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YOUR HIGH STREET ESTATE AGENTS
LOTS TO CONSIDER WHEN PUTTING YOUR HOME ON THE MARKET
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hen you are thinking of putting your property onto the market who would you turn to first?
Should you stick with the traditional high street agent or perhaps risk using an online or call centre agent? Whichever route you decide to choose, it’s important to consider the significant differences between the high street and the online agents. Local estate agents are backing a campaign to use high street agents, amid criticisms being made by the advertising watchdog for certain online agents “making unsubstantiated and misleading claims” in their advertising. A report last summer by Which? magazine highlighted Purple Bricks, HouseSimple, Hatched and other online agents for falling foul of the Advertising Standards Authority (ASA). HouseSimple was reprimanded by the ASA on August 16, 2017 for stating that its customers saved £5,000 on average in fees, in TV advertising and in similar claims on its website, without providing evidence to support its claims. This is the third time in the past year that HouseSimple has been rebuked by the ASA. Housesimple was criticised for stating customers could sell a home for £495, but not making clear that they had to use its conveyancing and mortgage advice services to get that price. They also claimed they were ‘three times quicker’ at selling properties than other estate agents in an advert displayed on the London Underground. However, the ASA didn’t feel its evidence was enough to prove that assertion. And Purplebricks has also had three rulings upheld or partly upheld against it since March 2016, with the most recent being issued July 2017. They were criticised for making what the ASA said were misleading and unsubstantiated claims about how much its customers could save in estate agent fees. In a TV ad and on its website, they said customers had ‘nothing to pay upfront’ to sell a property with them, without making clear that there is a mandatory fee that would need to be paid at a later date. What do online agent fees include? You can expect a package to include at least the basics needed to sell a home, such as listings on the main property portals. But extras, such as the agent conducting the viewings for you, are likely to cost more. When do you have to pay? With some online agents you will need to pay an upfront fee (meaning you have
Selling your home has never been more competitive with estate agents vying for your custom – but there are some factors to consider when deciding to go online or via the high street
to pay even if you don’t sell your property). Some will let you defer payment, but you may still face a fee even if you’re property doesn’t sell. You may also have to enter into a credit agreement with the firm. Companies that allow you to only pay on completion will often charge more for this option. How long will they market my property for? Packages can be time-limited such as 10 or 12 months, rather than your property continuing to be marketed until it sells.
Pros of using an online estate agent ■ Fees: In some cases using an online estate agent could be cheaper than using a high street agent. ■ Convenience: It can sometimes be easier to get hold of online estate agents. Their call centres are open during evenings and weekends, so they are able to deal with queries outside of working hours (although some high street agents now offer this level of service too). ■ Flexibility: Packages can be tailored to your specific requirements, and you can often track viewings and feedback online
(although some high street agents offer this, too). Cons of using an online estate agent ■ Lack of local knowledge: Even online agents with regional reps could struggle to compete with a high street agent who knows your neighbourhood and its property market inside out. ■ Legwork: Online estate agents may negotiate offers for you and act as a middleman to progress your sale to completion, but not all will. Taking charge of communications with
buyers and solicitors without the help of an agent could be time-consuming and stressful. ■ Viewings: Unless you pay extra you’ll usually have to conduct viewings yourself, so you’ll need to be comfortable showing strangers around your home and be available during evenings and weekends. ■ Paying up front: If you opt for this type of package, you won’t be paying on results. In fact, you’ll have to pay even if that company doesn’t end up selling your house. ■ Selling price: Because most online estate agents charge a flat fee rather
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Thursday, April 26, 2018
YOUR ADVANTAGE IN MAKING A DEAL First-time buyers, buyers with no chain and those with prearranged mortgages have a head start on most of the competition. If this is you, make sure the agent and seller are aware of this, as it provides a highly favourable negotiating position, especially if the seller is in a chain. If they are in a hurry to sell or have been trying to sell for a long time they may be willing to accept a lower offer. Those who are not in a hurry to move are more likely to hold out for a higher price. Set a budget ceiling from the start and stand firm. If the seller refuses to budge, think very carefully if the property really is worth the extra money. If there are few similar properties for sale in the area, chances are the seller has the upper hand. But if repair work is required, use this to justify a lower offer. In tougher times, when there are fewer buyers, sellers may be more willing to negotiate. Once the seller has accepted your offer, ask them to take it off the market. They don’t have to agree, but doing so will shut out other potential buyers. You then need to move fast, as the seller will want to see progress, so avoid any unnecessary delays in getting surveys and legal work done. The lender will arrange for a valuation to be done on the property. If you are buying an older property, one that needs repairs or just for your own peace of mind, you could consider getting a more detailed survey than the basic lender’s valuation. Ask your estate agent or find a surveyor at www.rics.org for a quote. From the seller’s point of view your estate agent will try to
than commission there is less of an obvious incentive to get the best-possible price for you. That said, they have reputations to maintain, and many companies claim they usually achieve the desired asking price. However, according to research conducted by GetAgent, half of online agent listings haven’t sold after 14 months. Almost half of vendors who switched from Purplebricks did so in the first two months. And out of those properties re-listed, 65 per cent had asking price changes. Purplebricks completed on just 57 per cent of the listings from January
2016, as of February 2017. HouseSimple completed on 58 per cent, Tepilo were even lower with a 48 per cent completion rate. GetAgent looked at 500 new listings by Purplebricks and other online agents from January 2016. They analysed the success of each of these listings from January 2016 through to February 2017, allowing 14 months. Analysts at Investec Bank have reported that Purplebricks sells 76 per cent of the properties it is instructed on. However, the debate rages with some questioning whether the figure is based on ‘completed’ sales.
secure as high a price as possible for you, but make sure you keep all lines of communication open and discuss every development. If you conduct the negotiations you will find that the initial offer is usually five per cent to 10 per cent below your asking price. These are the rules of the game, and buyers expect you to know this and to have set the asking price artificially high. When it comes to negotiating, don’t make too many concessions without getting something in return. If the buyer and the seller eventually meet in the middle, it should be because both have budged a bit, but as the seller, you are naturally in the stronger position. Find out the buyer’s position through a little bargaining. You don’t have to make a decision straight away. It is perfectly normal to take a day or two to think things over and then let the buyer know. Even when you accept an offer, it is not legally binding until contracts are exchanged. However, if you intend to change your mind as soon as a offer comes along, you should tell the buyer so before accepting the offer. Although not illegal, it is poor practice to simply drop a buyer after he or she has paid out legal and administrative expenses. When choosing a buyer, there are several factors you should take into consideration: While the price is obviously the most important consideration, other factors will also influence your decision. Check the buyer has agreement in principle with a mortgage guarantee issued by the lender. This assures you that the buyer actually has the
necessary funds to buy your house. If buyers rely on the proceedings from a sale this poses a disadvantage to you, since one fault in the chain can cause a breakdown and upset your entire time-scale. First-time buyers, buy-to-let investors and cash buyers are likely to be your best bet. The more potential buyers, the more likely that you can play them off against each other or even trigger a bidding war. Demand is usually highest if you are selling in early or late summer. But if you have a good property, there will be many potential buyers irrespective of the season. If you need to sell your property quickly, for instance, if you need the proceeds to buy a new house, your position is obviously weakened. In this case, the seller not being in a chain may be more important than the amount of money they offer. When interest rates are low and the neighbourhood you live in is becoming more expensive, you will be able to negotiate a much higher price. To get an overview of the condition of the property market in your area, check out the prices of properties sold recently through property transaction databases. If your property is in poor condition, interest will obviously be lower. It is not advisable to wait for too long, since the longer the property is on the market, the lower the price you will get for it, so you will have to be more flexible when considering offers. No matter how much you dislike the people who are about to buy your beloved home, if they are cash buyers and offer you a high price, it would be stupid to let this transaction fail.
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Thursday, April 26, 2018 Lincolnshire Echo
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YOUR HIGH STREET ESTATE AGENTS
LOCAL TOUCH IS SO IMPORTANT
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Agent Network offices around the UK. Director Kevin Scrupps said: “We believe a customer wants speed of service with transparent structures and while everyone needs to embrace technology we still feel a local office and personal service through the whole process really helps the customer’s journey. “As a company we invest heavily in London. technology, websites, property portals, The Pygott and Crone brand has social media and Google. Our 24/7 become synonymous with excellent availability online, on the telephone customer service with the company and with Live chat allows us to winning numerous industry awards engage with a client anytime of the over recent years, including The day anywhere in the world. Relocation Agent of the Year in “Pygott and Crone has more 2017. than 30 years’ experience in the And while the industry has Lincolnshire property market changed considerably since and provide a very personal their beginning in 1991, service, listening to our Pygott and Crone has clients objectives and guiding continued to adapt and them to a successful develop ever improving conclusion, our staff are all customer experiences, part of their local winning Feefo’s Gold communities and award for 2018. very proud to The firm represent their employs more local clients when than 130 staff selling as well as within the providing Estate Agency excellent advice and on people professional relocating to services and Lincolnshire.” are supported Pygott and by more than Crone Kevin Scrupps 600 recognise Relocation
ygott and Crone was established in 1991 and now has 12 offices in Lincolnshire with further bases covering Nottingham and
that clients want excellent service as standard, instant information, instant service and instant results as well as personal support and guidance. Mr Scrupps said: “I believe the agent of today has to offer all the mobile technological services but also provide great customer care and service. At Pygott and Crone we aim to find the balance consumers want including speed, efficiency, knowledge, support, advice and customer care. “The Estate Agent of today needs to be a mixture of the original high street agent offering all the traditional services, combined with excellent efficiencies and technology reaching the widest client base and achieving the best results. “We believe that you need potential buyers registered to discuss properties with, many client buy something totally different to what they first look for, this is often due to Professional Local Agents discussing how you can adapt a property, identify schools, services and much more. “Viewings need to be qualified for client’s security and financial ability to buy needs to be understood.” Mr Scrupps says the issue with many online-only agents is that they have no local office giving support, they charge a fee even if they don’t sell the property and charges are made if a client does not accept their solicitors and extras have to be paid.
Other issues often come after a sale is agreed and once a chain is created. Pygott and Crone provide all their services from instruction to exchange and completion with no upfront costs to the client. Mr Scrupps said: “We are very focused on maintaining buyer registration so that we can suggest properties to buyers and open up potential properties for consideration.
“Clients will choose the model/agent they prefer and choice is fantastic – however potential sellers should understand that there are very different levels of service which can affect the net price achieved. “To obtain the best price instruct the best estate agent, enquire about their sales success, after-sales support and fully understand any contract you enter into.”
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Thursday, April 26, 2018 Lincolnshire Echo
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YOUR HIGH STREET ESTATE AGENTS
Gemma Robinson
Caroline Johnson
Luke Ashmore
MARTIN & CO READY TO HELP
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ustomer care from start to finish is what makes High Street estate agents stand out from online-only services. Martin and Co Lincoln have built a reputation based on offering top customer service, where customers deal with the same person from start to finish.
Dawn Creswell
The advantage of using a high street branch means that you can regularly meet with the same person to discuss options – unlike online estate agents. Director of Martin and Co Lincoln, Dawn Creswell, said ensuring good customer care is one of the most important things to the company. She said: “We have the continuity of dealing with the same person from the valuation to the inspection and the viewing to offers. “You speak to the same face through the entire process. “Online you often find you go through to a call centre – you are not speaking to the same person and there is no continuity.” Mrs Creswell said the feedback from customers shows that having a regular person to speak to is incredibly important. She added: “When selling a
house it’s important to have someone there. “The main thing we have tried to do is keep continuity and there is a key person they speak to for whatever stage of the process.” The branch is part of a franchise of Martin and Co, which has more than 250 offices country wide. The Lincoln office was the eighth to be created and has a well established reputation for its customer service. Mrs Creswell said: “We have a team of staff with personal service and they are in the office everyday – that is one of our strengths. “We have knowledge and we have a retention of staff. “Everyone with the company has been here a while and with that knowledge comes experience.” The agents sell a range of properties but mainly see family homes sold across Lincolnshire. Martin and Co Lincoln have been trading since 2001 and have worked hard to build both an excellent reputation and a strong professional team. Working alongside Dawn Creswell on the property team are Amy Barber valuer and negotiator, Gemma Robinson sales and lettings administrator, Luke Ashmore valuer and negotiator and Caroline Johnson lettings administrator.
Amy Barber
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Thursday, April 26, 2018 Lincolnshire Echo
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YOUR HIGH STREET ESTATE AGENTS
GET YOUR MOVE ON WITH KINETIC
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ith an ever changing market Kinetic Estate agents based in Lincoln has all the benefits of a traditional High Street agency and online concepts while still having low and fair selling fees.
The dynamic and modern estate agency offers the traditional approach to selling homes along with an optional online only alternative. Combining the two approaches helps to give customers the best of both worlds, with both options having low selling fees without compromising on any level of service. Being an independent estate agent they pride themselves on offering first class customer service and the agency already has reams of five star reviews. The agency was established in August last year and it has already gone from covering just Lincoln Daryl to expanding out to Chappell areas such as
Grantham and Newark and surrounding villages as well. Directors Daryl Chappell and Rob Webb boast 20 years of experience between them within the estate agency industry, to help make the process as easy as possible and to make sure you get the highest price possible for your property. Daryl is positive that the approach of combining the two different concepts means Kinetic has the full package and shows the importance of
still retaining a high street presence. He said: “Like everybody, the online agencies have tried to reinvent the wheel. “What we have done is we’ve re-aligned it so to speak. “Maybe the days have gone of people trawling up and down the High Street and grabbing brochure from every estate agent. “However, the fact still stands that it is a face to face business that we are all in.
“We still need an office base in my opinion as people like to have a real person to talk to and it’s easier for all of the admin work that needs doing. “When an online agency are selling a property they don’t have anyone there to push the sale through and they don’t have a physical presence for you to talk to. “Contacting an online faceless business lacks the element of a local expert. Rob “With Kinetic you Webb can have the best of
both worlds, a physical office for regular contact and accountability along with low and fair fees. “In my opinion in the future I see estate agents moving to smaller hubs which will cover bigger areas.” Kinetic currently have four full time staff in total and they also have a self-employed mortgage advisor. Outside of normal working hours the team are still responsive and work long hours to make sure they can assist clients whether they are buying or selling. The estate agent also offers a more modern approach with dynamic technologies on offer. Daryl added: “We offer a range of high tech technologies from professional standard photography, virtual reality tours, floorplans, elevated photography and major portals such as Rightmove and Zoopla.” Looking to the future the team are also looking to secure a second office on the Nottingham and Mansfield border to help them with expansion. Also in the pipeline, Kinetic are looking into more modern methods of auction. If you want to get in touch with Kinetic you can find them on 35 Redwood Drive in Lincoln, call them on 01522 888884 or email them on sales@kineticestateagents.co.uk
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SES is our specialist subject SOLD
www.kineticestateagents.co.uk
With 20 years experience and local knowledge no wonder we’re in the hot seat...
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www.kineticestateagents.co.uk 35 Redwood Drive, Lincoln, Lincolnshire, LN5 9BN
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YOUR HIGH STREET ESTATE AGENTS
AGENT RISING TO THE CHALLENGE
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property portals Rightmove, Onthemarket.com, UKLand&Farms, and of course our very own regularly updated and recently revamped website JHWalter.co.uk “However this is probably where the similarity with pure online agents ends. “We don’t simply rely on posting our properties on the internet and The arrival of online agents has given people more options when they hoping for the best – though if one want to buy or sell a home, but doing were to be cynical, online agents don’t really need to hope for the best, as business the traditional way will most already have your money and always have a place on the High therefore no incentive to try and sell Street. your property.” Lincoln-based JHWalter LLP, who Mr Drabble, who has more than 10 were founded in 1790, operates both years of experience in the industry online and face-to-face. says the numbers show that online Valuer James Drabble said: “We only agents do have their limitations. often get asked the question, ‘you He adds: “Statistics show online must feel under threat from the online only agents fail to sell 50 per cent of agents?’ And our response is no, not really, as we ourselves are very much properties they have listed. “The online agents’ only way of online agents. getting interest in a property is by “We advertise on the most popular
he rise of the internet has presented a new challenge particularly to long-standing estate agents on the High Street.
hoping someone sees it online and gets in contact to view. “If this doesn’t work, the only option they have to try and generate some interest is to reduce the price and hope it will appeal to more buyers at a lower price. “Of course, eventually the price will be reduced low enough and it will sell, so you may be saving money on your estate agent fee, however you may risk losing a lot more, by selling your property for thousands of pounds less than it is worth. “Your property is generally your biggest asset, so we would ask the question why people would want to use a cheap option?” He also cites the personal experience of actually going out and speaking to staff who know their listed properties inside out. “We, however, in old speak, are ‘proper estate agents’,” he says. “We offer more traditional personal
services, including a dedicated, experienced, human sales team, who know everything you need to know about all the areas we cover. “They have visited every property we have on our books and understand our vendors’ situations and expectations. “We will accompany viewings to attain true feedback from potential purchasers. “We have an extensive mailing list of buyers and regularly send them details of listings, which then gives us a reason to call to offer any information on said properties, suggest other properties to view and generally instil some motivation to act. “If the potential buyer doesn’t want to view then we can find out the reasons why, and if it is relevant to the property in question, we can react with some positive action.” The additional fees charged by
online agents are also something JHWalter LLP are able to bypass. “Online only agents are charging anything from £35 per viewing, or extra viewing package for around £300,” Mr Drabble added. “Furthermore, they charge for an EPC (Energy Performance Certificate) ranging from £70 up to £85 and Premium Listing upgrade on Rightmove for £100 to £120. “One online agent recently marketed their offering to not pay until exchange offering fees from £1,495 the equivalent fee offering of many High Street agents. “We include all of these as part of our package at no extra cost along with professional photography and bespoke brochure. “So to discuss the sale of probably your most important asset and discover our surprisingly competitive fees, please give one of the team a call or pop in for a coffee.”
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jhwalter.co.uk
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Thursday, April 26, 2018
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Lincolnshire Echo
ECH-E01-S6
YOUR HIGH STREET ESTATE AGENTS
Meet the Northwood team, from left, Gethyn Evans – letting consultant, Lesley Tipling – administrator, Clair Foster – office manager, Imogen Beckett – property consultant and Adrian Taylor – director
REASSURINGLY TRUSTWORTHY
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our interest to get more for your property. “For online, you pay upfront and they don’t care if you sell the property or not. “We don’t make a penny if we don’t sell your house. “We believe we offer more value and offer more service for your money. “If there’s a problem, you want to know you can go to a shop and you can sit down and talk to somebody. “You don’t want to speak to someone in a Husband and wife co-owners Joanne and call centre who has not got a clue about your Adrian Taylor have been running the high house. street shop for seven years and say nothing “With a high street agent, you are paying beats speaking with knowledgeable staff. Northwood offers a full range of both sales for reassurance. “We get commission when it is sold, but and lettings services alongside a very that means we have done our job at that popularGuaranteed Rent Service– ideal for busy landlords who are looking for a reliable, point. “People are guaranteed to get a service fixed income each and every month. they paid for with us. Free independent advice is also on the “I am a firm believer in getting what you table for anyone wanting to pop into the shop for a chat with “absolutely no commitment”. pay for. “If we tell them they will get the best Adrian says using an online agent is not service they can receive, it is my job as the value for money and says if people go to a owner to make sure that we give them that.” high street agent, they will always be As of April 20, Northwood only had six reassured and have somebody to speak to. properties which they have only recently “I think online estate agents have their taken on in the past eight days as they say place, like everything in life,” he said. “But just because it is cheap, doesn’t mean their job is to sell them as quickly as possible which is why they have so little. it is value for money. “It’s about getting the right property, in the “You have to pay for your own viewings right place, and selling it quickly,” said and negotiator. It all adds up. Adrian. “They are not offering a like-for-like Adrian said it is the staff that make service. Northwood so good. “What you get from a high street agent, is “The staff make it,” he said. “We are the we do all viewings, follow-ups, and phone you same as every high street agent but what every week on the progress.” make us better is the staff. They have the Northwood make sure all their staff right knowledge, they know the housing members know each client’s property and market, and they know what the best price to they always have a “dedicated” person on achieve is. hand in the high street shop. “Everyone visits a house so it doesn’t “It’s about having the understanding,” he matter who the public speak to, they can said. answer every question down to their “Every high street agent will get more for knowledge and commitment.” your property than an online agent. It’s in
person you can trust – that’s the reassurance a house seller can be guaranteed at Northwood in Lincoln. The sales and lettings specialists based in Silver Street boasts more than 25 years of experience in the industry.
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Lincolnshire Echo
Thursday, April 26, 2018
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Thursday, April 26, 2018
Lincolnshire Echo
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ECH-E01-S6
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Lincolnshire Echo Thursday, April 26, 2018
YOUR HIGH STREET ESTATE AGENTS
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PREPARING TO BUY FIRST TIME
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what exactly is it? There are two sides to this scheme – Help to Buy: Shared Ownership and the Help to Buy: Equity Loan. The equity part launched back in 2013 and is available until 2020. It’s open to both first-timer buyers and homemovers – but is restricted to new-build homes. Under this part of the scheme, the buyer is only required to raise 5% of the property value as a deposit. The Government will then lend you up to 20 per cent of the value of a property in the form of an ‘equity loan’. The remaining balance can then be topped up through a mortgage.
enants paid a record £51.6 billion last year in the rent to private sector landlords alone – more than twice the total bill in 2007 – new figures show on the opening of First Time Buyer’s Fortnight.
Lettings network Countrywide, which made the calculations, said the increase has been driven both by rising rents and more people renting. Tenants paid around £49.7 billion in 2016, according to the report. A decade earlier, in 2007, the total rent was put at £22.6 billion. Countrywide’s analysis suggests that for the past 11 years the generation born between 1977 and 1995 have been paying the majority of total rent in Britain. It said that in 2017 millennials paid 59 per cent of the total rent, or just over £30 billion. Johnny Morris, research director at Countrywide, said: “The rental market grew in 2017. “More people joined the rented sector and average rents increased, meaning 2017 saw the highest total rent bill so far.” FIRST STEPS TO OWNING YOUR OWN HOME If you’re sick of renting (or living at home) now is your chance to do something about it. It’s first time buyer’s fortnight – two weeks of the year dedicated to helping renters move forward to homeownership – whether it be opening their first savings account or applying for a mortgage. And while owning your first home is no simple feat, where there’s a will, there’s a way, you just need to get started. Step 1 is to start saving. A help to buy or lifetime ISA is a good place to start – pay cash into these accounts and the Government will top it up for you (with up to 25 per cent more), at the end of the year. MAKE YOURSELF MORTGAGE ATTRACTIVE Getting a mortgage has become far more challenging since the introduction of tough new rules on affordability. There is lots of hearsay that people are being turned down for loans because they spend too much on
takeaway coffees or for other trivial reasons such as gym membership costs or beauty spending. While it’s true that finances are delved into more deeply, it’s signs of debt issues, over-stretched budgets and bad money management that they’re watching for. Those hoping to buy their first home should start their preparation long before they start looking for a property. You need to get your finances into the best possible situation – they need to be mortgage fit. 10 THINGS TO DO BEFORE APPLYING FOR A MORTGAGE 1 Check your credit report – You need to know how good your credit rating is and to ensure that all the information on your credit file is correct. If you have any black marks such as missed payments it is best to wait until your record improves. Not only will this increase your chances of getting a mortgage, a good credit rating means you will be offered the best mortgage rates. Get free access to your credit report via Experian, Clearscore or Noddle.
pay a regular amount above the minimum. 5 Pay everything on time – Always make sure you pay all of your bills on time. Late or missed payments will leave a mark on your credit report and that will set alarm bells ringing with lenders. 6 Don’t... making regular payments to gambling websites as lenders may think you are too much of a risk taker. Payday loans will be another warning sign that you are unable to manage your money. 7 Start Saving – Set up a regular savings account and prove that you can put money aside and are financially disciplined. This is something you’ll need to do once you have a mortgage so it’s a good habit to get into. The more you can save – and the bigger your deposit – the better the mortgage rate you will be offered. 8 Look beyond the mortgage rate – When you do apply for a mortgage make sure you do your sums so you know the total true cost of the loan. You need to include fees and know the cost over the term to ensure you get the best deal. Low interest rates often come with hefty fees. On smaller loans over a shorter term this can make a deal expensive.
2 Review your bank statement – You need show you can manage your money well and don’t struggle to make ends meet each month. If it’s already in a muddle then a lender will see that as a warning sign. Try and keep a credit 9 Know all the costs involved in moving balance. – Make sure you can afford all of the 3 Sort out your overdraft – If you can’t various costs and fees involved from get it paid off then think about taking your mortgage deposit to surveys, legal out a 0 per cent money transfer card or bills, Land Registry fees, and Stamp Duty (where relevant). a structured loan to get it cleared. But, don’t overstretch yourself and 10 Double check you can afford all your make sure you work out how much bills – As well as your monthly you can easily afford to repay each month. Don’t be tempted to spend on a mortgage, don’t forget to tot up the rest of your regular bills from council tax to 0% money transfer card – only use it energy, insurances, food and everyday to clear your debt . expenses to ensure you can afford 4 Sort out credit cards and other debts everything. Do a proper budget so you don’t end Look at your balance and try to get it as low as possible. Ideally you should keep up running up debt to afford all the it below 30 per cent of your credit limit essentials. and aim to pay off at least 10 per cent of the outstanding balance each month. FIVE SCHEMES TO HELP YOU BUY Make sure you make payments on time. FASTER Set up a direct debit to at least pay the 1 Help to buy minimum and ensure you don’t miss You may have seen billboards and payments. Or use a standing order to posters promoting ‘Help to Buy’ – but
What you should know: ■ Help to Buy covers new build properties valued under £600,000 only ■ It will run until 2020 ■ There is no interest to pay for the first 5 years ■ In year 6, interest (known as a ‘loan fee’) kicks in at 1.75 per cent ■ When you come to sell your home, the Government will take back its 20 per cent share. The idea with the help to buy equity loan is that, because you’re only borrowing 75 per cent from the mortgage lender, rates will be cheaper than on a 95 per cent mortgage. But don’t assume that’s always the case. See our guide on first time buyer mortgages explained . 2 Help-to-buy ISAs Confusingly, these are nothing to do with the help-to-buy schemes. Instead, they’re a tax-free savings plan for those building up a deposit. You can start one with £1,000 and then save £200 a month towards a deposit and eventually earn a Government bonus of 25 per cent of the amount you save, up to a maximum £3,000. The likes of Virgin Money, Buckinghamshire and Nationwide are paying around two per cent on their help-to-buy ISAs while Barclays offers 2.53 per cent. A warning – you don’t get the Government’s cash. Instead, it’s handed over to your lender as part of a deposit through your solicitor when you exchange contracts. If you decide not to go ahead with buying a home, you won’t get the Government hand-out.
3 Right to buy Tenants in England, Wales and Northern Ireland who rent a home from their local council may be able to buy their home at a discount cost. You’ll need to have rented for at least three years and there may be other qualifying conditions, which you will need to check with your own council. The scheme is currently being extended to include housing association tenants in England. For more information, visit righttobuy.gov.uk 4. Shared ownership This is when you buy just part of a home from the council or a housing association and then rent the remaining share. You’ll need a mortgage for your share, which can be between a quarter and three-quarters of the home’s value. You then pay rent on the remaining share and have the option to buy a bigger share later on. It’s a great way to make small steps onto the housing ladder. Find out more by visiting moneyadviceservice.org.uk 5 Lifetime ISA The Government’s new lifetime ISA has now launched – a scheme designed to give a boost to both new buyers and those saving for retirement. Eventually it will replace the help to buy ISA. The account offers a tax-free bonus of up to £1,000 a year (25 per cent of your savings) towards either buying your first home or saving towards your pension – but you must be aged 40 or under to qualify. You can put away up to £4,000 each year. The Government will then boost returns by 25p for every £1 saved up to that amount at the end of each tax year. If you’re a first-time buyer, you can then opt to use your savings as a deposit on a property worth up to £450,000. But, there’s a problem, just one bank is currently offering one as a traditional savings account, although many offer it as a stocks and shares account. While shocks and shares frequently produce a better return over a few years than traditional savings, it leaves you at the risk of a market crash just when you need to cash your money in to buy a home.
Property
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