FTB-Dec17Jan18 by The Ultimate Guide Company

the Ultimate Guide to... GETTING ON THE LADDER, THE PROPERTY MARKET AND HELP TO BUY December 2017/ January 2018 £3.95

firsttimebuyermag.com

WIN!

AN ECOAIR DC202 DEHUMIDIFIER WORTH £249

LEASEHOLD AND FREEHOLD EXPLAINED

MORE SUPPORT FOR HELP TO BUY

PROPERTY PRICES THROUGH THE EYES OF THE NATION'S FAVOURITE TV CHARACTERS

NEW SERIES THE STORY OF A YOUNG FAMILY STEPPING ON TO THE PROPERTY LADDER

“Deposits are always a stumbling block but save as much as you can” Ben Hillman

12>

TV presenter

9 771758 973014

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EDITOR’S LETTER

E D I T O R I A L – 020 7258 0036

Editor-in-Chief SARAH GARRETT sarahg@spmgroup.co.uk Editor LYNDA CLARK lynda@firsttimebuyermag.co.uk Senior Editorial Assistant DAWN HARKER

Junior Editorial Assistant PHOEBE DAWSON-WATTS

Creative Director RYAN BEAL

Sub Editor OLIVIA GREENWAY

Contributors DAVID BLAKE, CHRIS CLARK, RACHEL COLGAN, JOE GREEN, KAY HILL, ALASDAIR MUIR, LAURA DEAN-OSGOOD, ROGER SOUTHAM, GINETTA VEDRICKAS A D V E RT I S I N G – 020 7258 0036

Director of Advertising/Exhibition Sales LYNDA CLARK

lynda@firsttimebuyermag.co.uk Special Events EILIDH MACLEOD – First Time Buyer Home Show – First Time Buyer Readers’ Awards boom@squarepegmedia.com

Welcome Another year has passed and I am sure that like me you are looking forward to the Christmas festivities and welcoming in the New Year. It has been quite an eventual year as we had a general election and of course Brexit is still rolling along! It has been a very hectic time as usual and we are busy organising the next FTB Home Show, which is on February 17 at Stratford Town Hall. East London and Essex are real first time buyer hotspots and are undergoing a huge development programme. The show is a real one-stop shop to find out everything you need to know about how to get on the property ladder. There is a chance to meet housing associations, private developers, legal and financial experts and to find out about the Help to Buy scheme. It is free to attend and useful seminars on key topics run all day – do go to ftbhomeshow.com and register now and I look forward to seeing many of you there. We have also just launched our FTB Readers’ Awards 2018 and soon we will be asking you to vote. Our Awards are a real celebration of the very best in the property market and your votes mean so much. Voting online opens on 31 January 2018, so do make a note and go to ftbawards.com. I am sure that when you were growing up you all watched children’s television and there are some really iconic characters who appeared on our screens like Thomas the Tank Engine and Rosie and Jim. We take a look at property prices when they first aired and compare them to what you can buy today. Go to page 22 and have some fun and go down memory lane! Happy Christmas and I really do hope that 2018 is a great year and that you find your dream home. Until next time, happy house hunting

Accounts DAVID SELF david.self@ultimateguidecompany.com Managing Director SARAH GARRETT sarahg@spmgroup.co.uk Public Relations RACHEL COLGAN

firsttimebuyeronline

@firsttimebuyer

rachel@building-relations.co.uk SUBSCRIPTIONS 020 3874 1649

EDITOR’S PICKS…

Moving closer to family was our main priority and it was in an ideal location

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 2018 must be received before 12 January 2018. 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 2008-2018. 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.

We had always dreamt of buying our own home but never thought we could afford it. Danielle Dos Santos, East Enders, Page 54

Lisa Houghton, Good news for ftbs , Page 34

We have been speaking to a mortgage advisor and getting our application into shape Sophie Luck, House hunter, Page 14

If you are interested in buying a place of your own, you should consider shared ownership Simon Scott, Agony Agent, Page 80

We had to rent until we had saved up enough for the deposit

Chelsie Love, Real Life, Page 64

First Time Buyer December 2017/January 2018

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CONTENTS

DECEMBER 2017/JANUARY 2018 / ISSUE 68 / FIRSTTIMEBUYERMAG.CO.UK

What’s in… 61

For sale

Matthew Cox and Chelsie Love have an unusual story of how they bought their first home. They were able to ‘try before you buy’ and rent an apartment in the Redrow development, Morello Quarter, in Croydon before they bought one off-plan.

HOMEPAGE

9 FTB loves... A round-up of our favourite hot buys.

10 Living Add some sparkle and magic to your home this Christmas with these gorgeous decorations.

12 At home with... Sonia Bownes Sonia has been passionate about anything to do with craft all her life and started the London Craft Club.

18 The View: Ben Hillman

34 Good news as Help to Buy gets more investment

22 Memory Lane

The start of a new series following the story of a young family who, with the help of SiteSales, take their first steps on the property ladder and buy their dream home

She talks to Lynda Clark and explains what it is all about, and what her ambitions are for the future.

14 House Hunter

28 No pain, no gain

We try and find Alan and Sophie Luck their dream home around Bristol.

How much are you prepared to give up to get a foot on the property ladder? Kay Hill highlights a new tool from myvouchercodes.co.uk which should help first

Sally Parsons, Property Director for Annington answers your property question.

time buyers when it comes to cost cutting and saving.

Ben Hillman is a presenter on A Place in the Sun for Channel 4 and also runs his own interior design business. His story is fascinating and he tells Lynda Clark about how it all began, his latest move and gives some excellent advice for first time buyers.

There are some real iconic characters from children’s television programmes. From the latest research from eMoov.co.uk we look at the local property market from when they first aired to what you can buy now.

16 Developer’s doctor

FEATURED

With another £10billion government funding for the popular Help to Buy scheme it’s good news for first time buyers everywhere.

54 East Enders

First Time Buyer December 2017/January 2018

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CONTENTS BEN HILLMAN, PAGE 18

YOU NEED TO FORWARD THINK AND LOOK AT YOUR FINANCES AND GET EVERYTHING IN ORDER

FOR SALE

Ben Hillman

83 Buyer’s Guide

REGULARS

Check out FTB’s Buyers’ Guide, which carefully walks you through the property process.

59 The best FTB properties.

32 Hotspot

88 The freehold Vs leasehold dilemma

We look at Tonbridge and West Malling as a place to live.

66 First home, first meal Indulge yourself this Christmas with the help of these chocolate-coated mince pie truffles created by Nicky Corbishley who won the NEFF Cookaholic competition. We test out the best Christmas fayre from the UK’s leading supermarkets.

Competition Win an EcoAir DC202 dehumidifier worth £249.

Alasdair Muir, Senior Solicitor and Head of Affordable Home Ownership at Prince Evans Solicitors explains the important differences between leasehold and freehold.

90 Directory Where and how to contact your Help to Buy agents or providers.

72 Mortgage Clinic

98 Spotlight on...

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

We talk to some of the key players in the property world to get their views and ideas on how to get on the property ladder. This issue, it’s the turn of Lisa Westerman, Group Head of Sales, Plumlife.

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

76 Face saving Kay Hill discovers which are the best schemes and accounts to help first time buyers save for that jump on the housing ladder.

78 The generation gap The bank of gran and grandad is now outspending the bank of mum and dad but is this the best way for first timers to buy their dream home? Ginetta Vedrickas looks at the various options available.

First Time Buyer December 2017/January 2018

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LETTERS

Mailbox HELP WITH INSURANCE I am buying my first home and I know I need to get insurance before I move in, however I don’t know very much about it and what needs to be covered, could you please tell me which type of insurance I should get? Nigel Skull FTB: You are correct in saying you need insurance before you move in, as it is essential to protect your home and all your belongings. There are two types of insurance you should look at. Firstly, buildings insurance, which protects the building from damage such as fire, water and bad weather and, secondly contents insurance. Contents insurance protects your possessions inside the home if they are damaged, destroyed or stolen. It is important that you look at all your items and make sure you aren’t under-insured. Insurance can give you piece of mind and provides reassurance if something does go wrong. This issue’s star letter wins a Judge thermal gravy pot worth £28.56. Perfect when you have a roast and ideal to use for Christmas dinner, the gravy can be prepared at any time and simply poured into the smart, thermal pot, close the lid and it will stay hot for up to four hours. Unlike a traditional gravy boat, the thermal gravy pot is double walled (like a thermal flask) ensuring that temperatures are maintained. (For best results, pre heat the pot first with a little boiling water.) Judge, has added a larger 650ml pot, and both feature a hinged lid and non-drip spout and it can also be used to keep milk and cream cool and custard hot. judgecookware.co.uk 0117 940 0000

ASKING PRICE As a first time buyer I’ve recently started looking for my first property. I’ve found a house that I am completely in love with, but its slightly over my budget. Should I make an offer anyway? How set in stone is the asking price? And how close to the asking price should I be making my offer? Rosie Booth FTB: Essentially no, the asking price is not final. It is often a slight increase on the actual

valuation of the property. There is no harm in making an offer under the asking price. It is sensible to appear flexible, and if you seem willing to up your first offer slightly, the vendor may be more amendable to your offer. However, be prepared for the vendor to reject your offer outright if you can’t negotiate a slightly higher price. Do remember though, you are under no obligation to carry out negotiations on the property simply because you have made an offer.

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

THE RIGHT SOLICITOR I will have to find a solicitor to help me with the conveyancing of my first property. However, I have heard several horror stories from friends and family that solicitors in general don’t really have a good reputation so I’m a little nervous. Do you have any advice about how to go about finding a good reliable solicitor? Do I need one at all? Billy Calder FTB: Finding a good solicitor is important, particularly as a first time buyer. You can choose to do the conveyancing yourself, but without the legal expertise it can be risky. The first step in finding a solicitor is word of mouth. Ask those you know who

have already bought properties if they can recommend a firm. You can also check the law society’s regional directory (solicitors. lawsociety.org.uk) for local solicitors. If you have used a solicitor before you can contact them and see if they have a conveyancing solicitor or know of a good firm. Alternatively, you can now hire a licensed conveyancer rather than a solicitor, although check that they are registered with the Council for Licensed Conveyancers.

MORTGAGE MATTERS I am about to purchase my first property and I am really excited as I have wanted to get on the property ladder for a long time. However, as a first-time buyer I am not clear as to which mortgage would be best for me. My friends who have recently bought their own properties recommend a fixed-rate mortgage, but I don’t know. Emily Kirke FTB: We are really pleased that you are buying your first property and we understand how confusing mortgages can be. For any first time buyer it can be very hard to budget, and it is important that you are aware of what you will be paying and when, so you can budget around it. A fixed-rate mortgage will stay the same rate for a set time, usually between two and five years, whatever happens to the base rate (which is set by the Bank of England). After that set time has passed, the rate reverts

to the lenders standard variable rate. You can then usually renegotiate this rate with the lender. This option is good for you as a first time buyer as you will know exactly how much your mortgage will cost for that set period of time, and you can then budget your finances accordingly.

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

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FTB LOVES

s e v o l FTB

What’s hot in the shops? Always on the lookout for exciting and innovative new ideas and accessories that will help create the perfect space, here are our favourites this issue

Join the Curry Club A great and unusual subscription gift for a foodie, or a great way to expand your own cooking repertoire and bring a wealth of brand new flavours to your table. And you don’t need to be an expert cook, as the stepby-step instructions will coach you through the whole process. Discover the tastiest curries you’ll ever cook with the Lakeland Curry Club subscription box, created in partnership with the experts at The Spicery. The 3-month Curry Club subscription box 1 contains a welcome pack, a voucher to be redeemed online for boxes 2 and 3 which will arrive by post 4 weeks apart, a recipe card and a collection of the freshest spices for your first meal – an delicious Dhansak with complementing side dishes. In box 2 you can look forward to a Malaysian chicken Rendang and in box 3 you’ll find all the spices for Trinidad chicken curry. Each laminated recipe card features a shopping list and clear step-by-step instructions to guide you through every stage of the cooking process. Lakeland Curry Club 3month subscription gift box, £28 lakeland.co.uk

Winter wonderland If you are expecting guests this Christmas or just want to add a special touch to your bedroom, this alpine inspired bedding is perfect for bringing a cosy and festive feel to your home. With traditional tartan accessories and a snug fur throw it’s the perfect way to create your own winter wonderland. Stag head lamp, £27; Helena bed, £229; tartan duvet cover, £16; Scandi duvet cover, £12; fur throw, £30; tapestry truck cushion, £5; shaggy cushion, £9; merry and bright cushion, £6; red Christmas ball lights, £8; wooden tree decoration, £8; wooden hanging heart ornament, £4; mouse tea light holder, £3; cream hanging hearts, £3, George at Asda george.com

Spoil yourself! Christmas morning is a perfect excuse to spoil yourself and what better way to begin the day than with breakfast in bed. Enjoy the festivities from the start with this gorgeous breakfast in bed pottery kit, which includes a mug, teapot, plate, egg cup and bamboo tray. Elf mug, £3.50; caravan teapot, £8; Santa plate, £1.50; Deer egg cup, £5; bamboo tray £8, George at Asda george.com

Rudolph’s Christmas countdown Why not share the run up to Christmas Eve with Santa’s favourite sidekick Rudolph? These popping balloons offer a fun and unique way to countdown to the big day! This quirky calendar Includes 24 gorgeous red nosed reindeers filled with a chocolate surprise. Simply pop a nose a day and let the festive spirit grow as Christmas gets closer! Bubble gum balloons, £24.00 bubblegumballoons.co.uk

Rudol ph’s C hr istmas countdow

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Homepage LIVING

Walking in a winter wonderland

Tartan dinnerware set, £20; 12-piece blue and red dinnerware sets, £10 each; 16-piece Duchess cutlery, £20; maple decoration, 50p; pine cone garland, £5; mouse tea light holder, £3, crackers, from £3; candles, £4.50 for a pack of 2, George at Asda

Create your very own winter wonderland this Christmas and add some festive sparkle to your home

Gingerbread man tea light holder, £12, The Contemporary Home

Santa fa mily trivia , £3.49; £2.99; S 20 Santa anta Ho n Ho Ho g Santa sn arland, £ apkins, ow table 7.99; scatter, £ crackers 4.49; 8 , £5.99; Santa sa Santa bin Lakeland ucer go crack ers, £11 ,99,

Glitter robin, £7.50, M&S

Green glass crackled bauble, £2; mistletoe wreath, £10; mistletoe garland, £7; glitter prancing Stag, £4; glitter standing Stag, £2; LED canvas, £6; wooden LED Xmas, £9, Wilco

Wooden reindeer advent calendar, £30, The Contemporary Home

C ON TA C T S » Berry Red berryred.co.uk » Dobbies dobbies.com » George at Asda george.com » Lakeland lakeland.co.uk » The Contemporary Home tch.net » Wilko wilko.com » M&S marksandspencer.com » Sainsbury’s sainsburys.co.uk

First Time Buyer December 2017/January 2018

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Homepage LIVING Pom pom wreath, £20, Sainsbury’s

Confetti bauble, £4.49, Dobbies

Bench, £39; frosted tree cushion, £6; faux fur rug, £18; wooden house scene, £3; star lights, £5; pine cone lights, £10; pearl garland lights, £8; glass and wooden decorative dome light, £3, George at Asda

Christmas countdown, £29.99, Lakeland

LED Christmas house decoration, £11.99, Lakeland

LED glass angel, £9.99, Lakeland

Cracker crazy

Jumper crackers,12.99, Lakeland

Meri Meri Toot Sweet confetti crackers, £18.50, Berry Red

Nutcracker crackers, £19.99, Lakeland

First Time Buyer December 2017/January 2018

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Homepage LIVING

At home with:

Sonia Bownes

Sonia studied ceramics and glass for her degree and was always passionate about anything craft related. After spending many years working in education she decided to set up the London Craft Club, which has gone from strength to strength. She talks to Lynda Clark about how it all began, what crafty sessions the Club offers and her dreams for the future

“THE CLUB STARTED IN A VERY SMALL WAY AND WE MET IN THE BACKROOMS OF PUBS AND INVITED GUEST TEACHERS ALONG WHO WERE EXPERTS IN DIFFERENT FIELDS. IT GREW AND GREW AND I HAVE MET SOME WONDERFUL PEOPLE ALONG THE WAY” 12

FTB: How did the London Craft Club start? SB: I have always loved anything to do with craft and studied glass blowing and sculpture, which I really enjoyed. When I was a teenager we had a wonderful lady who used to lodge with us. She was an amazing seamstress and made everything from pantomime costumes to couture dresses. She was really inspirational and at 15 you always need something new to wear and she would help and teach me how to make the latest fashions – as you can imagine I thought she was wonderful and she really got me totally hooked! I worked in education for many years but was always into making things in my spare time. I then became a stepmum and we went on to have a son of our own and I was very busy. I really wanted to get a work/life balance and I had to work out what I really wanted to do. FTB: What did you decide to do? SB: The Club started in a very small way and we met in the backrooms of pubs and invited guest teachers along who were experts in different fields. It grew and grew and I have met some wonderful people along the way. Now we have 10 venues all around the London area and put on between six to 10 workshops a month. We

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Homepage LIVING usually have around 20 people attend and we cover everything from macramé, which is amazingly popular at the moment, to acid etching on to glass, decoupage, and feminist embroidery so it is very diverse. We also have social events, which are always great fun and a chance to meet up, chat and share ideas. FTB: What is feminist embroidery? It sounds very interesting SB: Well, embroidery has always been a favourite and Eleanor Flynn who is a stitch addict leads this session and she is inspirational. So to show our appreciation to the controversial trailblazers of feminism we stitch a likeness of some of the famous feminists through history. FTB: Is the Club open to anyone? SB: Yes, of course we want to inspire anyone and everyone. There are many people who come along and say they are not creative or have never done anything crafty. There is no pressure and we provide all the materials and the teacher always supports everyone. It’s also the social side as well and we aim for everyone to have fun. You would be surprised that so many beginners end up coming to lots of workshops as they get really hooked! FTB: Can you tell us about your home and the first property you bought? SB: We live in a rather curious terrace of Edwardian houses in East Finchley, which my husband bought about 10 years ago. They were originally built in this odd format of two long large flats on top of each other and is very unusual, as it is long and thin and a bit like a tunnel, but we have four bedrooms so it is really big. I bought my first place in Bethnal Green in 2003 when I was in my 20s. It was an ex council flat and I was working part-time as an artist and also in an art gallery so my parents very kindly helped me out with the finances. It cost just under £150,000 and was very modern and in a really smart road. I eventually rented it out and then I sold it, as we needed the money when we bought the home we now live in. FTB: What are your plans for the future? SB: Ideally I would like to not work from home but it is very convenient for picking my son up from school, which is only five minutes away. We are growing the London Craft Club and working with brands and bloggers, which is really interesting and varied. We go to various events and showcase different crafts, which are proving to be very popular. The Club is getting bigger and bigger and I just hope it continues to be so successful. londoncraftclub.co.uk

First Time Buyer December 2017/January 2018

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Homepage FIRST RUNG

The

HOUSE HUNTER

What we found… RIVERSIDE LIVING Factory’s View, Keynsham

RURAL ROOTS FROM £237,500

The Chill, Lansdown, Bath Silvertown

FROM £82,000*

This month FTB goes on the hunt with Alan and Sophie Luck who are after a two or more bedroom home in and around Bristol

PROFILE

Names GAlan Luck 43, Sophie Luck, 35 Occupation Personal trainer, chef Maximum budget £385,000 Requirements A two or more bedroom home with a terrace or garden, private parking and close to shops and pubs, and within a 30-minute journey to Bristol city centre

What she wanted… Alan and I got married earlier this year and the next step for us is to buy a home together. We have been renting a two bedroom flat in Bristol for a few years now and we’d love some more space. Alan has a son, Jamie who comes to stay quite a lot, so it’s essential that we have a bedroom for him. Though we live in the centre at the moment, we’re happy to consider areas that are a few miles out, so long as we can get into the city within around 30 minutes. Alan has clients all over the place that he visits, but I work in Bristol, so I wouldn’t want to live any further away than that. We’d like to be close to some nice walking and cycling areas, as well as some bars and restaurants – we both work hard and love to relax with good food and drink.“

The pretty town of Keynsham lies five miles east of Bristol, and is home to this new collection of two bedroom apartments and three, four and five bedroom houses. The two bedroom properties feature open-plan living areas that lead on to a balcony, well-sized bedrooms and plenty of storage. The town centre is a short walk away, along with the River Avon, which will provide plenty of pretty walks. Bristol can be reached in 15 minutes by train from nearby Keynsham station, or in 30 minutes by car.

Rural beauty abounds at this major new development close to Bath. The historic city is a 10-minute drive, while Bristol can be reached in just 30 minutes. There are several homes available through shared ownership here, ranging from one bedroom apartments to three bedroom houses. The homes have been created with modern living in mind, with open-plan living/dining areas, storage space and integrated appliances. The apartments share communal outdoor space, while the houses have their own private rear gardens.

taylorwimpey.co.uk

alliancehomesgroup.org.uk *Based on a 40% share of the full market value of £205,000

What she thought… We are really impressed by the properties on offer here. The interiors are lovely and bright, which is a big contrast to our dark period conversion flat. The location is good, too. Keynsham is a nice area and because the train station is so close, I wouldn’t need to drive to work, which is definitely more relaxing. It looks like there’s plenty to explore in the local area and I can imagine us all cycling along the river into Bristol or Bath.”

This is a rather lovely part of the world – we have always loved Bath and have visited many times in the past few years. Moving more into the countryside is something that’s always appealed to us, but we have never seriously considered it – perhaps now is the time! The homes look lovely, and the travelling times into Bristol are pretty good. We love the idea of being able to go for walks and cycle rides so easily, and Jamie would absolutely love it, too.”

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Homepage FIRST RUNG

COMMUNITY FEEL Portal@ Lyde Green, Bristol

COUNTRY LIFE FROM £184,000

Park Farm, Thornbury, Bristol

FROM £299,995

First choice! FA MI LY HO ME S ay, Bristol Frenchay Park, French

This popular new development situated nine miles from the centre of Bristol is home to hundreds of contemporary homes, ranging from one bedroom apartments to three and four bedroom houses. The homes are finished to a high standard, with open-plan living areas including integrated appliances, wooden flooring throughout and doors opening to a terrace or balcony. The two bedroom properties start at just £231,000 with open-plan living areas, a balcony, and kitchens with integrated appliances.

taylorwimpey.co.uk

We have watched this development being built for a little while now, as we drive past the area when we’re visiting Al’s family, so it’s really great to get a look at what’s on offer there. The homes are lovely – we love the clean, modern interiors, and the kitchens are so sleek! The location is quite good for us as well as it’s a pretty quick drive into Bristol, and we also really like the idea of living in a new community. I’m sure there would be loads of children Jamie’s age for him to make friends with.”

There are a range of two to four bedroom homes available at this pretty new development in the market town of Thornbury, just under 15 miles north of Bristol town centre. The two bedroom homes are well sized, with openplan living/dining areas that open to a balcony. Thornbury high street, for pubs, restaurants and shops, is a short walk away, and the village is surrounded by beautiful open countryside. Travel into Bristol by car takes around 30 minutes, while the development itself sits on the bus route to Bristol Parkway station. barratthomes.co.uk

These homes are beautifully designed – we like that there are plenty of storage cupboards – that’s really handy for all of Al’s sporting equipment! It’s a new part of Bristol for us, which we would need to explore, but we do like the idea of being so close to the rolling countryside. Thornbury looks very pretty – it’s really quaint and there’s even a castle as well as some nice places for Jamie to play football and run around in general, which is a really big positive for us.”

FROM £382,995

from three l family homes, ranging This collection of beautifu s north of ted in Frenchay, four mile to five bedrooms, is loca families and s is popular with student the city centre. The area The n. tow into s sport connection alike and has great tran hest ed and finished to the hig ign des are e her properties d over nge arra are ties per pro room standard. The three bed irs and nsta te lounge and diner dow two floors with a separa rooms bed the y pan om hroom to acc an en suite and master bat king. par ate priv and s den have gar upstairs. The homes also redrow.co.uk

THE NEXT STEP

“We love these homes and are very keen to get things moving forward. We’ve been getting advice from our families and spent a weekend wandering around the local area to get a feel for it and make sure it’s the place for us. At the same time, we have been speaking to a mortgage advisor and getting our application into shape.”

These properties are absolutely beautiful. It’s been so long since I’ve lived in a house and not an apartment that it would seem absolutely huge. I think it would be perfect for us and for our next stage in life as a married couple. I would love having a garden – I currently grow my own herbs in a window box, but I could grow a lot more in a garden. I know Jamie would love it, too, and it would certainly feel like more of a family home. Frenchay is a great area, I actually lived here when I first came to university in Bristol, and am really excited at the prospect of settling down in this part of town.”

First Time Buyer December 2017/January 2018

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ADVICE

Developer’s Doctor Sally Parsons is the Property Director for Annington, one of the largest private owners of residential property in the UK. Annington is best known for converting former Ministry of Defence housing into quality homes for the public. To date the company has helped over 17,000 homebuyers, many of whom have been first time buyers

Question… My husband and I want to buy our first home. We are currently renting a flat in Ealing and buying even a similar sized property is looking expensive. Given that we are thinking about starting a family, would it be better to perhaps think about investing in a bigger property and relocating to a more affordable area nearby? We have a budget of £600,000.

Answer … It’s a really difficult thing to plan for the future, especially when buying a property, which is likely to be one of your biggest life expenses. Whilst it can be helpful to plan ahead, it’s also important to think about your current needs in terms of work, commuting and also you may wish to stay close to friends and family. The key issue here is that you mention starting a family and this is where some of your home purchasing priorities may have to change. Suddenly you will require more space; not only another bedroom but also most families like a bit of a garden too and living on the top floor of an apartment block

SOUTHSIDE CLOSE Uxbridge

may not be so convenient. This means that a one bedroom flat in Ealing may be far from ideal in the long term and actually looking further afield and for more space may work out to be your best option. From Ealing you can probably head north or west to get a bit more house for your money. Areas like Hayes, Uxbridge and Maidenhead offer much better value compared with ‘trendier’ West End London in the inner commuter zones. Further north, Watford and Rickmansworth are also good choices, with a great offering of larger family homes, lots of open space as well as excellent commuter links into London. Of course you could look even further out of London and along the new Crossrail train line, which could provide you with some excellent options and even more house for your money. In terms of what you might be able to get for your budget at around the £600,000 mark, you would certainly be able to upsize from a one bedroom flat in Ealing to a three bedroom house in one of these locations. By way of an example, we have just launched a range of three and four bedroom houses at our Southside Close development in Uxbridge from £595,000. Ideal for families looking for more space to grow, the development has received many enquiries

FROM

£595,000

Annington has recently launched the first phase of its highly anticipated Southside Close development in Uxbridge featuring a stylish and contemporary collection of three and four bedroom new build homes on Honeycroft Hill. The stylish properties offer high quality finishes, with appealing open-plan living spaces and separate utility rooms. With underfloor heating downstairs, cabling to support the most up-to-date home media network systems and video and gated security for residents – these homes are really designed for modern lifestyles and convenience. Southside Close combines a leafy, suburban lifestyle with a sought-after

Sally Parsons, Property Director, Annington

from purchasers in exactly your situation. Additionally, Uxbridge is still on the tube line, in zone 6, and so is an appealing choice for families who wish to still feel connected to London but can benefit from more green space and more reasonable house prices. Obviously a little further down the line you will need to consider schools too. So make sure you factor this into your search criteria. Do remember that sometimes properties in areas with excellent and outstanding rated schools may add a bit of a premium onto your property price, so make sure you also build this into your budget, unless you have other school options in mind. It may seem like a long way off now but it’s sensible to build this into the plan as once you get settled in a new area, it can often make it harder to make another move. Of course, everything depends on your own priorities and so establishing what is most important to you and your husband is key. What I can say is that moving house can be expensive and once you’ve factored in stamp duty, legal fees and removal costs, you may not want to make another move any time soon. So, if you think a move to find more space is inevitable over the next year or two, it may be more financially sensible to make the bigger move now and save in the long run.

location on Honeycroft Hill. All the homes in the gated, private development will be finished to a high specification and come with landscaped gardens and off-road parking. The development also benefits from free cycle storage and an electric vehicle charging point. The development is just a short walk to Uxbridge station for the Metropolitan line and commuters can reach Baker Street in 39 minutes or Liverpool Street in 53 minutes. Southside Close boasts easy access to the A40 for day-trips to the Chiltern Hills or Oxford and Heathrow Airport is also just a short drive away. Prices at Southside Close start from £595,000 for a three bedroom house. southsideclose.co.uk or call 01895 230 777

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THE VIEW

! s e k a t t i t a h w t s Ju Ben Hillman has had an amazingly interesting life and is a presenter on A Place in the Sun for Channel 4. As well as running his interior design business he has recently moved into a new home and is busy renovating it. He talks to Lynda Clark about how it all began and gives his expert advice to first time buyers Ben is a hands-on sort of guy. His enthusiasm and passion for everything he does is infectious and he embraces life at full speed, which is very refreshing. He grew up in the '80s and his father had a small building and property maintenance business in Brighton. He says, “We worked out of a terraced house and the office was in the basement with a separate entrance. The guys turned up there to find out what their various jobs for the day were and I remember always having a chat with them. So, I think that without me knowing it, there was a seed planted in my mind that I would eventually go into property. Times were different then and it was the days when Margaret Thatcher was prime minister. My parents bought and renovated a terraced house, which had originally been a shop in the North Laine. My mum used to take me there after school and I remember when there was no roof on the building and standing in the basement and seeing the sky which was very exciting. When I was older I used to go out with my dad when he was working to earn a bit of extra money and I loved it. I would go up 15 storeys in a cradle and would think nothing of it, as I was always very hands-on.” At school Ben always enjoyed the creative subjects like art and design and technology and he knew that was the direction he was going to take. He did his A-levels at Cardinal Newman sixth form and then went on to do a foundation year at Brighton College of Technology and originally thought he would go into product design. “I didn’t really know what I wanted to do except that I wanted to keep life interesting and not get stuck in a 9-5 job. Looking back I should really have gone into interior architecture as there was a course at college but that is with the knowledge of hindsight. During my time at college I really got into lighting design and designed and launched F-LUX lighting which was one of the

world’s first portable LED lights and I also made a prototype furniture design for Conran, but it turned out it was too complicated to make – it was one of those lessons in life." Eventually he wanted to move to London and got an internship on Wallpaper magazine. “I applied to be a receptionist there but suddenly I got a job as their Special Projects Manager. I didn’t know anything and was way out of my depth really but they just said as long as you have a passport it’s go, go, go! I started by going to Milan as Wallpaper were exhibiting a special house at the Salon de Mobile by an Austrian architect and I had to oversee the project. It was very amusing when the fashion designer, Giorgio Armani came to see the house and mistook me for the architect. It was a fun time and I met all the movers and shakers in the fashion and interiors business which was quite an eye-opener.” Ben left Wallpaper and moved on to The White Company where he co-ordinated photo shoots and assisted in the styling of both their web and brochure photography. He enjoyed the creative side of the work but it was very office based and he became restless. He also decided he should buy a home of his own and found a tiny two bedroom apartment in Shepherd’s Bush. “It was in the Grampians Art Deco building which was incredible and had an oldfashioned cage lift, a porter and an amazing entrance. The apartment was on the seventh floor with great views and although very small I had an idea for creating a bed-cum-wardrobe-cum-desk unit in the second bedroom. Then I found out that the service charge was £3,000 a year and I had to say no but I really missed out on a great investment. My parents were freeholders of some flats in Brighton and a young couple who lived there had to renew their lease and decided to sell up. I then bought the place for £157,000 and lived there and rented out my spare

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THE VIEW

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THE VIEW

"DON’T BE PUT OFF BY HARD WORK AND DON’T BE FRIGHTENED TO GET YOUR HANDS DIRTY. IF YOU SEE AN OPPORTUNITY THEN GO FOR IT" 20

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THE VIEW

"DON’T JUST RELY ON PROPERTY WEBSITES OR ESTATE AGENTS AS I THINK THAT DOING YOUR OWN RESEARCH IS INVALUABLE. WALK AROUND THE AREA YOU WANT TO LIVE IN AND DON’T BE AFRAID TO KNOCK ON DOORS AND SEE IF ANYONE IS THINKING OF SELLING" room for a couple of years. I met my now wife and she eventually moved in and after about six years we got married and wanted to start a family so we needed a bigger place. We liked the area, but as is often the case it’s financially hard to go up the ladder and double your mortgage.” The flat that Ben and his wife lived in was a 1970s purpose-built block and had a flat roof. Instead of moving he decided that it would be possible to build an extension and build upwards, using the roof area. He bought the extra space and created the perfect design but the neighbours were not very happy with the proposed changes. His planning application was turned down but he appealed, then on the day he was due at the planning office to fight his case nobody turned up to argue, so he got planning. “It was an amazing space of 150 sq m and had three big double bedrooms and two huge glass skylights which let in masses of light. When we had our first baby daughter, Hope Blossom, it became a true family home and had wonderful sea views. However, there was no lift and it was on the second floor and as I often work away it became really hard work for my wife to carry up the shopping and the buggy so I began to have a look round to see if there was something more suited to our needs. “I was away filming A Place in the Sun in Costa Rica for five weeks so during that time I had some down time. I started looking online to see what properties were around and I found a house in Shorehamby-Sea, which looked like it had masses of potential. I looked at it on Google maps and it was in the ideal location so I called my wife and asked her to go and have a look at it. We ended up buying it even though I was away on location and had never actually seen it! It was quite scary, as we had to sell a couple of apartments we owned in order to buy it but it has so much potentiaI. I know that once I have done all the work I want to do on it, it will add a great deal of value to the property and is a really good

investment. It was quite crazy though as the sale went through and we moved in a week before our second daughter Honor Willow. was born. It is a 1930s Arts and Crafts semi-detached house which is totally unspolit and very well-built and really very lovely. I am going to do quite an extensive amount of work on it. I want to open up the downstairs and put in Crittall windows and Crittall style dividing walls. I have some great ideas and I can’t wait to get started on it. I’m very hands-on and love doing the renovation work myself. I am always very busy and I still love to design for other people too but it’s finding the extra time.” Apart from presenting A Place in the Sun, Ben has also been very busy making four episodes of 60 Minute Makeover with Peter Andre. Ben said, “It’s always great fun to work with Peter and I come up with the design which can sometimes be quite challenging but I love doing it. I even designed a nursery for Peter which was very special.” One of the highlights of A Place in the Sun was that he had to go to Australia and New Zealand and was able to take the family with him. “It was rather daunting taking my daughter Hope who was two-and-a-half and the new baby, Honor, who was only six months old as it is such a long way and I was frightened she was going to get really upset and bored but she absolutely loves flying and enjoyed every moment of it! Funnily enough when we were in New Zealand I really felt a strange attraction to the place. It is so laid back and I loved the pace of life plus it has amazing coffee! We were in a place called Dunedin, which was stunning, and I could have imagined living there but being away from family and friends was really one step too far! I love working on A Place in the Sun and I really love the show and I enjoy travelling too. I have had the opportunity to visit so many fascinating places and every one is different.” Ben has been on numerous television shows. His TV career started in 2010 when

he entered a competition on ITV’s This Morning programme called The Next Big Thing in interior design. His mum saw it being advertised and called him up and encouraged him to send in his showreel. “I thought in for a penny. . . there were 450 entries but I got down to the shortlist of 40 and then to the final four and eventually won! I then had six slots on This Morning presenting and explaining how to adapt and upcycle furniture to create unique and individual living spaces. I was over the moon to have won and I really loved doing it. I realised that I had found something I really enjoyed and put together another showreel and bombarded every production company I could think of with it. It eventually worked and I filmed three series of The Renovation Game for Channel 4 as well as You Deserve This House, 60 Minute Makeover and Auction Party with Laurence Llewelyn-Bowen. Ben has some very useful advice for first time buyers. “Don’t be put off by hard work and don’t be frightened to get your hands dirty. If you see an opportunity then go for it. I always advise anyone to look at the home they are buying and assess to see whether you can add value to it. Obviously it’s always very exciting as a first time buyer so it is quite right to enjoy the moment but it’s also important to look to the future and work out what opportunities there are when it’s time to move on. When it comes to mortgages it is a good idea to decide approximately how long you intend to stay there and if you can’t imagine living there for a very long time then don’t get tied up in a mortgage forever. It could backfire and exit fees can be very expensive but it is vital that you get the best deal. Deposits are always a stumbling block but save as much as you can. Also don’t just rely on property websites or estate agents as I think that doing your own research is invaluable. Walk around the area you want to live in and don’t be afraid to knock on doors and see if anyone is thinking of selling. Finally number crunch and look at your finances and get everything in order. You need to forward think and look to what the future might hold – if interest rates go up will you be able to afford the mortgage payments? Take all the bills you will have to pay into consideration and make sure you can afford to pay them. It’s just a case of being responsible with your money and your finances.” Ben has a great passion and love of property and is certainly multi-talented. His enthusiasm is really very infectious and after we finished talking I really wanted to rush home and think of some ideas to do some DIY on my own property! A Place in the Sun is on Channel 4 from 13th November

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SEEN ON SCREEN

Memory Lane

Whether it was Postman Pat, Thomas the Tank Engine or the Teletubbies, children’s television has always been a very important part of growing up. The latest research from estate agent, eMoov.co.uk, looks at some of the best-loved children’s television shows and their local property markets, to see who has enjoyed the best return on their property investment from when they were first aired Children’s Hour was first broadcast by the BBC in 1922 and is one of the earliest radio programmes. On TV the first real children’s programme started in 1946 after the end of World War ll when there was a live Sunday afternoon show featuring the famous puppet Muffin the Mule. The BBC has always been responsible for many iconic children’s programmes including Blue Peter, Play School, Jackanory, Grange Hill and Doctor Who, which is still aired today. Times have changed and now series like Peppa Pig, Paw Patrol and programmes on CBeebies are extremely popular. So looking back over the years we examine property prices when some of the favourite shows were on the television and compare them to what you can buy in today’s property market.

1952

n Bill and Be

Although no specification is given as to where Bill and Ben live, other than a suburban garden, they have had one of the longest runs on our television screens, first airing in 1952. Back then a detached house in England cost around £3,000. Today, that has increased a monumental 11,657% to hit £356,593, putting them at the top of the property pile where price increases are concerned.

FAC T F I L E

Live in: Suburban garden, England Value in 1952: £3,033 Current Value: £356,593 Increase: 11,657%

WHAT YOU CAN BUY NOW WOKINGHAM So Resi Wokingham

FROM £145,250*

So Resi Wokingham offers a collection of two, three and four bedroom homes available through shared ownership. Built to a high specification with spacious living areas, every house has its own private rear garden and turfed front garden and an allocated parking space. The mainline station is 1.8 miles away, with trains reaching Reading in nine minutes, Guildford in 28 minutes and London Waterloo in 68 minutes. When the Elizabeth Line (Crossrail) opens at Reading station in 2019, passengers will be able to travel through central London without needing to change trains. The one and two bedroom apartments are launching soon. A two bedroom terraced house starts from £145,250 for a 35% share. soresi.co.uk

*Based on a 35% share with a full market value of £415,000

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SEEN ON SCREEN

Putney’s 52 Festive Road is home to Mr Benn, from where he makes a visit to a local costume store for a regular adventure. This magical area has seen an impressive increase in property values since the show first aired in 1971, up 8,988%, with house prices now over 30% higher than the London average.

FAC T F I L E

Lives in: Festive Road, Wandsworth Value in 1971: £6,988 Current Value: £635,067 Increase: 8,988%

WHAT YOU CAN BUY NOW BATTERSEA

So Resi Battersea

1971

Mr Benn

Located just 400m from Clapham Junction, So Resi Battersea features a collection of shared ownership one and two bedroom apartments. The striking and contemporary building with green roofs is within walking distance of local amenities and Battersea Park. Nearby Clapham Junction station provides quick journey times of five minutes to Vauxhall and 10 minutes to London Waterloo.

FROM £112,500*

soresi.co.uk *Based on a 25% share with a full market value of £450,000

This saggy cat is the star of just 13 episodes but continues to be a staple today with British children. His owner resided in Canterbury where property values have increased 2,742% since Bagpuss first aired in 1974, now 18% higher than the average in England.

1974

Bagpuss

FAC T F I L E

Lives in: Canterbury, Kent Value in 1974: £10,110 Current Value: £287,339 Increase: 2,742%

WHAT YOU CAN BUY NOW

CANTERBURY Aylesham Village

This pretty collection of rural homes near Canterbury in Kent by Barratt Homes consists of one, three, four and five bedroom family homes. Blending modern interiors with traditional facades, these properties can be purchased with Help to Buy, only requiring a 5% deposit. The spacious homes at this development feature open plan kitchen and dining spaces and are within close proximity to Canterbury and all its amenities. barratthomes.co.uk

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Pooh and his friends live in Ashdown Forest in East Sussex and currently enjoy a 12% higher average property price tag than the rest of England. Since they first welcomed us to Pooh Corner, prices in the area have increased by 913%.

WHAT YOU CAN BUY NOW EAST SUSSEX Oakhurst Place

FAC T F I L E

Lives in: Ashdown Forest, East Sussex Value in 1983: £26,893 Current Value: £272,423 Increase: 913%

FROM £264,995

Oakhurst Place by Barratt Homes is a development of 110 new homes, ranging from two, three and four bedroom family homes in the popular seaside town of Bexhill. Currently available is an attractive collection of three bedroom homes, which can be bought with Help to Buy and just a 5% deposit. The stylish homes are finished to a high standard and are ideal for families looking for more space. Ideally located by both the seaside and the South Downs, the development is well located for all destinations along the south coast.

1983

Winnie the Pooh

barratthomes.co.uk

The South Coast Railway leads Thomas and his friends from London through Surrey into Brighton. The property price increase enjoyed depends on which end of the line Thomas is calling home but with a 817% jump at one end, and 1,254% at the other, he can’t go wrong with either.

WHAT YOU CAN BUY NOW Two Fifty One

Hyde New Homes has just launched Two Fifty One, providing 65 high spec shared ownership properties in a Zone 1 location. The development is located in a 41-storey residential tower, providing stunning views of the capital. Comprising one, two and three bedroom apartments, plus a private cinema, gym, winter gardens and security. Situated right beside Elephant & Castle underground station, it is also easy to get to Canary Wharf from London Bridge station which is only five minutes away by bus. hydenewhomes.co.uk *Based on a 30% share with a full market value of £445,000

FROM £300,000

1984

FROM £133,500*

SOUTHWARK

BRIGHTON

Thomas the Tank Engine

FAC T F I L E

Lives Between: Brighton and Southwark Value in 1984: £39,521 (Brighton) & £37,501 (Southwark) Current Value: £362,405 (Brighton) & £507,766 (Southwark) Increase: 817% (Brighton) & 1,254% (Southwark)

Norfolk Square

Moments from the beach this elegant one bedroom apartment in an historic period square is minutes away from bustling cafes, restaurants and shops. Behind the distinctive 1820s bow facade, the interior combines lovingly restored and refurbished period features. The raised ground floor benefits from a large fully fitted kitchen/diner, separate living room and a double bedroom. Hove and Brighton train stations are both under a mile away and provide regular mainline links for commuters. sawyerandco.co.uk

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SEEN ON SCREEN These two ragdolls live on a narrowboat by the name of Ragdoll, so they probably haven’t benefited from the increasing value of Birmingham property. Although the property values in Birmingham haven’t kept up with the English average (-28%), it does mean the area is more affordable. That said, they have increased by a notable 324% since Rosie and Jim first took to the water in 1990.

WHAT YOU CAN BUY NOW KINGS HEATH, BIRMINGHAM

1990

Rosie and Jim FAC T F I L E

Live in: Birmingham Value in 1990: £41,368 Current Value: £175,399 Increase: 324%

Fifteen The High Street

FROM £135,000

Regency Residential has launched Fifteen The High Street offering 32 deluxe one and two bedroom apartments expected to complete in the spring 2018. Each apartment has been completed to a high quality specification with a fully fitted kitchen and bathroom and a video door entry intercom system. Kings Heath is known for its urban village feel, boasting multiple independent boutiques and an organic café culture. The apartments are a 10-minute drive from Birmingham City Centre, with a regular seven day bus route into the city. regencyresidential.co.uk

Bernard has been using his watch to stop time and stop him from running late since 1997. When he first hit our screens the average Nottingham house price was £40,844, trailing the wider English average by 34%. Since then Bernard (or his parents) have enjoyed a 234% increase in property values. But he probably should have used his watch to slow wider market growth as the current average of £136,559 now trails the wider English average down by 44%.

WHAT YOU CAN BUY NOW

1997

Bernard's Watch FAC T F I L E

Lives in: Nottingham Value in 1997: £40,844 Current Value: £136,59 Increase: 234%

WORKSOP

Sparken Hill Gardens Sparken Hill Gardens, a development by David Wilson Homes offers a stylish collection of two and three bedroom homes designed to the highest specification. The Winton is a modern two bedroom home that features a quality kitchen and a lounge with dining area opening into the rear garden through French doors. The Archford is a family home with the master bedroom with en suite plus a further double bedroom, a single bedroom and a family bathroom. Help to Buy is available requiring just a 5% deposit. The development offers easy access to Retford train station, which provides easy access to Nottingham, Sheffield, Chesterfield, Doncaster and London. dwh.co.uk

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SAVINGS

No pain, no gain

Saving up for a first home inevitably means making a few sacrifices. But just how much are you prepared to give up to set foot on the housing ladder? Kay Hill looks at what might make a difference

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SAVINGS We may all grumble about the baby boomers and their grip on the housing market, but when they were saving up for their first homes it’s a safe bet that they didn’t spend money on takeaway chai lattes, deli subs and vitamin water. It’s not that they were especially virtuous in taking their Thermos of tea and Tupperware of ham sandwiches to work, it’s simply that those temptations weren’t a problem way back in the 70s. Now, however, young people who could be saving for a deposit are instead spending a fortune on food every week. According to the BBC’s Good Food magazine, 16 to 24-year-olds, despite earning the least, spend an overall £63.65 on food each week against the national average of £57.30, including £19.61 on takeaways, compared with the weekly average of £11.31 (and just £3.20 for those frugal baby boomers). On top of that they spend a weekly £28.26 eating in cafés and restaurants, while the typical spend among all adults is £17.22. It’s not just an issue in Britain; Australian millionaire businessman Tim Gurner recently kicked up a media storm when he blamed café life, in particular the joys of avocado on toast, for young people’s failure to get on the housing ladder. “When I was trying to buy my first home,” he said, “I wasn’t buying smashed avocado for $19 and four coffees at $4 each. We’re at a point now where the expectations of younger people are very, very high.” Money saving and voucher code discount website myvouchercodes.co.uk recently asked 2,580 people what they were prepared to forgo to save up for a deposit and found, contrary to the stereotypes, that first time buyers are most definitely prepared to economise. In fact, 64.5% would stop going on holiday, 62.6% would give up takeaways and trips to the pub and 41% would happily cancel their gym to fund their first home. But just 23.76% said they would move back in with parents, 5% said they would rather rent forever than give up the internet or SkyTV, 4% wouldn’t quit smoking and 2% were not prepared to give up alcohol. Managing director of My Voucher Codes, Chris Reilly, said the results showed that people still dream of homeownership, “Giving up trips in general, whether abroad or to the local watering hole, shows that people are willing to knuckle down and focus on the pennies they could be saving. Just don’t ask them to give up their small pleasures: namely internet, cigarettes and the occasional glass of wine.” To help first time buyers work out how little savings add up, the team at My Voucher Codes created a calculator, myfirsthomecalculator.co.uk which encourages people to put in how much they

spend on luxuries like takeaways and fancy coffee, as well as more essential spending, to see where they might economise. “We created this calculator as we understand the challenges that getting your foot on the property ladder can bring,” says content strategist Emilia Charidemou. “We wanted to create a tool which helps users identify where their money is going, where they can save, and offers tips on how to be savvy with their outgoings in order to prepare for their dream of owning their first home.” But there’s another elephant in the room (or should that be pug…). Evidently 70% of millennials own a pet, yet research by the PDSA puts the annual cost of caring for a dog at around £2,000, while a study by Nationwide Home Insurance on new pet owners found that in the first 12 months those buying a dog spent £4,791, cats cost £2,455 and even a rabbit set owners back £1,802. “People aren’t keen on cutting down on their beloved pets,” notes Emilia Charidemou, who decided against including pet costs in the First Home Calculator. But while we wouldn’t dare suggest ditching Fido or Fluffy, if you don’t already have a pet, why not wait until after you’ve moved in? Everyone has their own little money wasters – whether it’s takeaway coffees or taxis when you could get on your bike – but will giving up these small pleasures really make a difference to your house buying abilities? A recent study from finder.com looked at a variety of sacrifices and how long it would take each of them alone to save up a 15.2% deposit for an average flat in each of the London boroughs.

In the cheapest borough of Barking & Dagenham, with an average price of £200,000 for a flat, giving up fancy coffees for a flask of instant alone would take a horrifying 42 years to get you that deposit, while just taking packed lunches would take nearly 29 years. More successful would be cycling instead of public transport (9.9 years to a deposit) or moving in with parents (5.9 years). It all sounds rather depressing, but a bit of magic occurs when you combine all of the above, plus knocking £25 a week off your eating out bill. Suddenly, that deposit could be fully funded in 2.8 (albeit somewhat miserable) years. In fact, taking those measures could get you on the housing ladder in four years or under in eight different boroughs, including Havering (3.2 years), Bexley (3.3 years) and Enfield (3.8 years), although it rises to a scary 7.7 years of living on instant coffee in your old childhood bedroom if you were hoping to buy in Kensington & Chelsea. Commenting on the report, Insights and Marketing Executive at finder. com Noi Rotstein notes, “The only feasible way to save up for a house is to move in with your parents, which is not always an option. For less central boroughs, ditching transport costs in favour of a bike could save enough for a house in the ballpark of 10 years. Other frugal habits, although they would save money, won’t make a significant contribution towards a deposit, although a couple saving together would obviously achieve their goal twice as fast. What millennials hoping to buy a house need is a healthy salary and cheaper rent.” Now who could argue with that?

MILLENNIALS - WHERE DOES THEIR MONEY GO?

9 9 9 9 9 9

Takeaways £19.61 a week (BBC Good Food) Eating in cafes £28.26 a week (BBC Good Food) Mobile phone contract £27 a month (Moneysaving Expert) Dog ownership £2,000 a year (PDSA) Coffee £8.52 a week (myvouchercodes.com) New clothes £826 a year (Verdict)

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LOCATION

HOTspot Tonbridge and Malling – The commuter’s dream

FAC T F I L E

Average property price (September 2017) – £243,945 Property breakdown* (Tonbridge and Malling) Detached - £593,351 Semi-detached - £349,789 Terraced - £286,878 Flat - £219,053 *According to the Land Registry House Price Index, September 2017

With picturesque villages and beautiful surroundings on the doorstep, and great transport links to the capital, you’re never far from countryside pursuits or city life in this green borough in Kent

The borough of Tonbridge and Malling occupies a western sliver in Kent, a county famed for its rural beauty. It spreads from Wouldham, on the banks of the Medway and edges towards the East Sussex border at Tonbridge. Many pretty towns and small villages lie within the borough’s borders, and are popular areas for commuters – with travel times into London from areas such as West Malling, Tonbridge or Snodland taking as little as 45 minutes, via Ebsfleet. There’s also fast and easy access to major towns including Rochester, Maidstone and Tunbridge Wells, while the beautiful Kent and Sussex coast lines are never more than 40 minutes away. And even better for first time buyers, properties in the borough are more affordable than in other locations boasting similar travel times

HOMES AND RESIDENTS The various towns and villages that make up the borough are home to a wide range of properties. In picturesque West Malling and East Peckham, for example, you’ll find many historic buildings as well a great number of family homes built in the last century. Housing needs are also being met with new developments in areas

including Leybourne, while in Wouldham, a brand-new riverside community is in the process of being created. Peters Village will eventually provide up to 1,000 new homes, and will include its own village centre with shops, medical facilities and schools. Journey times from the Peters Village side of the Medway to the western area of Kent have also been dramatically reduced thanks to the new Peters Bridge. The area is popular with young families and professionals – according to the most recent census, the area boasts a high number of working professionals, with an average age of just 40. And with rising house prices in London and good commuting times, Tonbridge and Malling is fast becoming a favourite hot spot for first time buyers. Bluebell Hill

S O M E FA M O U S RESIDENTS • Actor Mark Rylance • Actor Naomi Watts • Musician Kate Bush • Musician Keith Richards • Model Kelly Brook

OUT AND ABOUT Tonbridge and Malling is perfectly located for enjoying the best of town and country life – from restaurants and pubs, to parks and watersports, there’s something for everyone of all ages. For laid back lunch or a cosy dinner, head to The Chaser Inn in Shipbourne. This vast old pub sits in a great country location, surrounded by heathland, and its classic menu and huge garden make it a top choice with locals. After a country walk, stop off at the Man of Kent in East Peckham. The pub occupies a pretty riverside spot and is the perfect place to enjoy a well-earned refreshment. In East Malling, try Frank’s Restaurant and Mussel Bar for a good selection of Belgian beer, friendly service and seafood, set within a stunning 16th century building. For tasty Caribbean food, try the Caribbean Queen of Kent in Aysleford, where Jamaican delicacies such as patties, dumplings and mac and cheese are a hit with loyal customers. And if you’re looking for a spot of tea and delicious home made cake and treats, head to Tea at Hilltop, a family owned café on the edge of a farm, with beautiful surrounding. countryside. Lovers of the great outdoors are truly

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LOCATION spoilt for choice in Kent, with endless walking and cycling routes on the doorstep. Walkers should try the Medway Valley Walk, which follows the meandering river, or head up to Bluebell Hill to be rewarded with beautiful views. Among the many other options, Haysden Country Park in Tonbridge, Penshurst Place and Gardens, and the vast Shorne Woods Country Park, are all well worth taking time to explore. Those seeking a little more adrenalin should take a trip to Nemes Diving and Watersports in Snodland. Here you can learn to scuba and even take group trips to world famous-diving destinations. You can also make the most of the River Medway at Medway Watersports, where you can learn to sail, canoe or powerboat. When it comes to entertaining the kids, Diggerland – a theme park with a difference – is a surefire hit with young ones. Groomsbridge Enchanted Forest, which runs themed seasonal events throughout the year, is a popular choice with parents and children alike.

SHOPPING Though some of the pretty villages and towns are less equipped for extensive shopping than others, you’re never far from a good high street or supermarket.

shop stocking local produce, with a café and monthly farmers market.

TRANSPORT

West Malling

West Malling, for example, has a Tesco Metro and Boots, as well as some good independent shops, but for bigger shopping lists, head to nearby Maidstone, which has several malls. Dartford, a few miles north, is also home to the huge Bluewater shopping centre, where you can’t fail to find whatever you need. The larger town of Tonbridge, which has somewhat of a village feel to it, has a good range of local stores, from supermarkets to gift shops, and shoppers can enjoy a historic market every Saturday in the town centre, where stallholders sell everything from clothing and homewares to fresh fruit and other local produce. Food lovers can get their hit of foodie heaven on the second Sunday of the month at Tonbridge Farmers Market. For a laid back and rather rural shopping experience, visit Spadework in Offham, which combines a garden centre and farm

Travel into London is fast and easy from many of the towns in the borough. From West Malling, rail services reach London Victoria in 50 minutes, while from Tonbridge, the journey is 60 minutes. Public transport to and around the surrounding areas is comprehensive, too, with trains running to areas such as Maidstone (28 minutes from Tonbridge), and Ashford (37 minutes from West Malling), where you can pick up Eurostar services to Paris, Lille and Brussels. Locally, several bus services travel through Tonbridge. Regular commuters can take advantage of the PlusBus pass, which, when bought with rail tickets entitles them to unlimited bus journeys on participating routes. 5 REASONS WE LOVE… …TONBRIDGE AND MALLING

1 Winding River Medway 2 Pretty towns and villages 3 Beautiful Kent countryside 4 Speedy transport links to the capital 5 Plenty of good pubs and restaurants

HOMES on offer in the area… PETERS VILLAGE

PETERS VILLAGE

Portland Gardens

LEYBOURNE

Kiln View

FROM £274,995

The Sycamores

FROM £TBC*

Forming part of the major new development, Peters Village, this new collection of homes sits on the east banks on the River Medway. The homes here range from two to four bedroom properties and enjoy and ideal location, with the beautiful North Downs and woodland on the doorstep, as well as fabulous local amenities in Wouldham, Snodland and West Malling. The two bedroom apartments are bright, spacious and very well sized, with an en suite from the master bedroom, and a balcony perfect for taking in the views.

This collection of two bedroom apartments and three and four bedroom town houses forms part of the new riverside community, Peters Village. Just moments from the River Medway, the homes on offer sit in spectacular surroundings with the River Medway and some of Kent’s most beautiful countryside nearby. For travel to London, Snodland rail station is a short drive away, from which trains take as little as 45 minutes. The homes have been designed beautifully, with energy efficient features throughout to help keep bills down.

The pretty village of Leybourne is home to this popular collection of homes, the latest phase of which is currently in development. With beautiful Kent countryside just moments from the door, good local amenities, and commuting times of under an hour from West Malling rail station, the new homes really do offer best-of-both-worlds living. The two and three bedroom homes will be finished to a high standard, with contemporary interiors, including fitted kitchens with integrated appliances, sleek wood-effect flooring and low-energy light fittings throughout.

bellway.co.uk

orbithomes.org.uk

*Shared ownership available from spring 2018

*Shared ownership coming soon

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HELP TO BUY

GOOD NEWS FOR FTBS AS HELP TO BUY GETS MORE INVESTMENT The government has announced it will invest a further £10 billion in the Help to Buy Equity Loan scheme, which is great news for first time buyers New funding means that the Help to Buy Equity Loan scheme could help around 135,000 more people to buy homes by 2021. The government will invest a further £10 billion in the Help to Buy Equity Loan, due to the popularity of the scheme across the country. More than 130,000 completions have already taken place by people using Help to Buy, which enables people to buy a new-build home with only a 5% deposit. The new funding means that it could help around 135,000 more people to buy homes by 2021 bringing the total number of households across England that would be supported through the scheme since it began in 2013 to around 360,000. Some 81% of home purchases using the scheme have been made by first time buyers, helping the total number of first time buyers to increase by 70% between 2010 and 2016. The housing announcement follows the most recent Help to Buy statistics which showed that over 320,000 completions have taken place using one or more of the Help to Buy schemes, including over 275,000 first time buyer households. The new funding expands the government’s commitment to help people get a foot on the property ladder. The chancellor has made it very clear that support for buyers must be matched with support for building so that, over the longer term, housing becomes more affordable. This means land must be made available in the right places to build the homes we need. The

government is now intending to consult on a package of planning reforms, building on the Housing White Paper. These commitments support further measures announced previously by the Secretary of State for Communities and Local Government. Since 2010, the government has delivered over 300,000 affordable homes, and more than double the amount of council housing has been built in the seven years since 2010 than in the 13 years before it.

HOW IT WORKS Help to Buy Equity Loan You raise at least a 5% deposit and the government loans you up to 20% interestfree for five years (up to 40% under Help to Buy London and up to 15% in Scotland), meaning you only need a 75% mortgage.  Available to first time buyers and house movers  Can be used only on brand new homes from approved builders  It can be used to buy a home up to £600,000 in England, up to £300,000 in Wales and up to £230,000 in Scotland this year, although the maximum amount in the Scottish scheme will reduce annually until it reaches £175,000 in March 2019  There is no interest charged on the government loan for the first five years, but after that there is a fee of 1.75% per

annum on the outstanding amount. This fee will increase each year by Retail Price Index (RPI) plus 1% of the fee  The fee does not repay the capital – you must repay the loan when you sell, redeem your mortgage or after 25 years, whichever comes soonest. You can also pay it off at any time but at a minimum of 10% at a time  You must repay the same percentage of the property value that you borrowed – so if you borrowed 20% of the value you must repay 20% of the current value at the time you repay. If your house has gone down in value this will mean you repay less, but if it goes up you will have to repay considerably more. A valuation charge will apply  You cannot extend the property or make substantial improvements to it

A cut in stamp duty for first time buyers is being considered in the autumn budget. The plan is worth thousands of pounds to help first timers get on to the property ladder. At the moment Stamp Duty is charged on all homes over £125,000. At the same time No 10 is pressing Transport for London and other public bodies to release unused land on which to build homes.

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HELP TO BUY CA S E S T U DY

Two years ago, Charlie London, 35, and his wife Jenny moved in to Charlie’s parents’ house near Maidstone in Kent after many years of renting. “It was a bit weird to go back at first, having lived away for so long” says Charlie, who works as a mortgage advisor. “But we were lucky because my parents have a decent-sized house and they converted a room into a sort of lounge for us and we had an en suite as well so we had enough of our own space.” The move paid off in June when the couple bought their first house at Barratt Homes’ popular The Orchards development in the village of Allington, which lies on the edge of Maidstone. “If we hadn’t lived back with mum and dad, there’s no way we would have been able to afford our deposit and we’d definitely still be renting now,” says Charlie. The couple managed to save £15,000 and used the government’s Help to Buy scheme to purchase a three bedroom property for £315,995. Their 5% deposit was £15,799 and their monthly mortgage repayments are £850. In the future Charlie and Jenny are looking to start a family but for now they are just enjoying being homeowners. “It’s really great to have our own space again. There’s nothing quite like coming home and we had friends over for the first time last weekend and we all said exactly the same. It’s exceeded all of our expectations and we’re so pleased and happy.” Comprising 98 two to five bedroom family homes, The Orchards combines traditional Kentish-style village exteriors with contemporary and spacious interiors. Smart features include high levels of insulation, energy efficient boilers, low energy lighting, solar access and even bat and bird boxes in the garden, designed to ensure that each home is ecologically, environmentally and economically friendly. Charlie continued, “We looked around a fair few properties and, for us, the quality of the build at The Orchards was a lot better than all the competitors. The furnishings and fixtures are really high end and you get a lot more space for your budget.” Charlie originally planned to commute to London for work but an opportunity came up at an office nearer home and his travel to work is now just 20 minutes by car. Four train stations are within a 4.5-mile radius, including Maidstone Barracks, Maidstone East, Maidstone West and Barming, providing different options for travel to London. A small selection of four and five bedroom homes currently remain for sale at The Orchards with prices starting from £492,995.

EXPERT COMMENT It is over 65 years since a Conservative conference committed the party to delivering 300,000 homes a year. With today’s housing challenge no less urgent, the prime minister’s plan to unleash the first major government housebuilding programme in decades indicates the kind of ambition we need to tackle the housing crisis. In 1968, councils accounted for 40% of all housebuilding and today’s plan is an acknowledgement that councils are an important part of the solution to the supply crisis, although it will be interesting to see how this announcement works with the recent expansion of Right to Buy. The RICS manifesto before June’s election said councils should be given the freedom to borrow

barratthomes.co.uk

against their asset base to build homes or support other providers. Whether this is through councils

CA S E S T U DY

building themselves or working in partnership, it’s a vital step

Lisa Houghton, 31, and her husband Anthony, 33, recently purchased their dream home using the Help to Buy Equity Loan scheme. The couple, from Lancashire, already owned their own home, but after having their little boy they decided they wanted to be nearer to family. Lisa explains, “We bought our first home 11 years ago, we then moved to Chorley where we had Jack, and it was then that we decided we wanted to move to East Lancashire to be nearer to family. We looked at other houses and other areas, but kept coming back to this site as moving closer to family was our main priority and it was in an ideal location.” The site in question was Dale Moor View, a Taylor Wimpey development in Rossendale. Situated on the outskirts of Rawtenstall, close to the beautiful Rossendale Valley, the development is still near to the town centre and amenities needed for daily life, something the couple really liked. “It’s really quiet and rural”, says Lisa, “We’re surrounded by trees and it’s so pretty. But we’re still close to the motorway and everything we need. It’s ideal.” The fact they could use Help to Buy was also perfect for the couple. As existing homeowners, they were able to use the equity from the home they were selling as a deposit, and also take advantage of an equity loan meaning they could buy their home for the future. Lisa says, “Without Help to Buy we wouldn’t have been able to buy when we did as we wouldn’t have had a deposit. We would have had to stay and save longer, so it definitely helped us a lot. I’ve been recommending the scheme to lots of people. Some have heard about it and some haven’t, but they all have lots of questions. I just tell them how easy and how much more affordable it was. The only advice I would give is to choose a solicitor and mortgage advisor who knows the scheme, as it makes things so much easier. This is our forever home, we’re not moving again! We couldn’t ask for anything more.”

towards fulfilling the ambitions of the Housing White Paper to deliver 250,000 homes a year. The success of the plan depends on the government’s willingness to tackle the other obstacles to building. Alongside the already announced measures we need bold reforms of the planning system and a deep-seated resolve to unlock the potential of modern methods of construction. These were central discussion topics at our reception with the housing minister this week, and we are looking forward to working closely with the government so the expertise of our professionals can be put to maximum effect.

Lewis Johnston RICS Parliamentary Affairs Manager

helptobuynw.org.uk

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HELP TO BUY

HOMES AVAILABLE WITH HELP TO BUY

HARROW

FROM £360,000

Lyon Square

Redrow announces the launch of Bradburys Court, the latest phase of luxury homes at Lyon Square in Harrow offering one and two bedroom homes for private sale available under the Help to Buy scheme. Located just a few minutes’ walk from Harrow town centre. With links to central London and the City in less than 25 minutes, the homes offer the perfect combination of convenience and contemporary living. The open plan apartments feature spacious modern kitchens, Siemens appliances, as well as underfloor heating throughout. All residents benefit from outdoor space with ground floor flats opening out onto terraces and all other apartments featuring balconies. There is also a resident’s gym, concierge service, underground parking, cycle storage and communal landscaped gardens. redrow.co.uk/lyonsquare

CATFORD, SE6

FROM £320,000

Excalibur

The first phase of new homes at L&Q’s Excalibur will offer 143 private sale and 39 shared ownership homes in Catford. A collection of 18 one and two bedroom apartments are available in the first release, with homes set around communal landscaped grounds. The open plan kitchen/living/dining areas incorporate fully fitted kitchens, complete with integrated appliances. Each apartment benefits from a private balcony. An increasingly vibrant area, Catford town centre is currently undergoing a multi-million pound regeneration programme, which includes the redevelopment of Catford Shopping Centre to create retail and community space for all. Excalibur is within walking distance of a number of local bus routes, which will get residents to nearby Catford and Catford Bridge rail stations in 16 and 14 minutes respectively. These stations offer fast services direct to central London, allowing commuters to reach London Bridge in just 12 minutes. Prices for the first release start from £320,000 for a one bedroom apartment, and from £385,000 for a two bedroom home. London Help to Buy will be available on all units in this phase. excaliburse6.co.uk

BRADFORD

FROM £125,000

FROM £96,950

Weavers Park

The latest development by Berkshire Homes is Weavers Park in Buttershaw, Bradford. The development will offer a range of 57 new apartments and townhouses, which combine traditional and modern living. The first phase of the development will be completed by the end of 2017 and a further two phases will follow over the next 12 months. The high-spec homes include a stunning fitted kitchen and appliances, together with a dining area. Open plan living is featured throughout the different property types in a variety of formats. Prices begin from £125,000 for a two bedroom apartment, £144,950 for a three bedroom townhouse and £179,950 for a four bedroom townhouse. All are available with Help to Buy. berkshire-homes.co.uk

BLACKPOOL

Langdale Gardens Situated near the Fylde coast, Langdale Gardens is a unique development of 15 apartments in Marton, Blackpool. The collection of stylish one and two bedroom apartments start from £96,950, with Help to Buy available. Each property includes a high-spec fitted kitchen, contemporary bathroom and a designated parking space. Nearby are schools, together with excellent local amenities and transport links to the M55. berkshire-homes.co.uk

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AFFORDABLE HOMES

YOUNG PROFESSIONALS FLOCK TO TOWER HAMLETS

According to research from Lloyds Bank, Tower Hamlets has been voted the sixth most popular hotspot for young professionals to purchase a home in the UK. For budding property buyers keen to make the move to this vibrant borough, L&Q, in partnership with the London Borough of Tower Hamlets, is launching Neo in Stepney E14 in early 2018 Neo is the latest phase of new homes within the Ocean Estate regeneration project, which is transforming the area and investing £220 million. The homes will comprise a contemporary collection of one, two and three bedroom homes, available for shared ownership, outright sale and social rent. Neo marks the next stage of the redevelopment of the estate, creating more affordable, high quality homes, in a place people love to live. Thoughtfully built around landscaped courtyards and home zones, the redevelopment has a focus on providing safe streets for the neighbourhood, and has already created a brand-new community centre and public open spaces for residents to enjoy. Tony Harker, Director of Sales and Customer Services at L&Q East region comments, “The popularity of Tower Hamlets has grown over the last few years, and is particularly appealing to young professionals, who are looking to settle

down in an area with excellent transport links around London. We are delighted to be working on Neo, the next phase of homes within the Ocean Estate regeneration programme, which will launch early next year. There will be 29 homes available under the shared ownership scheme, ideal for first time buyers or second steppers alike, who would like to jump on or move up the property ladder.” The shared ownership scheme at Neo will allow purchasers to buy a stake in their home (at least 30%) and pay a subsidised rent to L&Q on the remaining share of the property. Purchasers can buy additional shares at any time up to the value of 100%, increasing the proportion of the property they own whenever it suits them. Located at the heart of East London, residents of Neo will benefit from an abundance of shopping, leisure and entertainment opportunities, right on their doorstep. There are also a number of parks where owners can escape from city life. The

79-acre Mile End Park is only a short stroll from the development, whilst Stepney City Farm offers a lively café, shop and hosts a farmers’ market on a Saturday. Neo is ideally situated for travel around London, located just a short walk from Stepney Green underground station on the District and Hammersmith & City lines. Limehouse station is also nearby, connecting to Canary Wharf in just 10 minutes on the DLR. The area is well served by buses, connecting residents to central London and beyond. For more information and to register your interest in the new homes, visit neostepney.com

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AFFORDABLE HOMES

SHARED OWNERSHIP FROM METROPOLITAN IS A GREAT SOLUTION

Nans moved to London two years ago to pursue a career in investment banking, despite only recently becoming a Londoner, he’s already the proud owner of a one bedroom apartment in the heart of the City Nans admits he knew nothing about shared ownership before buying his home at Aldgate Place as there isn’t a similar tenure in France (where he’s originally from) but did some research when he saw an advert near to the flat he was renting privately. Nans explains, “I used to live in the area and pass by Aldgate Place on my way to work so I watched it being built. I never thought I could afford to buy there before seeing an advert on the tube one day. I got in touch with Metropolitan and was referred for a financial assessment straight away and then went to view Metropolitan’s show home.” Metropolitan offered 45 one, two and three bedroom apartments for shared ownership sale as part of over 300 new homes at the Barratt London built development. Buyers at Aldgate Place enjoy a high level of specification in their apartments, gym facilities, a concierge service and a communal roof terrace. Through shared ownership, you buy a share in the value of a home (as large a share as you can afford between 25% and 75% of the full market value) and pay a subsidised rent on the remainder along with a service charge. By combining a smaller mortgage and a subsidised rent, monthly outgoings are kept lower than if you were to buy or rent the same home privately. Because you only have to pay a deposit on the share you are buying, Shared ownership also lowers the levels of savings needed to be able to buy a home. When you can afford to, you can increase the share that you own (known as staircasing) to the point where you own your home outright. Buying a new home through shared ownership can be surprisingly straightforward, with no chain involved and with the support of specialist sales, financial and legal advisors to ensure the buying process is a smooth one. “I’d been actively looking for over six months when I found out about Aldgate Place and I was pleasantly surprised at

how quick the whole process was. I moved in pretty much straight away after being allocated the flat that I wanted.” Becoming a new home owner has helped Nans to settle in and enjoy his adopted home city, both as he pursues his career and enjoys his down-time. “Being able to live in a place that a call mine is a big step for me. I feel more established and a part of the city. The area is great for young professionals like me and there is such a variety of things you can do in your spare time. The most amazing thing though is that I am paying the same as when I was renting. I am glad I can experience it all and live in the area I wanted to be in ever since I moved to London, all thanks to shared

ownership and Metropolitan. “I am telling everyone about shared ownership now as I think it’s a great solution for young people like me who cannot otherwise afford to get on the property ladder. One my colleagues also bought his flat through shared ownership and that was only because I mentioned it to him. It is brilliant! It feels very fulfilling knowing I’ve got a job and a home I love and I am ready for the next big step in my life.” To find out more about Metropolitan’s new homes, get in touch with the sales team on 020 3535 2555 or by email to mhosales@metropolitan.org.uk

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AFFORDABLE HOMES

LIVE AT THE HEART OF A NEW RIVERSIDE COMMUNITY AT AN AFFORDABLE PRICE

Many first time buyers dream of living by the water but properties near the River Thames come at a premium. But housing association, Optivo are launching 38 affordable shared ownership apartments, which is part of the prestigious Embassy Gardens scheme at Nine Elms Consular Apartments is a stunning new apartment building which offers three two bedroom duplex apartments, 21 two bedroom apartments and 14 one bedroom apartments. The 38 apartments are offered on a shared ownership basis through Optivo. With shared ownership, you’ll buy a share of at least 25% in an apartment and then pay rent on the remaining share. Consular Apartments is part of the prestigious Embassy Gardens scheme, which involves the transformation of the Nine Elms area of SW11 into one of Europe’s most important regeneration projects. The final outcome has been described by London’s Evening Standard as

a new ‘global city’ on London’s South Bank. The Nine Elms regeneration will reenergise the whole area and make it more accessible with new footpaths, cycle lanes, parks, riverside walks and public spaces. These include a riverside park with art galleries and community space for theatre, dance, events, markets and exhibitions. Indeed, culturally, Nine Elms will become London’s ‘new Barbican’ but, more than this, it will also be a community with a new school, nurseries and healthcare facilities. The proposed extension of the Northern line to Battersea, due to be completed in 2020, will see two new tube stations being built at Nine Elms and Battersea Power

Station. The Northern line extension will cut travel times to the City to 12 minutes and to Leicester Square to 14 minutes and will make Nine Elms one of the most accessible parts of London. Currently, the nearest tube station is Vauxhall on the Victoria line and the nearest railway stations are Queenstown Road and Battersea Park for services to London Bridge and London Victoria. The journey time from Vauxhall to Oxford Circus is approximately nine minutes, to Tower Hill approximately 28 minutes via the Victoria and Circle lines and to Wimbledon in 39 minutes via the Victoria and District lines. With fully fitted designer kitchens and bathrooms, and all white goods included these new homes are set up for you to move straight in to once they’re complete in Spring 2018. Contact Optivo for further details at sales@optivo.org.uk or call 0800 012 1442 optivo.org.uk/sales

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AFFORDABLE HOMES

ARDEN QUARTER – A NEW CHAPTER BEGINS IN STRATFORD-UPON-AVON

The area around Stratford-upon-Avon railway station is undergoing a huge transformation, which includes Orbit’s stunning £40 million Arden Quarter housing development. This new chapter for the historic Warwickshire town will see the phased launch of 189 much-needed new homes, which include great opportunities for first time buyers, ready in January 2018 Orbit, which recently celebrated 50 years of providing high quality homes, purchased the site of the historic town’s old Cattle Market (which neighbours the station and had stood more or less redundant since 2001 when the market closed) in 2015, with the clear vision of creating a vibrant and inclusive new community. The respected developer has worked closely with Stratford District Council, and with Warwickshire County Council and London Midland who are also injecting funds into a new look and facilities for the town’s original train station, to ensure that the new residential quarter offers the town the mix of homes it needs and, as the gateway from the station to the rest of the town, helps to extend a warm welcome to visitors and residents alike. In a beautifully landscaped environment, Orbit will offer a mix of one, two, three and four bedroom houses and apartments for outright sale, shared ownership, and affordable rental, alongside 102 apartments designed specifically for the over 55s. Of particular interest to first time buyers, Arden Quarter will include affordable homes that are available to buy through shared ownership, and properties for outright purchase with a Help to Buy: Equity Loan. Under this scheme, the government lends up to 20% of the cost of purchasing a newly-built home (interest free for the first five years), so only a 5% cash deposit is required, with a 75% mortgage to make up the rest. As well as high quality housing, Arden Quarter’s residents will benefit from play spaces and a pocket (or ‘mini’) park. These are in addition to the exceptional established local facilities and transport connections that are on offer to the people who will choose to live in this prestigious prime location. When Stratford-upon-Avon is mentioned, most people’s initial thoughts lean to its legendary status as the 16th

century birthplace of William Shakespeare, and the town certainly doesn’t disappoint history and literature lovers. Whilst it certainly offers a rich cultural heritage, with a plethora of ‘must-see’ visitor attractions and a packed calendar of literary events, Stratford-upon-Avon is also a thriving modern town, with plenty to offer the new homeowner. The town centre offers a huge array of places to eat and drink, with a great choice of restaurants and cafés offering excellent British menus and international cuisines, and welcoming watering holes that range from centuries-old inns to contemporary cocktail bars. Retail therapy is also on hand in abundance, thanks to the many high street names and independent shops in central Stratford-upon-Avon, and to the newly opened £30m Bell Court shopping and

leisure complex, housed on the former site of the Town Square Shopping Centre in the heart of the town, and just a few minutes’ walk from Arden Quarter. Stratford-upon-Avon sits in a picturesque setting on the banks of the River Avon and is surrounded by glorious Warwickshire countryside, with easy access for lovers of the great outdoors to go cycling or rambling through its miles of leafy lanes. As well as offering the perfect balance between urban living and country surroundings, Stratford-upon-Avon is a great choice for commuters, with its two stations offering fast links to Birmingham, Warwick and London, and easy road access to the M40. Further information on properties available at Arden Quarter is available at ardenquarter.co.uk

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FTB HOME SHOW

TIM SHOSW HO WE OPNER NDP LO STO and successful We all enjoyed very busy Shows at the First Time Buyer Home ntre in September Croydon Conference Ce r in October. and the LCCC, Mancheste es from the tur Hereâ&#x20AC;&#x2122;s a selection of pic rs could meet day, where first time buye out how to buy property experts and find their dream home. m for details of our Check ftbhomeshow.co February 2018 at next Home Show on 17 Stratford Town Hall.

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FTB HOME SHOW

TIM SHOSW HO WE R CHES NTO MAS PPTEER

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HELP TO BUY

ESSEX – A COUNTY OF CONTRASTS For those home hunting in the Colchester area, leading housebuilder Taylor Wimpey has something for everyone, whatever they’re looking for Near the heart of the historic town centre on the site of the former Colchester Garrison, Arena Place offers a unique collection of apartments and houses. Stunning new-build designs complement the carefully refurbished properties within the former military buildings – and there’s also landscaped public open space marking the footprint of Britain’s only known Roman Circus – for residents to enjoy on-site. There’s also a range of helpful homebuyer incentives on offer to make moving even easier and more affordable, with details available from the Sales Executive. For those looking for a more rural setting, Whitmore Park at Kingswood Heath is surrounded by Essex’s lush countryside, yet within easy reach of the town centre. Situated on the historic site of the former Severalls Hospital, there’s currently a choice of stylish new build four and five bedroom houses on sale from £394,995. Help to Buy is available here, enabling eligible first time buyers and those with a property to sell to secure a government loan for up to 20% of their new home’s full price, so they only need a 75% loan-to-value mortgage and a deposit as low as 5%. Laidback village life is on offer at Parva Place in Stanway, with shops, pubs, restaurants, and schools for children of all ages on the doorstep. It’s also just four miles to Colchester town centre. Here, there’s a selection of two, three and four bedroom houses available to reserve from £309,995, with something for young couples, downsizers and growing families alike. Taylor Wimpey can offer a helping hand for both first time buyers and homeowners looking for more space, to make their dream move a reality. A peaceful rural lifestyle will also soon be available at Staunton Gate, which is located in the village of Alresford and benefits from a picturesque setting close to a range of local amenities, schools and Alresford railway station. New two, three, four and five bedroom homes are due to be released for sale here in December 2017. More information about all these developments is available at taylorwimpey.co.uk

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RI SE ES

EAST ENDERS

EW N

OFF-PLAN

The first in a new series following the story of a young family taking their first steps on the property ladder Danielle Dos Santos and Fabio Ferreira together with their two young children have been living in rented accommodation for many years. They discovered One Housing’s Silver Quarter development through SiteSales Property Group and were amazed they could afford to buy a two bedroom apartment off-plan through shared ownership. As they wait to move in, here is their inspiring story. Danielle, 39, and Fabio 38, came to the UK from Brazil in 2007. They were lucky enough to rent accommodation in central London provided by Danielle’s employer which was affordable but after having Sophia, 6, and Theo, 4, Danielle decided to leave her job to look after the children. Danielle said, “I had to travel a lot with my work and it became impossible with childcare. When I left my job, we decided to move to north London where homes to rent are much cheaper. We currently pay around £2,000 a month which is still a lot of money. “We had always dreamt of buying our

own home but never thought we could afford it. I have now gone back to work but I have to take the children to school and then commute to Hackney in East London, which

isn’t very easy. I have no family here to help but luckily my husband’s job is flexible and he starts work very early and can pick the children up, but it is not ideal.”

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OFF-PLAN Danielle and Fabio were watching television and a programme came on which explained what the government Help to Buy scheme was. “We hadn’t really heard of it before but it sounded a really good scheme, but we were not sure we both earned enough to afford it.” But the programme got them both thinking and they decided to do some research to find out if it would be possible to buy a home of their own. They looked at the Share to Buy website and discovered Silver Quarter in Canning Town. Danielle adds, “When we saw Silver Quarter we found that there was an open day coming up, so we decided to go and have a look. We were so excited as it was exactly what we wanted and we also discovered that we could afford to buy through shared ownership. It is in the perfect location, it is five minutes from my husband’s work, it’s also near to where I work and there is a great school nearby too. It is opposite Canning Town tube station, which is also really handy”. They bought a 40% share of a two bedroom apartment plus they had the option to buy a secure underground parking space as well. “We bought off-plan and we are now counting the days until it is ready for us to move in. It’s everything we had always wanted and the children are getting very excited. I love the open plan kitchen/living area and it has an en suite to the master bedroom plus another family bathroom. There is a lovely balcony which will be great in the summer. Everyone at SiteSales is so helpful and have been there for us every step of the way.” One Housing helps people live better in a home that is right for them. One Housing appointed SiteSales to manage the sale of the properties because of their 25 years’ experience handling all types of developments, including affordable homes for first time buyers. SiteSales work with the client right from the start of their journey and believe it is vital that their staff are educated about everything from acquiring the land to handing over the keys. They also pride themselves on an excellent customer care department and they aim to make the transition into a new home a very easy and stress-free experience. As first timers have no experience in buying a property they offer a dedicated member of the team to be with them at all the stages of the purchase.

S I LV E R Q UA RT E R

One Housing appointed SiteSales to manage the sale of the properties and has launched 55 one, two and three bedroom apartments at the Silver Quarter development in Newham. This is part of the £3.7 billion ongoing regeneration of the Canning Town and Custom House area. These stylish homes feature contemporary fitted kitchens, open plan living areas, private outdoor spaces and retail units on the ground floor of each block.

DOING THE SUMS Danielle and Fabio bought a 40% share of a two bedroom apartment plus an underground parking space for an extra £20,000 making the full market value, £505,000. They paid a deposit of £20,200. For more information go to site-sales.co.uk/silverquarter

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HOME SECURITY

AS SAFE AS HOUSES

Recent research highlighted by National Home Security month shows a 25% spike in home burglaries during the darker days of winter. This initiative was set up to highlight this growing trend, and make consumers more aware of the risks, and actions that can be implemented to reduce a homeowner’s chance of being targeted by thieves

Don Shulsinger from Blinkforhome, the video home security and monitoring system, gives some advice on how to reduce your chances of being a victim of home burglary.

LEAVE OUTSIDE LIGHTS ON ALL NIGHT AND WHEN YOU’RE OUT When there are bright lights around a home’s exterior, burglars are less likely to target it. Schedule lights to come on at set times if you are away or on holiday.

LOCK DOORS WHEN YOU’RE HOME ALONE It’s not unusual for a burglary to occur while there’s someone in the house. It’s just as important to keep your doors locked when you’re at home so no one can break in. The most common time to be burgled is between 10am and 3pm when thieves assume people will most likely be out at work.

DON’T OPEN THE DOOR TO A STRANGER Even if they say they’re from the council, the water board or the police you should be cautious about opening the door. A good idea is a peephole in the front door so you can screen visitors before opening the door.

BE SMART ABOUT SOCIAL MEDIA Resist the urge to tweet or post that you’re on holiday or out at a concert or party and that your home is empty. Don’t give people insight into what you are doing. It’s best to update afterwards.

GET A DOG OR LAY GRAVEL A dog can help you feel more secure and scare off intruders. A ‘beware of the dog’ sign may help too. If you have a front garden or a car parking space, it’s worth thinking of putting gravel down as the noise can deter an intruder, or alert your dog if you have one.

SECURELY HIDE SPARE KEYS Doormats, flowerpots and fake rocks are not fooling anyone who’s determined enough to break in. Hide them securely or keep them with a friend, neighbour or family member.

INSTALL SMART HOME TECHNOLOGY Smart home technology is the latest buzzword, and the Internet has made it easier than ever to set up a smart home. You can control almost anything in your home remotely now, and home security is no exception. Using your smartphone and an app, it is simple (and relatively affordable) to monitor your home from just about anywhere. A range of home security camera devices are available, that are motion activated and will record people entering your home. One such example is Blink, a battery-powered home security and HD video monitoring system that’s simple to set up and use, and provides a watchful eye and oneclick connection to the home through the free Blink Home Monitor app for iOS and Android devices. It will alert you of a break-in, and record an incident if all other measures fail. It’s stylish, easy to install, wireless, and uses innovative HD video technology. November sees the launch of Blink’s new outdoor camera, the Blink XT, developed in response to customer demand for a weatherproof model, suitable for outdoor use in all seasons, so adding an extra level to home security. Blink systems are affordable and hasslefree, so there are no contracts or monthly fees for the included storage or features. blinkforhome.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 an affordable place to call home, or an easier commute, we hope you enjoy our comprehensive selection.

SANDBACH, CHESHIRE

HOIC FIRST C

FAMILY

ES HO★M ★★ Affordable homes p60-61

DOLLIS HILL, NW2

HOIC FIRST C

REAL LIFE

URNEY JOYFUL JO

ES TIM ★★★

Dream commute p62-63

Off-plan p64

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FOR SALE

AFFORDABLE HOMES SANDBACH, CHESHIRE

HOIC FIRST C

FROM £60,000*

FAMILY ES HOM ★★ ★

Bramley Wood Nestled in a quiet cul-de-sac with woodland and parks nearby, this new collection of homes enjoys a semi-rural location close to the sought-after market town of Sandbach. The two and three bedroom houses are arranged over two storeys and have bright, contemporary interiors with separate kitchen and lounge and a w/c on both floors. The homes also feature a generously-sized rear garden as well as private parking. Several key towns and cities lie within easy reach, with Stoke-on-Trent a 20-minute drive and Warrington and Manchester under 50 minutes away. Redwing Living 0344 736 0063 redwingliving.co.uk *Based on a 40% share of the full market value of £150,000

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FOR SALE FROM £200,000

C A N T E R B U R Y, K E N T

CAMBERWELL, LONDON

£TBC £175,625*

Ellesmere House There are just seven one and two bedroom apartments at Ellesmere House, situated in the heart of Canterbury, within sight of the famous cathedral. There are numerous parks and river walks nearby to enjoy. The apartments have been finished to a high standard,with sleek kitchens and bathrooms and open-plan

living/dining space. Canterbury High Street and town centre are a short walk away, as is the bus station. Direct trains from nearby Canterbury West run to London St Pancras regularly. Bairstow Eves Canterbury 01227 490 221 bairstoweves.co.uk

ELEPHANT AND CASTLE, LONDON

FROM £112,500*

Oval Quarter This collection of apartments sits in an exciting location in south London. There’s plenty to explore in the local areas of Camberwell and Brixton, while central London is a short bus or tube ride away. These apartments are spacious with well-sized open-plan living/dining areas opening to a terrace or balcony, en suite

from the master bedroom. The kitchens come with Zanussi and Smeg appliances. Several three bedroom homes are available through shared ownership. Notting Hill Housing 0203 815 1234 nhillsales.com

*Based on a 25% share of the full market value of £702,500

BARKING, EAST LONDON

FROM £71,250*

Castilla Forming part of the regeneration programme that has seen the area transform, this new collection of one and two bedroom homes offers first timers a fantastic chance to buy in travel zone 1. The landmark 46-storey skyscraper occupies a fantastic location with unbeatable views over London. The local

area is thriving with brand-new gym and leisure facilities, a co-working space, food markets and cinema just moments away. Central London lies within walking distance, while tube and rail services run from nearby too. Peabody 020 7021 4842 peabodysales.co.uk

*Based on a 25% share of the full market value of £450,000

Weavers Quarter This first release of homes at Weavers Quarter marks the first stage of a larger regeneration project that will eventually see more than 1,000 new homes created. The one, two and three bedroom homes available have bright, well-sized living/dining areas and private balcony or terrace. Barking town centre is

around a 10-minute walk, where you’ll find a good range of amenities. From Barking station – a 15-minute walk – rail services take just 18 minutes to reach Fenchurch Street, while the tube runs to Stratford in 17 minutes. L&Q 0333 234 1153 weaversquarter.co.uk

*Based on a 30% share of the full market value of £237,500

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FOR SALE

DREAM COMMUTE FROM £425,000*

DOLLIS HILL, NW2

HOIC FIRST C

URNEY JOYFUL JO

TI★M★E★S

Gladstone Village A new scheme, which is a first for Octavia in that it is open to anyone currently living in a London borough, offers a selection of three or four bedroom houses available through shared ownership at Gladstone Village. A 50% share purchase could secure a three bedroom house with garden and off-street parking. All the houses are spacious with two bathrooms, a cloakroom, stylish kitchens with integrated quality appliances and open plan living spaces. All the homes look out over green space and many of them have balconies on the upper floor. The development is near good public transport links into central London, with Dollis Hill underground station (Jubilee line) walking distance away and Willesden Green and Edgware Road are nearby too. Octavia 020 8208 8355 gladstonevillage.co.uk

*Based on a 50% share with a full market value of £850,000

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FOR SALE FROM £384,995

POPLAR, EAST LONDON

COLINDALE, NORTH LONDON

FROM £465,000

Lansbury Square The second phase of this popular development in east London sees 64 new homes come to the market. The collection of one, two and three bedroom homes are superbly located, just moments from Langdon Park DLR, with the River Thames, Canary Wharf and the River Lea all within walking distance.The

homes have fitted kitchens with integrated appliances and openplan living/dining areas that open onto a balcony. Docklands workers can stroll to work, while central London can be reached in approximately 30 minutes. Bellway 0845 257 6177 bellway.co.uk

C A N N O C K , S TA F F O R D S H I R E

FROM £84,950

Orchard Quarter at Colindale Gardens The Orchard Quarter marks the latest release of homes at this popular site set in four acres of landscaped gardens. The apartments are close to the private amenities, which include a gym and concierge service. The homes offer floor-to-ceiling windows for plenty of light, open-plan living areas with oak

flooring, fully tiled bathrooms and balconies or terraces. This up-and-coming locale, which is set to benefit from a number of new restaurants and bars, lies just 20 minutes from central London by tube. Redrow 0203 8113 734 colindalegardens.com

FROM £355,000

CANNING TOWN

Tawny & Carder Place There are 40 one and two bedroom apartments at this new development in the heart of Cannock, close to the town centre. The beautifully finished homes feature bright interiors with contemporary kitchens, wood-effect floors and well-sized living areas. There is also plenty of parking for residents. This is

a great spot for commuters, from Cannock, direct services run to Birmingham in under 40 minutes, while there are excellent road links to areas such as Telford, Stafford and Derbyshire. Regency Residential 0161 274 0472 regencyresidential.co.uk

East City Point East City Point is a collection of one, two and three bedroom apartments and three bedroom townhouses. The Lexicon Terrace apartments feature bright interiors and open plan kitchen/ living/dining areas. Each has a balcony or a private terrace. There are excellent travel connections, with Canning Town

train station a short walk away. Tube services run to Canary Wharf in just four minutes. In 2018, Crossrail will improve transport links in London, putting nearby Custom House station just 14 minutes from the West End. Countryside 020 7473 1190 eastcitypoint.com

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REAL LIFE

Off-plan: Croydon It’s not often that you get a chance to ‘try before you buy’ when it comes to purchasing a new home. But Chelsie Love and her boyfriend Matthew Cox were able to do just that at the Redrow development, Morello, in Croydon

FAC T F I L E

Property: Two bedroom apartment Market value: £395,000 Ground rent: £450 per year Share purchased: 40% Service charge: £2,208 per year

The first phase of apartments at Morello were launched off-plan, in 2014, and residents began moving in during 2016. The development is now nearing completion with just a few apartments left to buy. The whole scheme is due to be finished by January 2018. In November 2016, Chelsie Love, 27, and Matthew Cox, 28, decided to rent a property in Croydon – a location which worked well for them both in terms of commuting. They had a look around a number of the properties in the area and found a one bedroom apartment at Morello, which met their criteria. Chelsie explains, “It was always our plan to buy a home together, but we had to rent until we had saved up for the deposit.” Whilst renting at Morello the couple started searching for suitable properties to buy. Chelsie continued, “For our budget and convenience of getting to work, we decided that we would buy in East Croydon. We had a look around a couple of other new build developments and some house conversions, to make sure we were making the right decision. We decided that a new build property offered the best proposition, partly because it would be low maintenance, but it would also give us a brand new blank canvas to make our own.” The young couple both work in London – Chelsie as an Environmental Consultant and Matt in finance. Chelsie added, “Good transport links were really important for us. We both get the train to London Bridge

so it’s very convenient for us both getting to work - having a train station right on our doorstep is a real bonus. We definitely make the most of having Boxpark on our doorstep too. We’re looking forward to seeing how Croydon is going to change over the coming years and are looking forward to the new Westfield! “By renting at Morello first it meant we could get a real feel for the pros and cons of living there – so we knew exactly what we were getting. It’s not often you get the chance to ‘try before you buy’ when you are buying a home. But because the scheme is being built in phases, it enabled us to rent one that was already built, and then buy one that is due for completion later. “When we considered all of the factors of each of the properties we looked at, we decided that Morello ticked all the boxes. We chose a two bedroom apartment because we considered it be the best value for money compared to property prices in other parts of London. With all the

redevelopment going on in Croydon at the moment, we are hoping it will be a good investment too.” The couple reserved a two bedroom apartment at Morello in February 2017 costing £395,000, due for completion in November this year. “Initially, we put down a 10% deposit with a further 5% paid in September. Mortgage-wise we are putting down a 20% deposit in total, plus the stamp duty, so our saving days aren’t over! But we have a few more months before the apartment is finished to save up the rest of the money. We’re really excited about owning our first home and can’t wait to move in.” Homes at Morello are priced from £383,000 for a one bedroom apartment. The majority of homes are available through Help to Buy. morello.co.uk or call Redrow on 0203 5536 468

BY RENTING AT MORELLO FIRST IT MEANT WE COULD GET A REAL FEEL FOR THE PROS AND CONS OF LIVING THERE – SO WE KNEW EXACTLY WHAT WE WERE GETTING. IT’S NOT OFTEN YOU GET THE CHANCE TO ‘TRY BEFORE YOU BUY.’

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FIRST MEAL

FIRST HOME, FIRST MEAL Christmas is always a time to indulge and these delicious chocolate-coated mince pie truffles, created by Nicky Corbishley who won the NEFF Cookaholic competition in 2016, are sure to be a favourite with all the family

MINCE PIE TRUFFLES

Ingredients (Makes 20-25 truffles) 1 2

Place the mincemeat, cranberries, cinnamon, cream cheese and confectioner's sugar in a medium-size bowl and mix together until combined. Place the shortbread into a bag or bowl and crush into crumbs using the end of a rolling pin. Add the crumbs to the mincemeat mixture, along with the melted milk chocolate and stir to combine. Cover the bowl with clingfilm and place in the fridge to firm up for at least an hour (up to a day). Take the mixture out of the fridge. Line a plate or tray with baking parchment. Scoop out heaped teaspoons of the mix, place in your hand and roll into a ball. Place on the parchment (the mix will be a little sticky, but should hold its shape). Repeat until all of the mixture is used up. Place back into the fridge to chill for 30 minutes. After 30 minutes, take the mincemeat balls out of the fridge. Line a new plate or tray with fresh parchment paper. Rest one of the balls on a fork and dip into melted chocolate. Allow the excess chocolate to drip off, then transfer the ball onto fresh parchment paper by gently sliding off the fork using a teaspoon. Repeat until the balls are covered in chocolate. Decorate the truffles with edible glitter and sprinkles. Allow to set at room temperature for at least 30 minutes before serving.

 140g mincemeat (about

1/3 of a regular jar) 50g of cranberries 1/4 tsp cinnamon 55g full-fat cream cheese 2 tsp confectioner’s sugar 175g all-butter shortbread biscuits  100g mile chocolate, melted     

Chocolate coating  200g milk or dark

chocolate, melted Since winning the NEFF Cookaholic 2016 competition, Cheshire-based mother-of-two Nicky Corbishley has gone from blogger to full-time foodie. As a result, Nicky is now part of the NEFF Cookaholic panel of real home cooks, which creates exclusive recipes for the kitchen appliance brand.

 Gold edible glitter  Gold sprinkles

First Time Buyer December 2017/January 2018

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! e n o b a s Dry a Keep your home humidity free with the latest hybrid dehumidifier from Ecoair

COMPETITION

WIN !

AN EC DEH OAIR D UM C2 WO IDIFIER 02 R £24 TH 9.96

HOW TO ENTER Answer the following question: Nobody wants to live in a damp space but it’s a little known fact that excess moisture in your home can cause a number of humidity-based problems including rot, damp and mould. These can be harmful to both you and your property. Ecoair’s DC202 is the perfect tool for tackling any humidity-related problems. It’s not only a dehumidifier – removing moisture from the air – but this fantastic multi-functioning dehumidifier can also regulate air purity. The DC202 has a 4L water tank, meaning you won’t have to empty it too often. Its auto ‘shut off’ feature will let you know when the machine needs emptying or alternatively you can set up the continuous drainage, which means no manual emptying is needed. The air purify function uses a five stage purification system with a 3-in-1 filter, giving you the best chance of controlling impurities such as house mites and pollen, and also unwanted odour. The easy-to-use control panel has settings for drying, a swing function and even has a laundry mode for when you are drying clothes indoors. The dehumidifier also has an auto-defrost setting which prevents damage that can be caused by the machine running when it is too cold. The DC202 even has a fragrance box that is simple to use – just remove the plastic insert, add a few drops of your favourite essential oil and your home will smell wonderful! For more information, or stockists' details, visit ecoair.org

How many stages of purification does the DC202 go through? a. 1 b. 3 c. 5 Send your answer with your full name, address and telephone number to: lynda@firsttimebuyermag. co.uk Closing date: 12th January 2018

THE PRIZE… THERE ARE TWO ECOAIR DC202 DEHUMIDIFIERS WORTH £249.96 TO BE WON T&Cs The prize is non-transferable and no cash alternatives will be given. Competition is open to UK residents only.

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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

ALDI

Rumburgh Estate turkey, price in-store FTB says: The centrepiece of any Christmas dinner table, this organic, free-range turkey will wow your guests with its look and

BEST CANAP

taste. These turkeys are reared on the Rumburgh Estate in Suffolk and have an excellent succulent flavour that everyone will enjoy.

ASDA

Extra Special Mexican party & BBQ pulled pork canapés, both £3.50 FTB says: Spice up Christmas this year with these Mexican party canapés.

BEST MINCE

PIES

With a selection of succulent pulled chicken wraps, spicy bean tacos and delicious chicken sliders, there

MARKS &

is something for everyone to enjoy.

SPENCERS

We also loved the Extra Special BBQ pulled pork canapés. These authentic

6 Christmas snowflake mince pies, £2.50

handmade canapés are sure to kick

FTB says: These lovely mince pies were a favourite with everyone

start any Christmas party!

here at FTB. With a decorative snowflake top and deep filling, the cranberries, clementine and brandy taste will have you reaching for another and another and another...

ED BEST SMOK N O LM SA

PAUL

The mince pie croissant, £1.75

BEST SEASON HYBRID

This all-butter croissant filled with rich, sweet mincemeat and dusted with icing sugar makes the perfect breakfast to wake up to on Christmas morning. It’s the best of French patisserie mixed with some good old festive cheer!

BEST CHAMPA

GNE

MARKS & SPENCERS

Oak & Applewood smoked salmon, £4.50 FTB says: Always a favourite at any party. This flavoursome smoked salmon will be a Christmas highlight this year. Reared in

BEST CHRISTM AS PUDDING

Lochmuir in Scotland, the oak and applewood flavours give it a distinct taste that will certainly leave your guests wanting more.

LAKELAND

Luxury Christmas pudding, £5.69 ASDA

Champagne Pierre Darcy Brut NV, £12 (on offer until 27th December)

much more traditional than this Christmas pudding! Made

FTB says: Christmas is a time for celebration and what

from a 100-year-old recipe using

better way to do it than with this excellent champagne from

Irish stout and French brandy, it is

Asda. With fine bubbles, a pale gold colour and fresh, delicate aromas of lemon, apple and white nectarine, this delightful champagne displays plenty of character on the palate. At only £12 it is also a real bargain.

FTB says: It doesn’t get

moist, full of fruit and has a flavour that packs a punch. This pudding is excellent value and a must for anyone who is looking for that traditional Christmas taste.

First Time Buyer December 2017/January 2018

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TRIED AND TESTED

TMAS BEST CHRIS CRACKERS

BEST FOR A DIY CHRISTMAS ASDA

Microwave snowman centrepiece cake, £6 FTB says: Fancy making the Christmas cake yourself this year? This cake really is fun for all the family. The children can add the decorations to the snowman then simply pop it in the microwave and you’re ready to go. Not only does it taste delicious, everyone will have a smile on their face once this cake makes its way to the table.

LAKELAND

BEST DESSE

8 Symphony musical Christmas crackers, £14.99 FTB says: Ditch the sound system this year and create your own Christmas music with these fantastically fun crackers. Snap them

ASDA

open, choose a conductor, hand out the whistles and you’re in for

Extra Special chocolate reveal cake, £10

a night of musical hilarity with over 16 songs to try and play.

FTB says: This show stopping dessert is a must for anyone with room left after Christmas dinner. SAINSBURY’S

Pour the hot salted caramel over the top of the

Taste the Difference Conegliano Prosecco, £10

dome and watch it melt to reveal the delicious

FTB says: This Sainsbury’s prosecco makes an excellent

profiteroles inside. People will still be talking

aperitif for your guests this Christmas. It has an elegant

about this desert long after coffee has finished.

and crisp flavour with hints of apricot, pear and citrus, LAKELAND

making you realise just why Christmas is such a

Choc on Choc mini chocolate cheeseboard, £11.99

wonderful time of the year.

FTB says: Is it cheese or is it chocolate?

BEST PROSECC

Confuse your guests this Christmas with

this novelty desert that will have everyone questioning their taste buds. Although it looks like cheese this is in fact a chocolate lovers

BEST CHRISTM AS CAKE

delight. Don’t tell anyone and see their faces change as this innovative dessert will be the talking point of the table.

BE NOVE ST FOR A LTY C HRISM AS

BEST KITCHEN GADGET ALDI

Specially Selected exquisite jewelled fruit cake, £8.49 FTB says: This beautiful looking fruit cake really caught the eye of everyone here at FTB. Not

BEST

only does it look good, it tastes great as well. The top is packed full of delicious candied fruit that has gold glitter over the top whilst the all-butter cake is moist and light.

PANN E

CARLUCCIO

TONE

Panettone Tradizionale, £16.95

BEST CHEESE BOARD

JUDGE

cake, this multiple award-winning part-bread, part-cake

Digital spoon, scale and thermometer, £29.26

uses plump sultanas, candied peel, natural yeast and

FTB says: Stop scrambling around your kitchen

is finished off with a hazelnut glaze. This would also

this Christmas and make life easier with this 3-in-1

make a perfect Christmas gift.

digital spoon, scale and thermometer. This clever

FTB says: A great alternative to traditional Christmas

device, sufficiently narrow to fit in most spice jars, TESCO

finest* Vintage Coastal Bite cheddar, £2.50; finest* Vintage Red Leicester bite, £2.50; finest* French Brie with Truffle; £2.50 FTB says: Ensure that you leave room at the end of your meal for this

accurately weighs ingredients with a one-touch metric and imperial mechanism, and records the temperature of food on a clear, backlit dual-colour LCD display.

mouthwatering cheese selection. All three of these cheese have great taste and are a must for any selection you are putting together this Christmas.

First Time Buyer December 2017/January 2018

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LEASEHOLD

2–4–6–8: WHO SHOULD YOU APPRECIATE?

Activism and lobbying have been around forever. Freedom of speech is all about anyone being able to express their view and opinion. Of course we are told that a civilised society has to have boundaries on free speech, which seems somewhat counterintuitive, but there it is. But if all sides can express opinions, who wins out? Well that comes down to debate, consensus and agreement. Of course some will just take counter views as a means of furthering their own ends or the enjoyment of a platform You would think that some issues are unquestionable: slavery is wrong, equality is right, racism is wrong, loving thy neighbour is right. We should all have a moral code to live by, but whose moral code? It seems blindingly obvious to me that in any dealings at all everyone you encounter should be treated fairly and with respect. Before I go too far down the generalist route let us bring it back to property. The property industry is one that people assume is well regulated when in fact some parts are bounded by legislation, but a lot simply is not. You will be aware from the plethora of TV programmes covering how to make money from property that it is seen as a get-rich industry. However, businesses are there to make a profit; if they don’t make a profit, they cannot exist. A lack of profits from business and your pensions would be adversely affected, since the largest part of investment for business comes from pension funds. House builders and developers are no different. It is well publicised there is a shortage of housing in the UK and we need to encourage more to be built. We are a tiny island and have a finite amount of land for development. Therefore to produce the quantity of housing we need blocks of flats to create the homes required.

There is currently a debate in London that the number of homes being built has slowed down because of the mayor’s stance of requiring affordable homes. This is impacting on all homes, with the number of new developments being reduced. Any developer will always want to maximise his return and minimise his risks. That is sensible and good business. But there is a school of political opinion that would see purely profit considerations as bad and indeed everyone would agree it is fundamentally wrong to have unfair terms in leases. So we have to square the circle of making development morally acceptable to all, whilst also having a free market economy – along with meeting the needs of all homeowners. An interesting conundrum! There is a need to get

perspective into a lot of the arguments and any attempt to do so is usually met with cries of bias or prejudice or derided – at its worst all three. We saw this with the Brexit referendum and whatever your view, one thing is for sure the rhetoric was far louder than the facts and that is regrettable. The Department of Communities & Local Government has undertaken consultation on leasehold and the responses are now in. There are no indications of the outcome but whatever happens some will see it as a win or lose scenario and there really needs to be a perspective of fairness and compromise. That is to say leasehold is not the villain; what is unfair are the terms inserted into the leases and the operation of some managers and freeholders.

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

As the National Rifle Association in the USA say guns don’t kill people, people do. In Britain we outlaw guns, but there are guns in gangs and we have shootings. Someone is driven to do that and will find the means; perhaps you just don’t want the means readily available. It is of necessity that boundaries are created to stop abuses and unfair terms but you cannot legislate for every eventuality. There will be nuances and gaps that people will exploit. Whatever system is used to control blocks of flats there will be challenges and issues. It is therefore vital that you are aware of the rights and wrongs to know what to look out for. The lease terms dictate the operation and running of a block of flats, the manager will layer that with service and delivery. If all buildings had the same lease terms and controls, the individual human element would still create differences in delivery of service. If someone is unhappy with the service or it doesn’t meet their expectations then conflict and disharmony can and will arise. Nothing is going to be perfect but bringing fairness should be the priority and how to do that is the work that all involved should be focused on, working together. lease-advice.org

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FINANCE

Mortgage Clinic As a first time buyer, understanding mortgage terminology and knowing what mortgage is right for you can be difficult, so David Blake at Which? Mortgage Advisers has joined up with First Time Buyer to answer your mortgage-related questions

How can I take advantage of the government’s renewal of the Help to Buy equity loan scheme?

The government recently announced another £10 billion of investment into the Help to Buy equity loan scheme. The scheme provides support for first time buyers and existing homeowners looking to buy a new build home without the need for a large deposit. You put down a deposit of at least 5%, the government lends you up to 20% of the property’s value as an equity loan, and you take out a mortgage to cover the rest of the cost of the property. Help to Buy equity loans can be used on new build properties worth £600,000 or less, with a maximum equity loan of £120,000. In London, those applying for the equity loan are eligible for a loan of up to 40% of the total property price. The scheme allows people to access properties that would otherwise have been unaffordable. It also gives you the opportunity to buy a new build property with just a 5% deposit, provided you can secure a mortgage for the rest of the price of the property minus the equity loan. The Help to Buy equity loan can be hard to get your head around, so make sure you speak to an independent, expert mortgage adviser who can explain the scheme in full and share all of your options before you take the plunge.

Q A

What options do my family have to help me on to the property ladder?

There are several options for people whose family wants to help them to take their first step on the property ladder. Whoever is going to be supporting you financially will need to consider whether they would like to gift the money to you or

David Blake has more than nine years of experience in the financial services industry and prides himself on helping first time buyers get onto the property ladder. In his current role at Which? Mortgage Advisers, David (along with the entire team) provides independent, impartial advice and searches thousands of mortgage deals, to help buyers find the deal that is right for them.

charges on the mortgage and enabling the buyer to afford a more expensive property.

I am thinking about buying a new-build property. What mortgage options do I have?

whether they would like to get their money back in future. If the person or people lending you the money would like to get their money back at some point, then you should consider a guarantor mortgage or a family offset mortgage. Guarantor mortgages allow borrowers to take on larger loans than the lender would normally be prepared to extend as long as a family member is prepared to act as a guarantor on the debt. Provided you can afford your monthly mortgage repayments and don’t miss any payments, and then the guarantor has nothing to worry about. That said, independent legal advice should always be taken in this type of scenario. A family offset mortgage allows a parent or grandparent to link their savings account to the account of the child or grandchild’s mortgage. The money isn’t accessible but serves as a deposit, lowering interest

Most mortgage options will be available to those buying new builds. However there are a few things to consider. If a new-build is bought off-plan you will need to make sure that the lender is prepared to extend your mortgage offer, in case the build faces delays. New-builds can lose value in the first few months, so you may not be able to borrow as much for a new-build as you would for an older building. Finally, if you are buying a new-build you might take advantage of the government’s Help to Buy equity loan scheme. As usual, mortgage lenders will take each individual on a case-by-case basis, assessing your personal circumstances and the affordability of the desired loan. It pays dividends to speak to an impartial mortgage adviser who can recommend the best possible approach and help you to make the right decision. For further help and advice from Which? Mortgage Advisers, visit which.co.uk/ ftbmortgages, or call 0808 159 4852

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FINANCE

Credit Clinic

Experian expert, Joe Green,, answers your credit-related questions

If you have a question for Joe, please get in touch by emailing us at lynda@firsttimebuyermag.co.uk and you may see your question answered in the next issue.

Changing accounts I have recently changed my bank account to another provider, however I am worried this will affect my credit rating. I am hoping to start applying for a mortgage soon so could you tell me more about what happens when you change accounts, and the affect it has on your credit rating? Rosie Taylor It’s not uncommon for people to change their bank accounts more frequently nowadays, as shopping around from time to time is a great way to make sure you’re getting the best possible deals. It is possible that changing accounts will see an initial credit score reduction, but this isn’t something to worry about as managing the account well can have a positive effect on your credit history in the long-term. As you are thinking about applying for a mortgage soon, try and avoid applying for any other credit-checked products in the next six months. This is because the hard footprints left on your credit report by a credit application is factored into credit scores and can cause your score to drop, especially if there are a few of them. After 12 months they drop off your credit history altogether. If you’re not sure how many hard footprints you’ve collected already, it might be worth obtaining a copy of your credit report and reviewing it carefully. Make sure you also check that there isn’t any inaccurate information that could hinder your chances of securing the best deals. If you find anything you disagree with or need help understanding, just let us know. If you’ve got a good credit record – and don’t forget you can now get your Experian Credit Score for free from our website – then a single credit application is probably unlikely to cause you problems, but it’s always wise to err on the side of caution.

Missed payments When I was younger I bought my first car on finance. I have paid the vehicle off in full, however I did miss three

payments. I have started to save for a deposit for my first home, but I am worried that when I apply for a mortgage these missed payments will mean I get refused. What can I do to improve my mortgage application chances? Steven Southwell A missed payment stays on your credit report for at least six years, so it’s not hard to see how important it is to keep up to date with your credit repayments. If you apply for new credit, and lenders see missed payments on credit agreements with other lenders, they may be concerned that you will miss payments with them too. Missed payments in the past six years are likely to impact your credit score, meaning that any credit you do apply for and manage to get may cost you more money or your application may be refused. Credit scores of course weigh up lots of different pieces of information, and if everything else on your report and application form is favourable, it need not be a deal-breaker. It’s fair to say that most lenders focus on your most recent payment history, so the older the missed payments get, the less relevance it may have to the lender. As you have missed a couple of payments on your car finance, if there were specific circumstances, it might be worth adding a “notice of correction”, which is a statement of up to 200 words, to explain the reason behind this happening. Lenders will take this statement into consideration when accessing your mortgage application. Going forward, if you can make sure that you don’t miss any further payments, direct debits are a way of avoiding this happening again. It might also be worthwhile checking out your Experian Credit Score to get an idea of how lenders are likely to view your credit history.

Joint accounts My partner and I have a joint bank account as well as our own individual bank accounts. We both pay into our joint account monthly, and have a healthy amount saved up for a deposit for our first

home together. I am worried, however, that we haven’t got much credit history on the joint account as we only use it for savings. Will lenders be able to check the credit history of our individual accounts as well as the joint one? How much will a joint account affect our chances of being approved for a mortgage? Leanne Chesters It’s not unusual for couples to open joint accounts to, for example, pay off household bills or save money for a deposit. However, credit reports will only show how many accounts you have open and the details of any agreed overdrafts, they will not include information on any positive balances. That’s not to say that having these accounts won’t impact your chances of getting a mortgage. An old account shows a long-term relationship with a bank, while keeping an account with a large agreed overdraft shows potential lenders that your bank or provider thinks highly of you. As you have a joint bank account together, any lender checking your credit report may also be able to look at your partner’s report, and vice versa. What effect this has on your credit applications depends on the contents of both your credit reports and also on the policies of the lenders making the assessment. Hypothetically, if your partner did have a bad credit rating then this could potentially reduce any credit score a lender calculates for you, although the main focus of this is still likely to be your own credit history. What I suggest you do is sit down together and go through both of your credit histories. Then you can work together to target improvements that should benefit you both. By checking your credit report you can also see if and how you are financially linked not only to your partners, but anyone else. You can use the Experian Credit Score to help you monitor progress. You can check out our ‘Mortgage Application Guide’, for more useful tips: experian.co.uk/ consumer/guides/mortgage-application.html

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FINANCE

Face saving Saving up a deposit is never easy, so it pays to make sure you have your money in the right place. Kay Hill looks at the options

EXPERT COMMENT Getting on the property ladder is becoming harder than ever, with people struggling to find the deposits required and increasingly being priced out of the market. Although it is a challenge, setting savings goals and making the most of innovative products designed to help first time buyers can make a real difference in moving away from the cycle of ‘generation rent’. Help to Buy: ISAs are a good way of achieving this, offering a strong return on investment thanks to the 25% government bonus. If you haven’t used your full ISA allowance this tax year, consider opening a Help

While it’s important to grow your deposit as quickly as possible, anything that promises huge returns probably has equally huge risks. Remember, there’s a big difference between saving and investing. To put it simply, saving is putting money aside bit by bit to use for something specific, while investing is trying to make your money grow by buying things you think will increase in value such as stocks and shares. In a nutshell, saving is safe – if you put it in a savings account you can’t lose your money even if the bank goes bust (up to £85,000 per person in any institution is protected by the Financial Services Compensation Scheme). There is, however, inflation risk – as almost every savings rate currently pays below the 2.7% rate of inflation, so the buying power of your money is reduced. With investments it is possible to lose the money you put in, so standard financial advice is to save, not invest, for a goal that is less than five years away.

to Buy: ISA before April 5th to give you more time to build your nest egg. Make a savings plan and stick to it – this will enable you to see how much you need to save and how long for, and then you can prioritise your finances accordingly. Small savings such as foregoing your morning coffee or weekly meal out can all add up over the course of the year and make a big difference in achieving your goal of getting on the property ladder.

Clare Francis Savings and Investments Director, Barclays

HELP TO BUY: ISA What makes this the first place to put your savings is that as well as earning taxfree interest from the provider, the government will give you 25% on top of what you have saved (on balances from £1,600 up to £12,000) at the point you use the ISA to buy your first home. You can

save up to £1,200 in your first month, then up to £200 every month. Anyone over 16 can open one (before December 2019) provided they have never owned an interest in a residential property, and it can still be used by someone buying jointly with a partner who has owned before. The bonus can be used towards new or existing properties up to £250,000, or £450,000 in London, with any type of mortgage and is only available to your solicitor on completion, although you can use your savings and interest on the account towards your initial deposit. You cannot normally pay into a Help to Buy: ISA and a cash ISA in the same year, although you can combine it with a stocks and shares or innovative finance ISA.  Barclays – 2.27% variable, open with £1, instant access, branch/online/phone  Nationwide – 2% variable, open with £1, instant access, branch or online, unusually it also offers the facility to have a cash ISA at the same time, in an ‘ISA split’ arrangement  Higher rates are offered by regional building societies including Penrith (3%), Cumberland (2.75%), Darlington (2.55%) Tipton & Coseley (2.5%), Newcastle (2.3%), but you need to live in the area.

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FINANCE

INVESTMENTS

Although it is recommended that investments are held for at least five years, with interest rates being so low, first time buyers might be tempted to try their luck over a shorter period. Remember that returns can be volatile and you can lose your capital. Lifetime ISA (LISA) – stocks and shares As with the cash ISA, the Government gives a 25% bonus. This bonus is based on your contributions, not the value of your fund, which can go down as well as up. The LISA can be used towards a first home (after a year) or a pension and can be opened by those between 18 and 39. You can save £4,000 each tax year. There are a wide range of investment options but relatively few providers – Nutmeg and The Share Centre offer a simple range, while AJ Bell Youinvest and Hargreaves Lansdown may appeal to more experienced investors. Stocks and Shares ISA The same £20,000 annual limit applies. Shares invested in ISAs are free from capital gains tax and dividends are tax-free, but you could lose your money if the stock market crashes. Innovative Finance ISA Investments in peer-to-peer lending with tax-free interest of anywhere from 3-12% depending on risk level, but again, returns and capital are not guaranteed. EXPERT COMMENT

LIFETIME ISA (LISA) – CASH The LISA also gives a 25% bonus on top of what you save, but it can be used towards either a first home or a pension and can only be opened by those between 18 and 39. You can save £4,000 each tax year, and the bonus is paid annually until April 2018, then monthly, although you need to wait at least a year before you can use it to buy a home. You can have both a Help to Buy: ISA and a LISA, but each person can only claim one bonus, although a couple can have an account each. You can combine a LISA with other ISAs, but the total put into all of them is limited to £20,000.  Skipton Building Society – as yet, the only provider to offer a cash LISA, with an underwhelming 0.5% variable, open with £1, branch/post

CASH ISA Tax-free savings open to everyone over 18. You can pay in up to £20,000 in the 2017-18 tax year, which can be split between cash, stocks and shares and innovative finance ISAs. You cannot pay into a Cash ISA and a Help to Buy: ISA in the same year.  Virgin Money – 1.06% variable (provided no more than three withdrawals in a year), from £1, instant access, online  Charter Savings Bank – 1.1% variable, minimum £1,000, easy access, online  Charter Savings Bank – 1.4% fixed one year bond, minimum £1,000, online  Al Rayan Bank – Sharia compliant account with expected profit of 1.7%, 24-month fixed term deposit, minimum £1,000, online/phone/ post/branch

SAVINGS ACCOUNTS

provide savings accounts, and the new Personal Savings Allowance means that those earning less than £17,000 get all their interest paid taxfree, other basic rate tax payers can earn up to £1,000 and higher rate tax payers get up to £500 tax free (no allowance for those earning more than £150,000). Larger deposits and locking your money away for longer gives a higher return than small amounts in instant access. Some savings products can be held jointly.  Ulster Bank – 1.25% variable, instant access, from £1, online  Charter Savings Bank – 1.26% variable, instant access, from £1,000, online  Al Rayan Bank – expected profit 1.51% variable, 90 days’ notice for withdrawals, from £250, online/post/branch/phone  Metro Bank – 1.95% fixed for one-year bond or 2% for 18-month bond, from £500, online/ phone/branch  Al Rayan Bank – expected profit 2.22% fixed, 24-month fixed term, from £1,000, online/ post/branch/phone  Leeds – Regular Saver, 2.3% fixed, can save £250 a month up to a maximum of £3,000 in a year, one penalty free withdrawal allowed, branch/post

It is encouraging that despite the low interest rate environment, three fifths of the nation saves on a regular basis. Of these savers, a significant proportion has a specific goal in mind, highlighting that people are planning for their financial future. However, it’s clear that the current rate of saving will result in it taking longer than people expect to achieve their goals. Those who are able to establish a consistent saving habit, rather than just setting aside money they have left at the end of the month, will find it easiest to achieve their goals and there are steps everyone can take to ensure they are making the most of their savings. We encourage everyone to shop around online for the best interest rates and considering longer fixed term accounts can often be a better way of increasing returns. Savers can utilise the tax-free status of ISAs to keep more of the interest they earn and prospective homeowners

CURRENT ACCOUNTS

specifically should consider the

A number of institutions pay good interest on balances in current accounts.  Santander – 123 current account, 1.5% variable on up to £20,000, £5 a month account fee, cashback on household bills, must pay in £500 a month and have two outgoing direct debits  TSB – Classic Plus account, 3% variable on up to £1,500 (no interest on higher balances), no monthly fee, must pay in £500 a month and register for online banking

ISA, which offer extra bonus

government-backed Help to Buy: payments when saving a specific amount each month. Simon Healy Managing Director – Savings, Aldermore

Banks, building societies and credit unions all

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MARKET

Market report: The generation gap EXPERT COMMENT It is a real challenge for young people who are reliant on parental handouts just to make the rent. The intergenerational inequality that

Recent research shows that the bank of gran and grandad is now outspending mum and dad but is this the best way for first timers to get on to the property ladder and what else is being done to help them?

creates the demand for the Bank of Mum and Dad funding continues to widen and now it’s affecting renters too. The lack of affordable housing, low wage growth relative to inflation and burdens of student debt mean that many kids can’t even rent without significant family contributions. Parents want to help their kids and the Bank of Mum and Dad is a testament to their generosity, but it is also a symptom of our broken housing market. Dan Batterton

EXTRA GOVERNMENT FUNDS CAN’T HEAL THE DIVIDE

Fund Manager, Build to Rent, LGIM Real Assets

EXPERT COMMENT Last time buyers continue to face difficulties downsizing with a lack of suitable properties to move into, and ultimately this is creating choke points in the housing market that make it harder for first time buyers to take their first step, second steppers to move up the ladder. The government is taking steps to address the housing crisis, but there is more that can be done. Housebuilding remains a priority – even more homes are needed if we are to tackle the housing crisis, but the government should also look at other barriers like Stamp Duty, which are only serving to deter buyers from moving home and freeing up existing housing stock.

Jeremy Duncombe Director, Legal & General Mortgage Club

A new study for equity release referral service Key Partnerships unveiled evidence from estate agents who now find that more grandparents than parents are helping first time buyers make their first move on to the property ladder. Its nationwide study shows that over a third of estate agents have seen a rise in first time buyers being helped by grandparents compared with just 26% who report an increase in parents who are helping their children.

First time buyer numbers were definitely on the rise in 2016 but some mortgage experts are warning that the growth rate of first time buyer numbers is slowing this year. Key’s study found that estate agents share the concern. Half of those questioned say that they are worried about the withdrawal of government schemes to help first time buyers. This autumn Theresa May announced an extra £2 billion earmarked for social housing but critics have warned that, whilst the extra cash is welcomed, in reality it translates into as little as 5,000 extra homes a year. Currently the UK is building 60,000 too few homes a year and it seems that a crisis in affordability, i.e. the squeeze on pay, has caused first time buyer numbers to slump. Many grandparents are using equity release to free up cash to help grandchildren get on to the property ladder and the study showed that around half of estate agents believe that this way of freeing up funds could be one solution to help first time buyers.

HOUSING THROUGH THE AGES Think-tank the Resolution Foundation conducts research into living standards looking into issues such as low pay, housing

and intergenerational fairness. Their study ‘Home Affront’ looked at housing across the generations and found that, after those born in 1946-50, every cohort has experienced lower homeownership rates than its predecessor at the same age. Today’s families headed by 30-year-olds are only half as likely to own their home as the baby boomer generation was at the same age, and homeownership has declined across all regions and income groups. The study also found that millennials are much more likely to be living with their parents in their mid-20s than previous cohorts. In the early 1960s an average family spent 6% of their income on housing costs, whilst today’s families spend three times as much at 18%.

THE SQUEEZE ON PAY Looking further at income, the think-tank found that it is young people who have been hardest hit by the recent squeeze on pay, with decades of progress coming to a halt. Millennials born in the late 1980s were earning no more in their late 20s than those born in the early 1970s did at their age. The report pointed out that one of the key routes to securing a pay rise is job mobility, especially at the start of your career, but- despite their reputation for being ‘footloose job-hoppers’- millennials actually move jobs less frequently than previous generations, losing out on big pay rises as a result.

RISING HOUSING COSTS Over the last 60 years the cost of housing has risen, with successive generations paying more for their housing at each age. As a result, young people today are on average spending almost a quarter of their income on housing. That’s three times as much as the pre-war generation spent at their age. Millennials are half as

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MARKET likely to own a home by the age of 30 as the baby boomers, and are four times more likely to be living in the insecure private rented sector. The Resolution Foundation have also looked at the quality of housing and found that it too is deteriorating: overcrowding is on the rise, commuting times are increasing and the average size of rented accommodation is falling. Taking the trends on earnings, employment, taxes, state support and housing costs together, millennials who have so far turned 30 have failed to improve on the living standards of generation X before them which the think tank says is ‘an unprecedented break from the generational progress we became used to during the 20th Century’.

LAST TIME BUYERS STRUGGLE TOO Older homeowners may be sitting on a goldmine but this doesn’t mean that they will consider a downwards move. According to Lloyds Bank, the cost of moving has increased by 6% over the past year, mostly due to Stamp Duty costs. High house prices in popular areas for retirees can make Stamp Duty even steeper, which can put off people considering downsizing. The shortage of affordable housing also affects older downsizers. Research from McCarthy and Stone found that nearly half of Britons over 65 years would consider downsizing, especially if they could be exempt from paying Stamp Duty.

DOWNSIZING OUT OF REACH FOR MANY DESPITE GROWTH IN EQUITY

BANK OF MUM AND DAD FUNDS RENTERS TOO

Some property experts suggest that the housing crisis will never be solved until the whole picture is taken into account. As life expectancy grows ever longer, more retirement homes are needed, which will inevitably free up homes for sale for those trying to get on or move up the property ladder. Highlights from Key’s Pensioner Property Equity Index showed that the total property wealth owned by over65s who have paid off their mortgages grew to a record £1.101 trillion in August 2017. Since the group started analysing over-65s housing wealth in 2010, retired homeowners have seen growth of 41% or £321 billion which is worth around £68,500 on average for each over-65 homeowner.

Research by Legal & General and Cebr (Centre for Economics & Business Research) shows that the Bank of Mum and Dad also helps their children in the rental market. This year parents will fund a whopping £2.3 billion of rental payments, on average £415 each time a rental payment is made. The Bank of Mum and Dad now helps 9% of renters across the UK with their financial commitments to their landlords on nearly 460,000 properties. Previous Legal & General & Cebr research showed that the Bank of Mum and Dad will support £6.5billion of lending to first time buyers to get on the property ladder this year, meaning that in 2017 parents will fund some £8.8billion in 2017 helping children to either rent or buy a home.

EXPERT COMMENT

The financial pressure on first time buyers to raise the money for a deposit means grandparents are starting to play a bigger role than parents. Grandparents however need to think carefully about how they will fund grandchildren and plan ahead so they are not doing so at a cost to their own financial well-being in retirement.

Will Hale Director at Key Partnerships

EXPERT COMMENT The size of the challenge is huge. During the Macmillan years more than 100,000 council homes were built each year. Last year there were just 1,840 new council homes built by local authorities, with housing associations adding another 25,000 affordable homes. If Theresa May wants to lead the way on facing up to our housing challenge she will need to ensure building happens on a scale we haven’t seen for a generation, with councils backed all the way to do so. And in the meantime, families in the private rented sector should get the greater security they deserve. Lindsay Judge Senior Policy Analyst, Resolution Foundation

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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 Director, Sales and Customer Services, L&Q Development & Sales, East Region

Chris Sawyer Director, Sawyer & Co

Simon Scott Head of Sales and Marketing, Origin Housing, and Chairman of the London Home Ownership Group (LHOG)

T E S T T H E PA N E L

We need your questions... If you have any queries, or difficulties in understanding the property buying process, our panel of experts is waiting to help. Send our team your questions on buying property, Help to Buy, legal issues, or your financial problems and we’ll find the best person from the panel to give the advice you need. Email your questions to: lynda@firsttimebuyermag.co.uk

Viewing your first home

I’m just about to start viewing my first properties and I know I’ll get swept up in how they look rather than focus on the important things. What signs should I watch out for to get a sense of whether it’s a good or bad property, and are there particular things I should look out for? Grace Chandler, Brighton

When you’re looking to buy a property in Brighton & Hove, the good news is that there’s no particular warning signs to look out for. If you’re looking for an apartment it’s always good to check the length of a lease to make sure you don’t get stuck with unforeseen bills. Take your time to have a good look around all the building and ask the agent if they have information on maintenance cycles or reserve fund contributions. Using a good estate agent to view properties will mean that before the property has come on to the market they will have collated all the information you need, and will probably be able to assist you by providing information on the processes. Even though the property sector is not currently regulated, as a member of the Guild of Property Professionals, Sawyer & Co are part of a national network of approximately 800 independently owned estate agents whose continuous advanced training ensures they know the process of moving home inside out. Occasionally flying freeholds on properties above commercial premises can cause limitations for mortgages if the building doesn’t own all of the land upon which it sits on. Structural movement can of course cause problems but can also be difficult to spot. Beware though!...a little knowledge can be dangerous. There is a big difference between settlement (long standing movement) and progressive movement, however good agents can always offer sensible advice on this or provide details of RICS surveyors. Finally, find out if there is any planning for alterations and don’t necessarily be put off by minor issues on a survey. Rarely are problems insurmountable and sometimes the reality is never as bad as first feared! Chris Sawyer

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EXPERTS

City centre living

I want to live in the city centre but I am finding it hard to buy even with shared ownership or Help to Buy. My income and deposit is still too low. What can I do? Antoine Allen, Archway Living in the city centre can be an exciting and a vibrant place to live, however this convenience comes at a price. Due to the lack of land available, new build developments are limited and even more so in central locations where land is more expensive, which impacts on property prices. Living in the city centre often means properties are a lot smaller and before you know it, the space is too small. I would recommend looking at areas slightly further out such as London Zones 3 or 4 or outside London in the suburbs. Not only will you generally find a larger property but it is often a little cheaper. Public transport links into central locations can be very good, which means a shorter journey than you might imagine plus an affordable home with room to grow. As well as benefitting from lower prices, in time, as city locations become even more expensive, more people will move out giving better potential to price growth. Many housing

Too young to buy?

I am a 24-yearold young professional, living in Harrow. I have been renting for a few years now, and am really eager to buy to give myself more security. I work in London and would love an easy commute into the capital. What puts me off buying is that I keep reading in the papers that the average age of a first time buyer in London is now 33! This makes me worried that I am too young to ever be able to afford to buy! Can you please help? Sarah Meadows, Harrow You are right in believing that the average age of first time buyers on the open market in London is getting

associations and developers are now building in the city suburbs giving you a wider choice of properties. L&Q like many housing associations have exciting new developments around London in Zones 3 and 4 such as Weavers Quarter in Barking and Rushgrove in Hendon – great properties in wellconnected areas giving potential for future

higher and higher. However, if you are interested in buying a place of your own, you should consider shared ownership – an alternative way to get on to the housing ladder which gives you more freedom and is often more affordable than renting! The scheme allows people to purchase a share of a property, which is flexible and works around what is right for their budget, that can be from as little as 25% upwards. They then rent the remaining share at a subsided rent level – making homeownership affordable for a variety of circumstances, just like your own. In fact, a recent report by the National Housing Federation, found that the average shared ownership monthly payments in London and the south east were lower than rent or full ownership! Buyers can then staircase up as their circumstances change. This means you can increase the amount of the

growth whilst remaining more affordable to first time buyers. To find out more about shared ownership and see a selection of our brand new homes visit, lqpricedin.co.uk. Good luck with your search. Tony Harker

property, which you own with many individuals like yourself owning the entire shares within a few years. Remember, just because the homes are affordable, doesn’t mean you have to compromise on quality or location. Our selection of shared ownership homes at Origin Housing continuously offer a high quality specification in sought after locations, in and around London. At the moment, we even have a collection of three bedroom houses in Hertfordshire’s leafy Brookmans Park, and will soon be revealing city slicker apartments in Harrow, which may be perfect for you. Why not check out what we have available via our website, originsales.co.uk Simon Scott

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Buyers’ guide FTB EXPLAINS ALL THE OPTIONS TO HELP FIRST TIME BUYERS

Your options What are your funding options if you want to get on the housing ladder?

FIRST STEPS

ARE YOU ELIGIBLE FOR A GOVERNMENTBACKED SCHEME? The government runs several Help to Buy schemes to help people get on to the property ladder. To be eligible for Help to Buy your household income needs to be less than £60,000 a year. For more details, contact a Help to Buy Agent. Help to Buy Agents are housing associations that handle the application process for Help to Buy products. Details of Help to Buy Agents start on page 90.

BUYING ON THE OPEN MARKET

FUNDING OPTIONS

JARGON EXPLAINED

G O V E R N M E N TBACKED SCHEMES

EQUITY LOAN

HELP TO BUY The government will provide you with a 20% equity loan that is interest free for the first five years with interest charged at 1.75% in the sixth year and at annual RPI (retail price index) inflation plus 1% after that. The loan must be repaid when the property is sold or within 25 years. Buyers need to raise a deposit of 5% and a 75% loan-to-value (LTV) mortgage. Only new build homes valued up to £600,000 can be bought. The scheme is available for ftbs and movers.

This is a loan for a certain percentage of a property’s value. If you remain in the property, you repay the equity loan within 25 years. If you sell the property, you repay the percentage of the property price the loan was for. For example, if the equity loan was originally £30,000 on a £100,000 property (30%) and you sell the property for £200,000, you’ll have to repay £60,000 (30% of £200,000).

HOMES AND COMMUNITIES AGENCY

NEWBUY Available on all newly built properties offered by homebuilders participating in the scheme up to the value of £500,000.Under the scheme, the house builder will put 3.5% of the sale price into an indemnity fund, and the government provides an additional 5.5%. The mortgage lender is then able to offer 90-95% LTV mortgages, and the purchaser only needs a 5-10% deposit.

NEW BUILD HOMEBUY, ALSO KNOWN AS SHARED OWNERSHIP OR PARTBUY, PART-RENT

Most people buy property on the open market. Homes are either offered for sale by estate agents or sold privately. These include flats, houses and former local authority properties.

This scheme gives buyers the chance to purchase as little as a 25% share in a property and pay the rest in the form of subsidised rent. In the majority of cases, there is the opportunity to own the rest of the property outright by a method known as ‘staircasing’.

PRIVATE INITIATIVES

RENT TO HOMEBUY

Some house builders offer first time buyer incentives on new build homes. These include cash back, a loan to help you with costs or paying your mortgage for a set period of time. To find out more, contact developers directly.

With this scheme you rent a newly built property for up to five years and pay a reduced rent. This gives you the chance to save for a cash deposit so you can apply to buy a share of the home later.

This is a government organisation that funds affordable homes including those under Help to Buy.

STAIRCASING This applies to New Build HomeBuy schemes and occurs when the resident tops up the number of shares they own in their part-owned, part-rented home until they own the maximum share or own the property outright. The shares can be bought in 10% increments.

FUNDING OPTIONS BUYING ON THE OPEN MARKET & P R I VA T E I N I T I A T I V E S

To buy on the open market or from a house builder you’ll need to get a mortgage from a bank or other mortgage lender. To do so you’ll need to save a deposit and meet the lender’s lending criteria.

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BUYERS’ GUIDE

The ftb process

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

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 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

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.

SET A BUDGET

FINANCE

Work out how much money you have for fees, deposit and the monthly mortgage you can afford.

CREDIT SCORE

Make sure your credit rating is sound, and pay off any debts you can.

moneysupermarket.com or moneynet.co.uk, then apply directly to your chosen lender.

FIXED-RATES Some mortgages are fixed-rates. This means you’ll pay the same rate of interest for a certain period of time, and your repayments won’t change. If interest rates go up, you’ll be protected from the increase, but you won’t benefit from any fall in interest rates. Normally at the end of the fixed period your mortgage rate will revert to the lender’s standard variable rate (SVR) for the rest of the term. You can either pay this rate or remortgage to another lender. Remortgaging to another lender will usually mean you have to pay a fee or early redemption charge (ERC).

VARIABLE-RATE MORTGAGES Variable-rate mortgages are either linked to the lender’s SVR or the Bank of England base rate, and the rate you pay can change. Lenders can change their SVR whenever they want, but they normally only change it when the Bank of England base rate changes. ‘Tracker’ mortgages have repayment rates directly linked to the base rate and are liable to fluctuate, so you need to be sure you could afford higher repayments if rates rise.

REPAYMENT OR INTEREST-ONLY You can either pay your mortgage on a repayment or interest-only basis. If you choose a repayment mortgage, your monthly payments will pay off some interest and some capital. At the end of the term, you’ll own your home outright. With an interest-only mortgage you’ll have smaller monthly payments, but these only pay the interest on the loan. At the end of the term you’ll still owe the original mortgage sum. If you take out an interestonly mortgage, you’ll need to have a plan in place (such as an investment) as to how you’ll pay off the capital.

SHOP AROUND

Speak to a mortgage broker, but also look at lenders’ direct products and search the internet for the best deal.

RESEARCH

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TIPS

RESEARCH AN AREA

a floor plan. Sign up with as many estate agents as you can (and your local HomeBuy Agent housing associations if you’re looking at shared ownership properties). They should send you new properties that match your description, but it’s worth phoning agents regularly.

Buying a home is a big investment. You need to buy a home you can afford and one

horough research

you’ll be happy living in.

LOCATION IS KEY The first step is to shortlist the locations you feel you’d like to live in, then check if you can afford the house prices in those areas. It’s also worthwhile visiting places you like: it may be that there’s an up-and-coming hot spot just down the road you didn’t know about that’s much more affordable. Ideally, you will have rented in the area before buying, but if this isn’t the case, at least spend some time there, check out the commuting time to work, and visit local pubs, shops and leisure facilities. Visit the area at night, too.

PROPERTY SEARCH Once you have found the right location, go online and check out what’s on offer. Most properties are listed on property portals such as findaproperty.com or propertyfinder.com or estate agents’ own websites. Most of the properties featured have pictures and descriptions and some have DECIDE ON A LOCATION

Be practical. Think about the commuting time and if you can afford to buy in the area.

RESEARCH THE AREA

Check out crime rates, future regeneration or new transport links.

Check online for prices of sold properties in the area, and make sure properties you like fit your budget. You can search for recent sold prices of property in any area at nethouseprices.com, although be aware that prices have dropped significantly in the past year. If you like a property, aerial shots of the area can be viewed at earth.google.com

VIEWING Once you see a property you like, arrange a viewing. Most people see at least 10 properties before putting in an offer. It’s worth bringing a friend or relative and also arranging a second viewing to check out any bits you may have missed. Don’t get taken in by the furnishings and décor too much. Remember that a property that is slightly run down can still be a great investment and may only need a touch of paint and a change of furniture.

Before you put in an offer, visit the street at different times to make sure it’s safe. Ask neighbours and local shop owners about the area.

BEFORE YOU BUY When looking at buying apartments, check exactly what is included in the service charge and how much it is. Also, ask about the terms of the lease and its length. If the lease has less than 80 years left, use this as a negotiating tool and make an offer below the asking price.

ESTATE AGENTS It’s a buyers’ market, so make use of agents’ legwork in finding properties that fit your requirements. Be aware that estate agents are paid commission by the seller on the sale, so try to inspect the property yourself rather than just the parts the agent shows you. Don’t get sucked in by the hard sell. SEARCH

VIEWINGS

Look at several properties, and visit ones you like more than once and with someone else.

OFFER

When making an offer, don’t be afraid to ask for less than the asking price. If the property needs work done on it, use this as a negotiating tool.

SURVEY

BUYING

Make sure you get a survey done – it could save you money in the long run.

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uying process

BUYERS’ COSTS SURVEYS AND VALUATIONS

Once your offer is accepted, tell your mortgage lender. They will do a valuation to ensure the property is worth the money being advanced. At the same time, instruct a surveyor to carry out a survey. If this shows problems, find out how much they would cost to rectify and use this information to renegotiate the sale price. Or, tell the seller certain repairs need to be carried out before contracts are exchanged.

SOLICITOR’S/CONVEYANCING COSTS £500-£1,500

MORTGAGE FEE £0-£1,000

VALUATION £0-£300 (depending on your mortgage deal)

SURVEY £300-£500 (depending on the type of survey you have done)

SOLICITORS After the offer is accepted, you will also need to appoint a solicitor or conveyancer who will oversee the contract, deal with the finances and exchange the deeds. Your solicitor will carry out searches, check the terms of any lease and tell you how much stamp duty you have to pay. The seller will also appoint a solicitor, and the two legal teams will be in regular contact to make sure the purchase goes as smoothly as possible.

TIPS

A QUICK SALE Push the seller to take the property off the market. This will limit the chances of being gazumped (another buyer making a larger offer). The seller can insist on continuing to show the property, especially if you haven’t offered the asking price.

EXCHANGE AND COMPLETION Once the mortgage offer is in place, the contract is satisfactory and buildings insurance has been organised, both parties will agree an exchange date. On exchange of contracts, you pay a deposit, and a completion date is set. At this point, there’s no going back – the seller could sue you if you pull out, and you could lose your deposit. The exchange can be on the same date as the completion, but they are usually a week to 10 days apart. On completion, the final paperwork is done, and the property is legally yours.

Use a recommended solicitor who you know to be reliable and can move fast. Never get pressured into an exchange and completion date without knowing all your finances and documents are in place. If you can’t complete, you may have to pay the seller’s costs. English property law is different to Scottish law: in England, if you put in an offer and then have a change of heart, you can legally back out of the deal or negotiate up until the exchange date. But, in Scotland, an agreed price is binding.

SOLICITORS

Compare quotes from solicitors, and ask your friends if they can recommend someone. A good solicitor can make a big difference to a purchase completing or falling through.

LOCAL AUTHORITY SEARCH FEES £300 (included in your solicitor’s bill)

LAND REGISTRY FEES £50-£920 (depending on the property’s value, e.g., £200 on a property costing between £100,000 and £200,000).

MORTGAGE BROKER’S FEE 0-1%

STAMP DUTY 0% for properties costing up to £125,000

2% for properties costing between £125,001 and £250,000

5% for properties costing between £250,001 and £925,000

10% for properties costing between £925,001 and £1,500,000

BUILDINGS INSURANCE £300 per year, payable monthly or in advance. Buildings insurance can cost a lot more if your property is at risk of flooding.

TIME SCALE From offer to completion usually takes about six weeks to three months, but don’t feel pressured or rush into anything you’re not sure of just because the seller or estate agent wants you to exchange.

SEARCHES

Look at the results of searches your solicitor has done. They will tell you, for example, if a main road is about to be built at the end of your garden.

INSURANCE

After you’ve exchanged contracts, arrange buildings insurance – this will be a condition of your mortgage offer.

REMOVALS

Shop around for a removals firm, and find one that can move your possessions on completion day.

SERVICE CHARGES AND GROUND RENT ON LEASEHOLD FLATS £100-£4,000

COMPLETION

Your solicitor or estate agent will call you to tell you the property is yours. The solicitor will have some final paperwork to do, and you will then have to pay the solicitor’s bill and your stamp duty payment (if applicable).

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BUYERS’ GUIDE

Home buying glossary Confused by financial acronyms and industry terminology? Buying your first house is daunting enough without having to decode property lingo. FTB’s home buying glossary is here to make the process a whole lot easier to understand AGREEMENT IN PRINCIPLE

DISBURSEMENTS

The initial document your lender will give you outlining the amount you are likely to be lent. An agreement in principle is not a guarantee of getting a mortgage.

These are additional charges incurred during the home buying process such as stamp duty and Land Registry charges. You must give the money to your conveyancer or solicitor who will then pay the charges on your behalf.

APR APR stands for annual percentage rate. It is the interest rate you’d pay over a year. It takes into account not just the interest on your loan but also any other additional charges.

EARLY REPAYMENT CHARGE

ARREARS

EQUITY

This is a term used to describe payments that haven’t been made on time.

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

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

BROKER

This is an amount of money you have to pay a lender if you decide to move mortgage providers or if you pay off your mortgage quicker than expected.

EXCHANGE OF CONTRACTS This is when you exchange contracts with the seller. When this has happened, both sides are legally bound to complete the transaction.

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

FREEHOLD

BUILDING SURVEY

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

A survey carried out by a qualified surveyor to spot any structural problems or faults in the home you are buying.

COLLATERAL Something of value that is offered as a guarantee against a loan. With mortgages, your home is collateral.

COMPLETION The finalisation of the sale. Completion day is when all money is transferred and you become the legal owner of your new home.

CONVEYANCING The legal process of transferring ownership of a property.

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

GAZUMPING

GUARANTOR A person, usually a parent, who guarantees that you can pay your mortgage repayments. You often need a guarantor if you are struggling to get a mortgage based on your own income. If for some reason you cannot pay your mortgage, your guarantor has to pay it for you.

HIGHER LENDING CHARGE If you take out a large mortgage on a property, some lenders charge you an extra fee. This is because the more money you borrow the more of a risk the lender is taking.

LAND REGISTRY FEES This is a fee you have to pay in order to register your ownership of the property with the Land Registry.

LEASE A type of contract where you buy the right to occupy the property for a fixed period of time. You usually have to pay annual ground rent each year.

LTV This stands for loan to value – the ratio between the amount of money you have taken out as a loan and the valuation price of the property.

LUMP-SUM REDUCTION In order to reduce your mortgage, you can make a lump-sum reduction. This is where you pay more than you owe each month in mortgage repayments.

REDEMPTION Paying off your mortgage in full is known as redemption.

REPAYMENTS The amount you have to pay back each month to your mortgage provider

STAMP DUTY Stamp duty is a shortened name for stamp duty land tax. This is an amount of money that the government tax you when you purchase a new property. Your solicitor or conveyancer will organise the payment for you.

TITLE DEEDS The legal documents that outline your rights and liabilities in relation to your new property. The title deeds also act as proof of ownership.

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The freehold vs leasehold dilemma Alasdair Muir, Senior Solicitor and Head of Affordable Home Ownership at Prince Evans Solicitors explains what the difference is between leasehold and freehold I’m a first time buyer and the legal process isn’t too familiar to me, but I know the last thing I want is a lease – those are full of problems. Whilst they have their challenges, if you are purchasing a flat it will be a requirement. Let’s look at the differences so you can understand the benefits: Freehold - With a freehold you will buy not only the building, but also the land it is built on. This means that, usually, there will be no ground rent or service charges to pay. You maintain everything on the land as the freeholder, and the roads servicing your property will be public rights of way maintained by the local council (with the maintenance for these roads paid for from your council tax). It’s usually a straightforward process, which is why people prefer them. Leasehold - With a leasehold purchase you buy a lease of the property. This lease will normally be for a number of years, most commonly, 99 years, 125 years, or in some cases, 999 years. This means a relationship exists between the freeholder (sometimes known as the landlord) and the leaseholder (sometimes known as the tenant).

This lease will create an arrangement whereby in addition to the purchase price the leaseholder will pay the freeholder ground rent. (Sometimes a small amount of say £10 per year, sometimes only a peppercorn.) So there are some leases where the leaseholder pays the freeholder a peppercorn, is this some weird legal term? I know this seems silly but it’s not a legal term – I’m talking about exactly the same peppercorns as the ones you cook with. You could be asked to sellotape a peppercorn to a piece of paper and give these to your landlord as rent (obviously no one does this in real life though). For a lease (or any contract) to be binding in English law there has to be something which passes between the parties, usually money, but in some leases a peppercorn is used instead. Ok, but why else is a lease necessary? If you’re buying a lease in a block of flats, this lease is particularly important. You want to live in a block of flats where the landlord is required to insure the building,

or repair the roof; where the people above you have to have decent floor coverings and sound proofing so you don’t hear their every footstep. You’ll want to flat below to not be allowed to throw parties all day and night, and restrict loud noise to sociable hours of the day. These are known as covenants. Every lease in a block of flats must have the same covenants, otherwise it wouldn’t make sense. Following on from that, the main road is owned by the local council, and everyone can use it. You have a lease of your flat. But the bit in between from the front door of the building to the front door of your flat? Well these are known as common parts or communal parts – you’ll need the freeholder to grant you rights of way over their common parts (in the front door for the building, up the stairs / lift shaft, and then down the corridor). You need the lease to create this relationship, hence why the lease is fundamental in English property law. So the lease is necessary. Why can’t I have a freehold flat though? You could create a transfer for a freehold flat, which creates all the same rights of

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BUYERS’ GUIDE

way, and contains all the same covenants with everyone else in the building. But if your conveyancer missed one right of way, suddenly you have no legal right to get to the property. Given these risks of it going wrong most mortgage lenders just have a blanket policy where they won’t lend where it’s a freehold flat – they are used to leases which they also know can be fixed much easier if it goes wrong. But I’m not worried for nothing – leases have a bad press. They’ve even been in the national news for doubling rent clauses. Yes, they have. £10 was worth a lot more 50 years ago than £10 is today, so when leases are drafted it’s usual for there to be a clause which says how and when ground rent will increase. This then means that (in theory) ground rent will rise in line with the same price rises as everything else. The problem is some freeholders have been drafting clauses where the rents double every ten years. This means £250 per year of ground rent now, in eighty years, will be £64,000 per year in ground rent. Thankfully some freeholders have indicated where their leases have these clauses they will change these to make them fairer. The Government is also looking into this issue given how unfair it is for leaseholders. Can the freeholder sell their ground rent rights without telling me? No, if the freeholder wishes to sell their ground rent collection rights (and sometimes the freehold land with it) then they can do so, but they must ask you if you want to buy it first. This is known as the Right of First Refusal. The freehold must serve notices on the leaseholder, and give you time to consider whether you want to club together and buy the freehold yourselves. Not only is this a requirement, but if a freeholder fails to do this, it’s a criminal offence which they are personally liable for. If concerned about this point please double check and re-read this bit of correspondence and have your conveyancer

discuss it with you. But what about nightmare stories of blocks of flats where the lift breaks and needs fixing – that’s expensive and if there aren’t too many flats then it’s a huge bill all in one go? Your conveyancer will be looking out for a ‘sinking fund’ or ‘reserve fund’ when they buy the property for you. Every year your freeholder will take some of your service charges and put them to one side knowing that the lift will only last five years, the roof will need changing every ten years, and so on. Since you all pay in a little amount, frequently, this builds up over time and this reserve fund is then used first to pay for big expensive pieces of work. There are legal processes and procedures to be followed where freeholders need to undertake major works and to be able to recover the costs from you. Let’s pretend I’m ok with the idea of a lease, but I’m told the property I want to buy has a really short lease attached to it – what then? Short leases are problematic because mortgage lenders want to know they will

have an interest over a long lease. In order to get a longer lease you have to request a lease extension from the freeholder. You can informally agree a lease extension with the freeholder at any point. Once you have lived in the property for two years you have a legal right to demand a lease extension, however, if you’re only just buying the property you won’t have this right, nor will you want to wait two years for the right to demand a longer lease. The usual method around this is to ask the seller to serve the notice demanding the longer lease then sell the property to you. They can then give you the benefit of this notice along with the property for you to finish this lease extension process and get the longer lease you want. Do service charges only exist with leasehold properties – why do some new build properties have service charges but also say they’re freehold? Previously on new build properties the builders would construct poor quality roads and drains leaving these to the local council to maintain after all the houses on the estate had been sold. To stop this practice, the local council now require that the builder maintains the estate roads and for this they require a contribution from the residents. Another example would be where the builder maintains communal gardens for the benefit of the residents.

Prince Evans Solicitors LLP is a leading law firm combining the best of City of London legal skills with an efficient, friendly service with competitive charges. With a wealth of experience, efficiency, value for money, and being a top legal 500 firm, we are renowned for our outstanding customer service skills with 5 star online ratings, team of experts, extensive verified list of satisfied client testimonials, and decades of experience in affordable home ownership. Please contact Prince Evans Solicitors and ask for Niki Sims on 020 8567 3477. Prince Evans Solicitors LLP, Craven House, 40-44 Uxbridge Road, Ealing, London W5 2BS or visit our website prince-evans.co.uk.

First Time Buyer December 2017/January 2018

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