Work has started on dozens of new homes on the outskirts of a Derbyshire village. Rippon Homes has started building the development, called Konnect, at South Normanton, near Alfreton. The completed scheme, off Thornhill Drive, will consist of 26 two and three-bedroom homes, which the developer says will be ideal for first-time buyers and growing families. There will also be three homes built separately which will be sold by a housing association as affordable properties. The Rippon Homes properties will be available to purchase using the Government backed Help to Buy scheme, allowing purchasers to secure one of the homes with a 5% deposit. The remaining amount will be made up from a 20% equity loan and 75% mortgage. According to Rippon, all of the homes have been designed to a high specification, including fitted flooring throughout, fitted kitchens with worktops and upstands, an electric oven and gas hob in the kitchen and turfed rear and front gardens, with the rear garden fenced and … [Read more...] about Works begins on housing for first-time buyers and families
Home loans for first time buyers
THE dream of owning a home is becoming increasingly remote for millions of young Brits. And that's not surprising when you think first-time buyers now have to fork out nearly £50,000 for a deposit to get their foot on the first rung of the property ladder. But what if there was a way wannabe buyers could buy their own home without having to scrimp and save for that deposit? A decade ago, borrowers were able to take advantage of lots offers that meant they didn't need to stump up any money before getting their mortgage. One report says that building societies and lenders should bring them back for first-time buyers to ease the burden on parents. We've seen a few of these mortgages reappear on the market but are they really worth looking at if you're struggling to get the funds together for a deposit? What are no deposit mortgages? When you're mortgage shopping, you'll see something called Loan to Value (LTV). This is simply the percentage amount of the property that is … [Read more...] about What is a 100 per cent mortgage loan? Are they good for first-time buyers and can you apply if you have bad credit?
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
Bristol has been crowned one of the worst areas to save for a deposit if you are a first-time buyer. Property specialists Compare My Move found it takes a total of seven years to gather a 15 per cent deposit and almost three years to save up for a five per cent deposit. In contrast, savers in Burnley can get on the property ladder in just seven months. It has been worked out using average regional wages for 22 to 29 year olds, living costs, and average rent prices for a room in a house share, as well as the expendable income for 'Generation Rent' across 50 of the largest towns and cities in Britain. It also included take-home salary, including pension and student-loan contributions. Compare My Move also worked out the time taken to save up the average 15 per cent deposit for a first home in the area, before comparing it to the five per cent needed for the Help to Buy Equity Loan. The figures have shown renters in only 14 per cent of the largest cities and towns in Britain can save up … [Read more...] about Why Bristol is such a terrible place for first time buyers
FANCY getting on the property ladder without having to put down a deposit? Of course you do, it's a no brainer. A range of 100 per cent mortgages that are now available to first-time buyers means that there's no need for a cash deposit when buying a property, shaving years off the time it takes to become a homeowner. Normally, house buyers will need a down payment of at least 5 per cent of the property price before taking out a mortgage but a 100 per cent loan will let you borrow the total value of the home. The Post Office's Family Link will let you take out a 90 per cent loan to value (LTV) mortgage, with the 10 per cent deposit secured against your parent's home, providing that they're mortgage-free. Tipton & Coseley offer a similar deal, but you'll need to secure 20 per cent of your new home against a family member's property. Barclays three-year fixed mortgage will lend you the cash if your parents are willing to stump up 10 per cent of the purchase price. The money is held … [Read more...] about The £120k homes that single first-time buyers can afford to purchase on their own and without a deposit