How to prepare for buying a property in the UK

Buying a property in the UK is a huge investment and most times a life time investment and as such must be approached carefully and with the utmost preparation. Below are key points that can help you prepare for buying a property in the UK;

PIPA property photo

  • Build up your savings by reviewing your expenditures downward to increase your disposable income.  If you’ve got loans or credit cards it makes sense to repay them first. This is because the interest you pay to borrow is usually higher than the interest you get on savings accounts.
  • Save for your deposit. Buying a property requires deposit and the more deposit you have the better change of getting a good mortgage deal.
  • Check your credit score and report to make sure its good enough for a mortgage loan. If not you should work towards improving it.

mortgage-imagery-homes-made-from-twenty-pound-notes

  • Plan your budget based on the most you may have to pay for a mortgage, try not to take the maximum mortgage on offer, and don’t forget to include mortgage related costs and fees.
  • Work out how long you could live on savings if you lost your job.
  • Check what benefits your employer will provide if you get ill.
  • Consider taking out insurance in case you are made redundant, get critically ill or have an accident.
  • Use mortgage calculator to work out how much a change in interest rates would affect your own loan.

For property investment in the UK from start to finish, Please Contact me

Dennis Bebo – MSC, BSC, DEA, CeMAP

TA DenEco Consultancy – www.deneco.co.uk

£2,000 can now get you into UK property ladder under shared ownership

The Government has announced changes to the shared ownership scheme which should make it easier for first-time buyers to get their own homes.

Housing Secretary Robert Jenrick has said that first-time buyers will be allowed to buy a stake of 10 per cent, which will then be upped in 1 pc increments.

Property photo

Housing Association tenants on the lowest incomes are now being given the chance to get onto the property ladder thanks to a new version of the shared ownership scheme.

Under current rules, Housing Association tenants renting a home worth £200,000 can’t buy a share of that property.

But with the new Right To Shared Ownership scheme, tenants will be able to buy an initial 10 pc stake worth £20,000, while paying subsidised rent on the remaining 90 pc of the property.

Under the new scheme tenants will be able to make up the 10 pc stake with a £2,000 deposit and an £18,000 mortgage.

Chief Executive of NAEA Propertymark, Mark Hayward, said: “Now that the measures on shared ownership have been confirmed, thousands of consumers will welcome the opportunity to increase their share of ownership more easily and to simplify the process by which they can sell their homes.

You can buy a home through shared ownership if your household earns £80,000 a year or less (or £90,000 a year or less in London) and any of the following apply:

  • you’re a first-time buyer
  • you used to own a home, but can’t afford to buy one now
  • you’re an existing shared owner

Source: Manchester Evening News

For property investment in the UK from start to finish, Please Contact me

Dennis Bebo – MSC, BSC, DEA, CeMAP

TA DenEco Consultancy – www.deneco.co.uk

Three Generation rent experimental Eco HMO from UK Council

It is an unusual set-up, pioneered by Kent County Council, which bought the run-down former hotel for £150,000 as part of a regeneration scheme in one of the most socially-deprived areas in the UK.

Almost £1m was spent converting it into a home appropriate for multi-generational living. Situated over five floors, it has three kitchens, five bathrooms and seven bedrooms.

HMO

The family previously lived in three separate homes around the town.

Hospital sister Lizi lived with her fiance Richard, a chef, and Dan. Andrew, who works in a greenhouse nursery, lived on his own, while single mum Charli, who works in a supermarket, lived in another home with her six-year-old daughter Poppy.

Lizi spotted an advert for the experiment after her landlord said he was selling up. She fell in love with the house as soon as she saw it and persuaded the family to move in together.

The house was also designed to ensure it met high environmental standards.

For example, water from the washing machine is recycled for use in the toilet, which means a household of six people uses the equivalent of a two-person household.

Academics are monitoring how warm the house is, how much fresh air it has and how much condensation there is.

The family are privately renting the house from Kent County Council for around £1,750 a month, plus bills – and say living together has helped them save money.

“We’re not all paying rents,” Richard Warrington, whose previous property cost £1,200 per month, explains.

“We’re not all paying separate electricity bills, gas bills, water bills, council tax and everything else. So we’re all now paying one lump sum for the house.”

Source: BBC News

IRA plans to Knockout power supply in England Homes

The IRA planned to knock out the power supply to the south east of England in the final years of its bombing campaign, a former insider has claimed.

Details are revealed in the final episode of the BBC series Spotlight on the Troubles: A Secret History.

Insiders describe a battle of wits between the IRA and British intelligence.

When the British Government refused to admit Sinn Féin to peace talks in the mid-1990s, Canary Wharf was bombed.

IRA-bomb

Two people were killed and damage was estimated at £150m in the attack in February 1996.

In June of the same year, the IRA exploded what was reported as the largest bomb to be planted in Great Britain since World War Two.

More than 200 people were injured in the blast in Manchester and significant damage to infrastructure caused.

The final programme in the landmark BBC series, presented by Darragh MacIntyre, includes first-hand accounts of the campaign in Britain after the IRA ceasefire was temporarily abandoned in 1996.

Source: BBC News