EXPERTS
Agony agent 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 Independent Housing Consultant
Minnie Dando Head of Marketing & Communications, Hyde New Homes
Simon Scott Assistant Director of Commercial & Property Marketing, Origin Housing
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 the panel to give the advice you need. Email your questions to: lynda@firsttimebuyermag.co.uk
Where to start?
Q
I have been renting a one bedroom flat throughout the pandemic and found it expensive and really difficult to live in. The pandemic really made it clear to me that I need to find a well-designed property with outside space to buy, so I can make it a comfortable home. I’d like to find a home which costs me no more than £1,200 pcm – what I am currently paying to rent. I have £8,500 in savings – where do I start? Joanne Mitchell, Camden
A
We have been restricted to our homes for some time now and like you, many have found their homes are not suitable for home working and many people are missing outside space that’s vital for our wellbeing. This pandemic has really exposed a shortfall in the design of some homes, and buyers are now much clearer about what they want in a home, which is good news as often buyers had no idea what they needed when viewing. Having a wish list will help you reduce your search and focus on specific properties. It doesn’t mean you will get everything you want as this depends on your budget, so be realistic and know what is an “absolute must-have” and what you may be willing to compromise on.
There are a few affordable homeownership product options for first time buyers – these include Help to Buy: Equity Loan, shared ownership and the First Homes scheme. Based on the limited information I know, I think shared ownership may be the best option for you. Your savings will need to cover your legal costs, mortgage deposit, any lenders fees and moving costs, and don’t forget buying a home is only the start – you then need to buy furniture and all the things we take for granted – pots, pans, etc which can soon add up. Before you start looking at properties, speak with a mortgage broker who specialises in affordable homeownership so you know what price range you could potentially look at. Your substantial payments on rent can certainly secure you a home of your own. Next stage is to look for your new home using affordable homeownership property portals such as sharetobuy.com, keaze.com or regional Help to Buy agents via helptobuy.org.uk, or look through First Time Buyer magazine – all these sources give you useful information about buying. When you find a property you are interested in, contact the developer, housing association or local authority selling the property – you will need to register with them. Once registration is complete, they will arrange a viewing. Best of luck with your search to find your dream home. Tony Harker
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