home&living
FIRST
TIME
IS NOW
Who says it’s a bad time
to buy a home?
What are you waiting for? Bargain-priced homes can be
found as Property developers, HomeBuy providers and
private vendors slash their asking prices. New govern-
ment incentives, such as a Stamp Duty holiday, are
launched. We suggest six ways to get on the ladder?
Pocket the diff erence Negotiate Finance
Private developers are doing more to help the af- In the current climate, it’s not about fi nding the Many potential buyers are falling at the fi rst hurdle;
fordable homes market and fi rst time buyer. Pocket right property so much as fi nding the right vendor. getting a mortgage. Lenders have tightened up
(www.pocketliving.com) have just launched their Two houses in the same street can vary in price their criteria in fear of borrowers defaulting on their
fl agship scheme in Camden (pictured above), the considerably depending on how desperate the loan. It is important to speak to a mortgage advisor
innovative company offers homes that cost 20% owner is to sell. England and Wales laws dictate or lender on what you can afford to borrow and
less than on the open market. The apartments are that you can drop the price of your home right up make sure you have the required deposit ready for
available to singles and couples on a household until the exchange date, a recent term called ‘ga- when you fi nd your dream home.
income of less than £60,000. To register your inter- zundering’, a process which is being used more of
est or check out future properties in Hounslow and late compared to when the market was fl ourishing. Hammer it home
Ealing, visit Pocket’s website. The biggest bargains around can be found at
HomeBuy agents auction. Properties sold in this way have already
Try before you buy Make sure you keep in touch with your HomeBuy dropped 23% between June to August of this
The government have launched a new scheme Agent, to register you simply need to have a house- year. However this isn’t the easiest entry into the
79
for selected empty new-build homes currently on hold income of less than £60,000. There are more market, especially for those with little experience.
the market. The Rent to HomeBuy pilot scheme and more government incentives for fi rst-time Properties sold on auction require a 10% deposit at
means that a property can be rented for up to three buyers out there, your agent can best advice what’s the fall of the hammer, then the completion date
years at a discounted rate, until the tenant is ready available to you. From early 2009, HomeBuy is usually 28 days later. This means that fi nance
to buy. Applicants will need a household income Direct will be launched, which will provide equity needs to be in place before you bid on the property,
of £60,000 or less to qualify. To fi nd out more, con- loans of up to 30%. it is also advised that a survey is carried out prior to
tact your local HomeBuy agent, contact details can the auction.
be found in our directory section.
on the
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ladder
Vendors are Abbey [OUOhW\S
looking at new National have All the tips
quick checklist ways to sell, launched a high-interest and news
on making the including lotteries account aimed at first- to help you
first rung and websites to time buyers looking to with your first
save the 1-3% fee. save a deposit home purchase £2.95
www.abbeynational.com
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