
Homes
Staffordshire Housing
Muir Group
contourhousing.co.uk
yourownspace.org.uk
0845 602 1120
01928 728 0399
Cosmopolitan Housing
Outlook Homes
Association
outlookhomes.com
Tees Valley Housing Group
cosmopolitanhousing.co.uk
0161 248 2363
teesvalley.org
0151 227 3716 Eden Housing Association
placesforpeople.co.uk
Three Rivers Housing
edenha.org.uk
0845 850 9571
Association
01768 861 400
Bernicia
threerivershousing.co.uk
bernicia.com
08000 461 452
0844 800 3800 Two Castles Housing twocastles.org.uk
Guinness Partnership
regendahomes.co.uk
01642 707910
0191 261 4774
(Northern Counties)
0344 736 0063
Gentoo Sunderland
manninghamhousing.co.uk
gentoohomes.com
01274 771 144
0191 525 5000
guinnesspartnership.com
Association
0845 605900
NORTH WEST
riverside.org.uk
homegroup.org.uk
0845 111 0000
0845 230 2074
Guinness Partnership
accentgroup.org
0121 355 4501
yourownspace.org.uk
(Northern Counties)
01274 717 500
01928 728 0399
guinnesspartnership.com 0845 605900
wmhousing.co.uk
Outlook Homes
01214 574604
outlookhomes.com
Home Group
0161 248 2363
homegroup.org.uk 0845 230 2074
Places for People placesforpeople.co.uk
ISOS
0845 850 9571
isoshousing.co.uk 0300 300 1505
accentgroup.org Rosa Homes rosahomes.co.uk
Live Smart
0845 077 0027
livesmarthome.com 0800 028 3629
acisgroup.co.uk Sanctuary North
Association
Accent Foundation Ltd Muir Group
WM Housing Group
Riverside Housing
Home Group
waterlooha.org.uk
0800 027 2057
Regenda Homes
Association (North East)
Association
Acis Group
01772 450600
0800 733 233
erimushousing.co.uk
01782 744 533
01274 717 500
progressgroup.org.uk
equityhousing.co.uk
Erimus Housing Ltd
Manningham Housing
Accent Foundation Ltd
Progress Housing Group Equity Housing
0845 309 0700
staffshousing.org.uk
YORKS/HUMBER
Places for People
08000 461600
longhurst-group.org.uk Association
Waterloo Housing
Contour Homes
0845 850 9571
0800 781 0401
01926 339 311 Servite Houses
THERE’S NO PLACE LIKE OUR HOMEPAGE
Sanctuary North Impact Housing
sanctuary-housing.co.uk
Adactus Housing Group
impacthousing.org.uk
0800 781 0401
adactushousing.co.uk
03448 736290 Servite Houses
01942 608 715 Irwell Valley Housing
viridianhousing.org.uk
Arcon Housing Association
Association
0800 012 1442
arcon.org.uk
irwellvalleyha.co.uk
0161 214 4120
0800 035 2212
CDS Co-operatives
Knowsley Housing Trust
cds.coop
k-h-t.org
020 7397 5700
0151 290 7000
Chester and District Housing
Liverpool Housing Trust
Trust
lht.co.uk 01928 796000
Your Housing Group yourhousinggroup.co.uk
sanctuary-housing.co.uk
Places for People
cdht.net
0800 781 0401
placesforpeople.co.uk
0808 100 7701
01925 236 400
First Time Buyer December 2015/January 2016
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LAST WORD MARKET
Shaun Clarkson Interior designer Shaun Clarkson has a real penchant for the avant-garde and the extravagant and his company, Shaun Clarkson ID, is one of the leading interior design practices within the hospitality industry. He talks about his house in Norfolk, India and his grandmother’s studio
What gets you out of bed in the morning, coffee or tea? It is always tea as coffee is far too mental first thing in the morning. I have a cup of tea in bed and then have a coffee around 10 am. City or country? I love both and I have a bit of a duel personality as I live in London during the week and go to my house in Norfolk at the weekend. Norfolk is really lovely, but I can become quite reclusive when I am there, so I definitely need the buzz of the city. What is your most treasured childhood memory? My grandmother had an artist’s studio in her garden and I loved going there as it was a place where I was able to be very creative. A wonderful beech wood surrounded it and, in the autumn, the colours of the trees were amazing. It wasn’t far from where we lived and I enjoyed getting away from my rather mad family home and walking to this perfect little haven. What is your favourite holiday destination? I went to India in 1990 and it was a real eye opener, so it stands out as an amazing memory. It was quite unspoilt then and my holiday was a true adventure. How did your career start? I have a degree in Fine Art, but I realised quite early on that I was going to do something different. I used to go out a lot and went to nightclubs and was keen to create some different interiors in some of the bars and clubs I went to. I
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did Oliver Peyton’s Raw Club and the Atlantic Bar & Grill, which were very successful and lead on to me doing a whole host of bars, restaurants and clubs. Then I went on to other projects, including private homes across the UK. Tell is about your boutique holiday homes It is all based around the Cliff Barns concept and I realised that there was such a poor choice of holiday venues, I decided to do my own. Hotels can be very
First Time Buyer December 2015/January 2016
prim and proper and are not particularly child-friendly, or you go to a place and have to share a bathroom amongst 10 of you! I have two Norfolk ‘home-tels’: the rancho deluxe Cliff Barns and the stunning Grade II Carrington House, which also plays host to The Hollies – a very stylish bed and breakfast. I want to try and give people a great experience and a real fantasy weekend. Pitfield London is your first retail and cafe venture, tell us about it
This is the last piece of my jigsaw – Pitfield London is a lifestyle store in Shoreditch where I grew up. It offers a great selection of gifts, vintage pieces, designer wallpapers and carpets, reworked furniture and much more. The space has also hosted exhibitions by artists and designers and there is a cafe as well. I will also be extending it to provide workspace and meeting rooms soon, so it will be a place where you can live, work and eat. Tell us about your TV work. I was one of the dealers on the Channel 4 antiques show, Four Rooms and I have just done an episode for BBC1’s DIY SOS, which is on television early next year. It was an incredible project as we designed a house for a couple that had a very talented son, who had suffered 10 strokes and was very disabled. He couldn’t get in or out of the house, because the doors were too narrow, and he couldn’t even get into the bathroom. He had been an Olympic shot putter and is now training to be a rower, so he needed a workout room. We created a fabulous gym in the garden and changed the house, so it was perfect for him to move about in. Do you have a secret to your success? Never say no, say yes to work! shaunclarksonid.com pitfieldlondon.com cliffbarns.com carringtonhouse.net