Cardiff has seen a surge in young people flocking to the capital city, with the number of 21 to 30 year olds increasing by 39% during the last 15 years. According to 2017 data from the Office for National Statistics, 69,291 members of the city's 350,463 population were young people. And a report by the Centre for Cities revealed that they were attracted to the city by job opportunities and access to transport as well as the vibrant entertainment, sport and cultural scene. Many younger people settling in Cardiff have been desperate to get on the property ladder but, as we know, homes in the city don't always come cheap. But there are places out there for first-time buyers starting with a budget of just £90,000. We've done our research and found a choice of apartments in the trendiest and most convenient areas of Cardiff - and, if you're prepared to consider the outer suburbs and have a budget of up to £200,000, there are a range of houses available too... Grangetown: offers … [Read more...] about The best homes for first-time buyers in Cardiff right now
First time home buyer class
A YOUNG couple managed to turn around their credit score in six months after being rejected for a mortgage - and now own a £158,000 three-bed home. Katie Brooksbank, 27, and Tom Haslam, 27, who live in Worksop, Nottinghamshire put their house hunt on hold in January this year after being refused for a home loan. Despite having everything in order, the mortgage advisor had filled in the wrong details on their application, greatly underestimating their incomes. Their application was rejected and even worse, they were forced to give up on their dream home and lost a £500 holding fee. The rejection also had a negative impact on their credit score. Both of their Experian credit scores dropped 200 points each, taking them from “good” to “fair” meaning that if they applied for another mortgage straight away, they may have faced another rejection and risked damaging their scores even further. Lenders look at your credit score before deciding whether to loan … [Read more...] about First-time buyers who were WRONGLY refused a mortgage now own £158,000 three-bed house
THE Help To Buy scheme offers a way for Brits to get on the property ladder by reducing the amount of cash they need to stump up for a deposit to buy a home. Here's everything you need to know about the government's scheme to help first-time buyers. What are Help To Buy schemes? Do I qualify? Help To Buy is a government scheme designed to help people get on the property ladder without the need for the large, up-front deposit which puts most young buyers off. It consists of Help To Buy equity loans and Help To Buy ISAs, both designed to offer first-time buyers a way to make their deposit more affordable. Which? reports that to qualify, you must: Have a deposit of at least five per cent Be looking to buy a home worth £600,000 or less (this limit changes for Help To Buy ISAs) Be purchasing a property you intend to live in most of the time How do Help To Buy equity loans work? One of the most popular ways to get a foot on the housing ladder, Help To Buy equity loans can be used … [Read more...] about What’s the Help To Buy scheme, why might it be scrapped, how do the government ISAs and Equity Loans work and do first-time UK buyers get dibs?
The Tories' flagship scheme for helping people to buy a home has been slammed for helping the wealthy. The Help To Buy initiative is designed to help cash-strapped first-time buyers. But new analysis reveals the average salary of people receiving equity loans has shot up since it was introduced. Wealthy Brits earning as much as £100,000 are getting taxpayer-funded loans to buy a home, official figures show. Those being helped earn an average of £55,000. And in London the average wage of Help To Buy claimants is now £72,000 - three times the national average salary. Critics blasted the policy as “welfare for the upper middle classes” and demanded it be changed or scrapped. Help To Buy equity loans provide cash to homebuyers enabling them to own a property with a deposit of just 5%. Over the past five years, the scheme has paid out £8.3billion - with 160,000 people benefiting from it. New Government figures show the average household income of claimants … [Read more...] about Help to Buy slammed for helping the wealthy over cash-strapped first-time buyers
With house prices continuing to rise it is increasingly difficult for first-time buyers to get a foot on the property ladder. If Rightmove data is to be believed, the average house price in Cambridge has skyrocketed to £511,852 - second only to London, where the average price is a whopping £623,525. This represents an eight per cent increase in the city in the past year alone. Once you have found that dream home you have set your heart on there is the small matter of paying stamp duty on the purchase. Last year the Government announced the introduction of Stamp Duty Land Tax (SDLT) relief for many first-time buyers. This came as welcome news for those wishing to get on the first rung of the property ladder. But be aware - there are tight restrictions as to who can qualify. Here Judith Pederzolli, from Cambridge Accountants PEM, explains what you need to know about the relief. What is the relief worth? The relief means that no tax will be due on a property purchase price of … [Read more...] about How can you qualify for first time buyer’s relief from stamp duty?