Not many young people will be in a position to buy a property when they first leave home.

Size: px
Start display at page:

Download "Not many young people will be in a position to buy a property when they first leave home."

Transcription

1 $ Section 7 89 Not many young people will be in a position to buy a property when they first leave home. However, it may be of use to learn a little about how the process works. We asked a group of people aged who had recently moved into their own homes whether they would have benefited from learning about being a first time buyer at school or college. They all said they wished they had been able to find out more at a younger age and this would have made them more confident when going through the whole process. This section won t go into the finer details of buying a property; it will simply look at some common terms and the main steps involved. 7.1 First things to consider - Pros v Cons What are the pros and cons of buying a home compared to renting or living at home with mum and dad? Pros (good things about buying your own home) Cons (bad things about buying your own home) Suggested answers: Pros: Investing in an asset, security (no threat of eviction unless unable to keep up with mortgage repayments), and freedom to choose how the property looks Cons: Can be very stressful, can be lengthy process, expensive (solicitors fees, surveys etc), committed to re-paying the mortgage unless you sell the property, responsible for all repairs (repairs are landlords responsibility if renting)

2 90 Section What can I afford? Mari (25 years old) was renting with a friend in a three-bedroom property in Swansea. She was paying 250 a month rent and 160 bills on top. Not too bad for a nice, quiet part of the city. She wanted to buy her own house and settle in the city where she d grown up. Before looking at any properties, she thought carefully about what she could afford. She had 10,000 savings and her parents were also able to give her 10,000 so she had a 20,000 deposit 1. Mari took home about 1,300 2 a month. She went to see a mortgage advisor, who explained the different options to her. If Mari was looking at properties worth 115,000 and was able to put down 20,000, she was looking at a mortgage 3 of 95,000. The mortgage advisor explained the different types of mortgages 4 so Mari could get an idea of how much she would be repaying each month. With a repayment mortgage of around 95,000 over 25 years 5, Mari would be re-paying on average a month, depending on the type of interest rate she chose 6. Mari also did some research on how much, on average insurance, utility bills 7, Council Tax 8, telephone, broadband, TV licence etc would cost. She calculated that these bills would come to around 250 a month. 1 If you have savings you won t need to borrow as much money and your monthly repayments will be lower. Some lenders will insist that you have a deposit but others may be willing to lend you 100% of the value of the house. 2 Gross income is the amount of money you earn every month. For example, a 20,000 a year salary equals 1,666 gross income per month. Take home pay (net income) is the amount you earn every month minus tax, National Insurance contribution, student loan repayments, pension, trade union membership etc. The amount of deductions varies from person to person and can also depend on the amount you earn. If you are thinking about buying a home, you must look at your net income to see if you can afford the monthly repayments. 3 A mortgage is a type of loan taken out to buy a property. It is different from other types of loans because it is larger and borrowed for a longer period. If you don t repay the lender each month, they can repossess your home and sell it on to get the money back. Lenders can be high street banks and building societies or specialist mortgage lenders who cater for self-employed or people with bad credit. 4 The two main types of mortgage are repayment and interest-only. Repayment mortgages are the simplest, least risky types because you pay part of the actual amount borrowed as well as some of the interest. For more information on interest-only and other types of mortgage go to cliconline.co.uk/default.asp?conid= Mortgages are usually taken out for 25 years although with the sharp increase in house prices over the last ten years, the length of repayments can also be extended to 30 and 40 years. 6 There are loads of different interest rates that apply to mortgages. The type of interest rate you choose will decide how much you repay each month. For more information on interest rates go to the link above. 7 Utility bills are water, gas and electricity. 8 A tax paid to the Council. The amount to be paid depends on where you live and how big your house is.

3 $ Section What would I sacrifice? We saw Mari s situation in activity 7.2. She had worked out roughly how much it would cost to buy a house worth 115,000 with a deposit of 20,000. Here is a list of how much Mari currently spends each month on average. Rent 250 Bills 160 Food 200 Car insurance 40 Petrol 100 Clothes 200 Going out 150 Holidays, visiting friends 50 Total 1,150 Here is how much she could be spending each month if she bought a house: Mortgage repayment Bills 250 Food 200 Car insurance 40 Petrol 100 Clothes 200 Going out 150 Holidays, visiting friends 50 Total 1,490-1,590 Remember! Mari takes home 1,300 a month. Can you suggest some areas where she could cut back on her spending in order to make buying a house a realistic and affordable option? Suggested answers: food bill could be reduced considerably by going to more budget supermarkets and by looking for 2 for 1, buy one get one free offers. Sign up for a supermarket store card. If the car is used for travel to work, look at options such as car sharing, public transport or even walking if appropriate! Cut down on clothes shopping and wait for the sales. Maybe stay in and have friends round for an evening rather than go out. Cut back on the holidays and trips away. Save up for one big holiday a year. She could look for a cheaper house and consider renting out a room Which sacrifices would you be prepared to make if you were looking to buy a house but not sure whether you could afford to?

4 92 Section Getting a mortgage Once you have decided that you can afford to buy a house, you can go to a mortgage lender to get an agreement in principle. The mortgage lender will decide if you qualify for a mortgage and will look at your earnings and your deposit to see how much they are willing to lend. Once you have this agreement in principle, you can start looking for properties. As a rule, mortgage lenders will lend three to four times your salary e.g. if you earn 25,000 a year you can borrow 75, ,000. If you are buying with someone else, you can normally borrow between two and a half and three and a half times your combined salaries. For example Person A earns 25,000 a year and Person B earns 15,000. The amount that can be borrowed is 100, ,000. Some mortgage lenders will even be prepared to lend more, sometimes as high as five times the salary but these mortgages may carry high interest rates and other conditions. If you have a bank account with one bank, this doesn t stop you from applying for a mortgage with another bank. However, some banks may have special deals for people who already have an account with them. It s worth shopping around for the best deals. You can also go to a mortgage broker or an agent that can look at the whole market and advise you on the best options. 7.5 Where to look for properties: local Estate Agents, local house builders, classified adverts in local newspapers, on the Internet Try answering the following questions: 1 Usually an advert for a property for sale will have a picture and a short description as well as a value in sterling. What is this value called? a) recommended retail price b) sale price c) asking price 2 An appointment to see a property is called: a) seeing b) look around c) inspection d) viewing True or false? 3 You must stick to just one estate agent. 4 If you go to view a property, you aren t allowed to ask any questions e.g. when the kitchen or bathroom was installed. 5 Only the people interested in buying the property are allowed to go and see it. 6 If you are still interested in a property you can make an appointment to see it again. 7 You have to make an offer if you would like to buy a property. 8 You have to offer at least the asking price for a property.

5 Section 7 93 Answers to 7.5: 1 c) Asking price. When a person decides to put a property on the market or for sale an estate agent will normally value the property. The asking price will depend on a number of factors: where the property is situated, how many bedrooms, is there a garage, parking space, garden, new or old bathroom, kitchen? 2 d) An appointment to see a property is a viewing. Once you have seen an advert for a property or properties you like, you can ask the Estate Agent for more details (specifications).these will provide more information on the size of each room in the property as well as features such as double-glazing, central heating and those listed above. 3 False. You can look at properties with as many Estate Agents as you like. You are not tied to any particular Estate Agent. 4 False. In fact, you should make a list before viewing a property of all the questions you would like to ask. Normally the Estate Agent will show you around but sometimes the owner prefers to do so. This should not put you off asking some awkward questions. If you eventually buy the house, you have a right to know certain things! If you ask questions it will also give you an idea of how much work you will need to do on the property if you buy it. The mortgage lender will normally carry out a survey of the property before lending the money. This is not very in-depth so you may consider paying for a more detailed survey to be carried out. 5 False. You can take along friends or family members to a viewing. Getting a second opinion from someone who knows you is a good idea. 6 True. Arrange to go and see the property at a different time of day or on the weekend to get a fuller picture. 7 True. It s not like going to a shop, deciding you like something and then taking it to the till. If you decide you like a property you must put an offer to the seller (normally via the Estate Agent). 8 False. You can make an offer lower than the asking price and it depends how desperate the seller is to sell on whether he/she will accept. 7.6 The Legal Process Once an offer has been accepted you must contact your solicitor to tell them to start the legal process (this is called conveyancing). There will be a charge for this so make sure you can afford it. Contracts will be exchanged and you will be required to pay a deposit at this stage. After the exchange of contracts, a completion date is agreed and this will be the date you get the keys to your new home.

6 94 Section Where would I want to buy a home / Where can I afford to buy a home? We may dream of living in a luxury flat in the trendy part of town or a beautiful old house in the country but we must be realistic! After looking at sections 7.2 and 7.3 and working out roughly how much you could borrow if you earned the national average wage of around 22,000 a year, you will see that this narrows your options considerably. Why not take a look in the local paper to see the types of properties for sale in a particular price range. Choose 3 properties under 120,000 that you would be happy living in. Give reasons for your decisions. Did others in your class choose the same properties? Which property would you choose if you had just won the lottery?! 7.8 Some words of wisdom from people who have been there and got the T-shirt Don t be afraid to ask the mortgage advisor, bank, solicitor etc if you don t understand something Do make sure that buying, rather than renting is the best option for you, especially if you are moving to another area Some of the dos and don ts of buying a home Do find out about mortgage options before speaking to a lender and decide which type of mortgage suits you best Do make sure you have some money left over for solicitor s fees and for buying furniture etc for your new home Don t be put off by jargon. Visit websites such as Clic Online for simple and clear advice and information Don t try and do everything once you have moved in. Decorating, furnishing and unpacking may take weeks if not months! Chill out!

7 95 references References Pages 5-7 courtesy of Department for Children, Education, Lifelong Learning and Skills Personal and Social Education Framework 2008 Photos on pages 10, 11, 12 and top of page 13 courtesy of Housemate for Primary Schools, Shelter and Shelter Cymru, 2002 Photo on bottom of page 13 courtesy of Swansea University Marketing Department, 2007 Photo on top of page 14 courtesy of Swansea College, 2007 Photo on bottom of page 14 courtesy of CREE Photography, 2007 Pages 16 and 17 adapted from Teesside Nightstop s Student Pack Photo on page 19 courtesy of Housemate for Primary Schools, Shelter and Shelter Cymru, 2002 Photos on pages 22 and 23 courtesy of Housemate for Primary Schools, Shelter and Shelter Cymru, 2002 Page 25 courtesy of the Welsh Assembly Government Photo on page 27 courtesy of The Big Issue Cymru, 2007 Pages 34 and 35 courtesy of Bradford Nightstop s HEAT resource Pages 38, 39, 40 adapted from The Right Track Pack, Shelter Cymru, 2007 The truth about asylum on page 45 Information adapted from The Refugee Council s website - refugeecouncil.org.uk. All information correct at time of printing. Understanding how and why people come to work in the UK on page 45 Information adapted from the New York Times, January 16, All information correct at time of printing. Photos on page 46 courtesy of Housemate for Primary Schools, Shelter and Shelter Cymru, 2002 Page 48 courtesy of I m Offski Scottish Council for Single Homeless, 2004 Page 54 courtesy of I m Offski Scottish Council for Single Homeless, 1998

8 96 references Pages 55 and 56 adapted from The Young Book of Wisdom, Calman Trust Page 65 courtesy of I m Offski Scottish Council for Single Homeless, 2004 Page 76 adapted from I m Offski Scottish Council for Single Homeless, 2003 Page 77 adapted from I m Offski Scottish Council for Single Homeless, 2003 and The Right Track Pack, Shelter Cymru, 2007 Page 80 adapted from House about me? Falkirk Council

How To Live In The Uk As A Young Person

How To Live In The Uk As A Young Person Section 4 57 The first move for a young person when considering moving out is to draw up a budget. It will help you work out what kind of accommodation you can realistically afford, not just the rent but

More information

LEGAL & GENERAL HOME FINANCE. Guide to Lifetime Mortgages

LEGAL & GENERAL HOME FINANCE. Guide to Lifetime Mortgages LEGAL & GENERAL HOME FINANCE Guide to Lifetime Mortgages A lifetime mortgage could give you the freedom to really enjoy your retirement. We re delighted you re finding out more about lifetime mortgages.

More information

SHARED OWNERSHIP BUYERS GUIDE

SHARED OWNERSHIP BUYERS GUIDE SHARED OWNERSHIP BUYERS GUIDE SHARED OWNERSHIP SHARED OWNERSHIP PROVIDES AN AFFORDABLE WAY TO BUY A HOME. YOU PURCHASE A SHARE IN A BRAND NEW HOME AND PAY A SUBSIDISED RENT ON THE PART YOU DON T OWN. IN

More information

A Small guide to some Insurance products that you have heard of, but, not sure what they mean!

A Small guide to some Insurance products that you have heard of, but, not sure what they mean! A Small guide to some Insurance products that you have heard of, but, not sure what they mean! Helping you to understand Insurance Please find our guide to some Insurance Products which we know you have

More information

Partnering with you to buy your home or investment property. Buying an Investment property

Partnering with you to buy your home or investment property. Buying an Investment property Partnering with you to buy your home or investment property Buying an Investment property Buying an investment property Investment property expenses To run a successful rental property you ll need a detailed

More information

A Professional Approach to Short Term Lending Secured against Land or Property

A Professional Approach to Short Term Lending Secured against Land or Property A Professional Approach to Short Term Lending Secured against Land or Property 2012 Edition A Professional Approach to Short Term Lending Secured against Land or Property Introduction The members of the

More information

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. Buy to Let investors guide

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. Buy to Let investors guide YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE Buy to Let investors guide On your side in Buy to Let Buying property to let as a long-term investment or to generate

More information

equity loans explained State money, interest-free for five years

equity loans explained State money, interest-free for five years help TO buy Your guide to the latest government-backed scheme Produced by In association with equity loans explained State money, interest-free for five years easy access How to apply INTROducTION The

More information

LEGAL & GENERAL HOME FINANCE. Guide to Lifetime Mortgages

LEGAL & GENERAL HOME FINANCE. Guide to Lifetime Mortgages LEGAL & GENERAL HOME FINANCE Guide to Lifetime Mortgages A lifetime mortgage could give you the freedom to really enjoy your retirement. We re delighted you re finding out more about lifetime mortgages.

More information

Remortgaging guide 1. Remortgaging guide. We re with you every step of the way

Remortgaging guide 1. Remortgaging guide. We re with you every step of the way Remortgaging guide 1 Remortgaging guide We re with you every step of the way Remortgaging guide 2 With so many different mortgages out there to choose from, deciding which one is best for you can be a

More information

Your First Home. A Buyer s Guide

Your First Home. A Buyer s Guide Your First Home A Buyer s Guide Questions to ask yourself Before getting too involved in the house buying process, it makes sense to ask yourself a number of questions regarding your finances. Hello...

More information

Citizens Advice financial capability

Citizens Advice financial capability Activity: Budgeting case studies This activity is easily adaptable for group or one-to-one sessions. Three case studies are provided, trainers are advised to pick one that suits the client best, based

More information

HOME OWNERSHIP THE REAL COSTS

HOME OWNERSHIP THE REAL COSTS HOME OWNERSHIP THE REAL COSTS THE GOVERNMENT REQUIRES US TO PROVIDE YOU WITH THIS INFORMATION PURSUANT TO SECTION 121AA HOUSING ACT 1985 If you just compare the cost of a mortgage with the cost of your

More information

KEY MORTGAGE INFORMATION & EXPLANATIONS

KEY MORTGAGE INFORMATION & EXPLANATIONS KEY MORTGAGE INFORMATION & EXPLANATIONS THE SOCIETY Within this document reference to we us and our refers to the Society, full details of which are: Tipton & Coseley Building Society, 70 Owen Street,

More information

Level 2 l Intermediate

Level 2 l Intermediate 1 Warmer Do you live with your parents? Why? Why not? Do you own your own house or flat? If not, would you like to? Why? Why not? 2 Key words Fill the gaps in the sentences using these key words from the

More information

Home Equity Loans and Credit Lines HELOC

Home Equity Loans and Credit Lines HELOC Home Equity Loans and Credit Lines HELOC If you re thinking about making some home improvements or looking at ways to pay for your child s college education, you may be thinking about tapping into your

More information

GUIDE TO DEALING WITH DEBT

GUIDE TO DEALING WITH DEBT GUIDE TO DEALING WITH DEBT CONTENTS Page 4 Where do I start? Page 5 Do I have to pay? What can I afford to pay? Page 7 Who to pay first? Page 10 What can I afford to pay on my Credit Debts? Page 12 What

More information

What is a Remortgage and Why Do You Need One?

What is a Remortgage and Why Do You Need One? A simple guide for Barr Financial Services is regulated by the FSA. FAS no. 506976. INTRODUCTION This guide hopes to help you understand what a remortgage is and why it may be right for you. If you own

More information

HOME BUYERS GUIDE P1 GUIDE

HOME BUYERS GUIDE P1 GUIDE HOME BUYERS GUIDE STEP 1 STEP 2 STEP 3 STEP 4 STEP 5 STEP 6 STEP 7 STEP 8 STEP 9 P 1300 939 675 or 07 4723 6612 F 07 4723 7699 A 23 Thuringowa Drive, Kirwan Q 4817 E info@greenlightonline.com.au w HOME

More information

right up your street.

right up your street. buy to let landlords guide right up your street. More and more people are renting. As a landlord you ve got enough to think about, without worrying if you ve made the right financial choices. Our advisers

More information

1 Save a deposit. 2 Know your budget. 3 Find your new home. 4 Check everything. 5 Closing the deal

1 Save a deposit. 2 Know your budget. 3 Find your new home. 4 Check everything. 5 Closing the deal 3 4 2 5 1 Buying a home is an exciting experience, but it can also be very stressful. So, being prepared before you start looking for a home will help you through the whole process. 1 Save a deposit 2

More information

2 and 3 bedroom homes at Enfield Mews, Guisborough TS14 7LG

2 and 3 bedroom homes at Enfield Mews, Guisborough TS14 7LG 2 and 3 bedroom homes at Enfield Mews, Guisborough TS14 7LG Enfield Mews Guisborough Enfield Mews is a popular development in Guisborough that has been built by award-winning house builder Bellway Homes.

More information

We can help with BUYING A RESALE PROPERTY

We can help with BUYING A RESALE PROPERTY We can help with BUYING A RESALE PROPERTY Contents Buying a Resale property 2 Why buy through a Shared Ownership scheme? 2 Who are Family Mosaic? 3 When I buy a resale property, what am I buying? 3 I

More information

The Mortgage Guide. Helping you find the right mortgage for you. Brought to you by. V0050713a

The Mortgage Guide. Helping you find the right mortgage for you. Brought to you by. V0050713a The Mortgage Guide Helping you find the right mortgage for you Brought to you by Hello. Contents We re the Which? Mortgage Advisers team. Buying a house is the biggest financial commitment most of us ever

More information

Completing the Personal Budget: Guidelines & Explanation

Completing the Personal Budget: Guidelines & Explanation Preparing a Weekly or Monthly Budget These blank Budget forms are for your own personal use. They are designed to help you calculate the monthly expenditure costs of most items in your budget. You will

More information

Bradford & Bingley First Time Buyers Report 2007

Bradford & Bingley First Time Buyers Report 2007 Bradford & Bingley First Time Buyers Report 200 Bradford & Bingley s fourth annual First Time Buyers report is the largest of its kind. Carried out on our behalf by YouGov, it offers a detailed overview

More information

A guide for first time buyers www.legalombudsman.org.uk

A guide for first time buyers www.legalombudsman.org.uk On the move: A guide for first time buyers www.legalombudsman.org.uk 1 Introduction Buying your first home can be a daunting experience. There are lots of things to sort out, such as surveys, checking

More information

Mortgage Advisers. The Mortgage Guide Helping you find the right mortgage for you

Mortgage Advisers. The Mortgage Guide Helping you find the right mortgage for you Mortgage Advisers The Mortgage Guide Helping you find the right mortgage for you Hello. We re the Which? Mortgage Advisers team. Buying a house is the biggest financial commitment most of us ever make.

More information

The Government s tax changes for buy-to-let landlords could significantly eat into profits and potentially wipe them out completely.

The Government s tax changes for buy-to-let landlords could significantly eat into profits and potentially wipe them out completely. Buy-to-Let and Tax Implications The Government s tax changes for buy-to-let landlords could significantly eat into profits and potentially wipe them out completely. Chancellor George Osborne has announced

More information

Remortgaging it may be your best decision

Remortgaging it may be your best decision Remortgage Guide Remortgaging it may be your best decision Why do I need to consider a remortgage? For most homeowners, a mortgage is probably your largest financial commitment so it s essential to ensure

More information

WHAT S INSIDE. Financial Planning. Starting out. Young families. Established families. Empty nesters. Retirement Getting the best advice

WHAT S INSIDE. Financial Planning. Starting out. Young families. Established families. Empty nesters. Retirement Getting the best advice FINANCIAL PLANNING If you re looking for advice on financial planning, this guide explains some of the things you may need to consider. We hope you find this guide and the important pointers to each life

More information

Dealing with Debt Information on how to budget

Dealing with Debt Information on how to budget Dealing with Debt Information on how to budget quality homes in great communities on behalf of If you would like to speak to someone about this information in your own language please visit your estate

More information

All you need to know about the. Seniors Money Lifetime Loan. Information for you, your family and your advisers

All you need to know about the. Seniors Money Lifetime Loan. Information for you, your family and your advisers All you need to know about the Seniors Money Lifetime Loan Information for you, your family and your advisers 1 Contents This brochure from Ireland s only specialist Lifetime Mortgage provider highlights

More information

Conveyancing Marketing Services Ltd

Conveyancing Marketing Services Ltd Conveyancing Marketing Services Ltd Remortgage Information Fixed Fee Remortgages from 95 (plus vat and disbursements) Terms and Conditions of Remortgage Conveyancing Applies to registered title only Local

More information

MORTGAGES. The easy guide for customers looking for a mortgage

MORTGAGES. The easy guide for customers looking for a mortgage MORTGAGES The easy guide for customers looking for a mortgage Introduction Buying a Home Your home is where you ll spend most of your life, and so it should be somewhere you really love. Whether buying

More information

ab YOUR GUIDE TO THE LEGAL PROCESS FOR SELLING A PROPERTY

ab YOUR GUIDE TO THE LEGAL PROCESS FOR SELLING A PROPERTY YOUR GUIDE TO THE LEGAL PROCESS FOR SELLING A PROPERTY Selling a house or flat is almost certainly one of the most important transactions you'll ever make. Obviously you want to get it right, and it's

More information

Tenants Guide to the Right to Buy

Tenants Guide to the Right to Buy Contents Section Page No. 1 Welcome to our Right to Buy Guide 2 2 Our Service Standards 3 3 Warning Cold Callers 4 4 Introduction to Right to Buy 5 5 Steps in the Right to Buy process 6 6 The Section 125

More information

If you want to sell your empty property then follow these 7 simple steps:

If you want to sell your empty property then follow these 7 simple steps: Step-by-Step Guide to Selling Your Empty Property INTRODUCTION This leaflet will guide you through the process that is involved in selling a property, from preparing the property to accepting an offer

More information

PROBLEM SOLVING. 1. I m thinking of buying to let - where do I start?

PROBLEM SOLVING. 1. I m thinking of buying to let - where do I start? Top Buy to Let FAQs 1. I m thinking of buying to let - where do I start? If you re not sure whether buy to let is right for you or want to make sure you buy a property that ll give you the returns you

More information

Your Guide to. BUying A SHARED OWNERSHIP PROPERTY

Your Guide to. BUying A SHARED OWNERSHIP PROPERTY Your Guide to BUying A SHARED OWNERSHIP PROPERTY 1 What is Shared Ownership? Shared Ownership makes it possible to buy a property that otherwise would not have been affordable. Shared Ownership is available

More information

CHAPTER 11 STRATEGY FOR SURVIVAL

CHAPTER 11 STRATEGY FOR SURVIVAL CHAPTER 11 STRATEGY FOR SURVIVAL Copyright 2008 Tom T. Moore If you re reading this several months in advance, there are a number of things that you can do to prepare for these coming earthquakes. I realize

More information

Guide to Buying Your House

Guide to Buying Your House Guide to Buying Your House Choosing a mortgage is one of the biggest financial decisions you're likely to make. Each lender has its own set of rules and guidelines. These vary for products and your individual

More information

Take Control of Your Debt

Take Control of Your Debt Student Services Funding & Advice Take Control of Your Debt SUCCESS...We ll help you achieve it! @UWS_Funding TAKE CONTROL OF YOUR DEBT Borrowing money can be an inevitable part of life. It is important

More information

Learn how to sell your home today, the efficient way No estate agent or solicitor fees and no delay.

Learn how to sell your home today, the efficient way No estate agent or solicitor fees and no delay. Learn how to sell your home today, the efficient way No estate agent or solicitor fees and no delay. Today's housing market finds many sellers in a changing situation that demands they sell their home

More information

Ken MacDonald & Co Lawyers and Estate Agents The Buying Process: A Guide

Ken MacDonald & Co Lawyers and Estate Agents The Buying Process: A Guide Ken MacDonald & Co Lawyers and Estate Agents The Buying Process: A Guide 1. Introduction Buying a property can be extremely exciting but also very daunting if you do not know where to start or what is

More information

The Help to Buy: equity loan scheme What you need to know before you go ahead

The Help to Buy: equity loan scheme What you need to know before you go ahead Page 1 of 5 The Help to Buy: equity loan scheme What you need to know before you go ahead What is the Help to Buy: equity loan scheme? The Help to Buy: equity loan scheme is a Government backed programme

More information

Helpful Information for a First Time Mortgage

Helpful Information for a First Time Mortgage Helpful Information for a First Time Mortgage Getting Started Many people buying their first home are afraid lenders don't really want to work with them. But that's simply not true. Without you, there

More information

Your Right. to Buy. A guide for Scottish Secure Tenants

Your Right. to Buy. A guide for Scottish Secure Tenants Your Right to Buy Your Home A guide for Scottish Secure Tenants Your Right to Buy Your Home About this booklet This booklet is for Scottish secure tenants. If you are not a Scottish secure tenant, you

More information

Opening a bank account

Opening a bank account Section 6 - Money4_7_Layout 1 10/01/2011 11:42 Page 124 Money Section 6 Opening a bank account 125 Borrowing money 127 Budgeting and managing your money 129 124 Money Opening a bank account Opening a bank

More information

Equity Release your essential guide

Equity Release your essential guide Equity Release your essential guide Welcome This guide has been put together to explain equity release, what it means and the options it can offer. We aim to give you as broad an overview as possible and

More information

Address: 12 Pepper Street, Glengall Bridge, Docklands, London, E14 9QY Tel: 0207 519 4950 Email: info@millionplus.com Web: www.millionplus.

Address: 12 Pepper Street, Glengall Bridge, Docklands, London, E14 9QY Tel: 0207 519 4950 Email: info@millionplus.com Web: www.millionplus. Why buy a house? Moving Buying a house is one of the most stressful events in our lifetime. However, despite the pitfalls and anxiety linked with purchasing a house, there are undeniable benefits. These

More information

Code of Conduct on Mortgage Arrears. A Consumer Guide

Code of Conduct on Mortgage Arrears. A Consumer Guide Code of Conduct on Mortgage Arrears A Consumer Guide Introduction If you are having trouble paying your mortgage or think you may have trouble paying your mortgage in the near future, the Central Bank

More information

Step 1 Getting Pre-Qualified

Step 1 Getting Pre-Qualified Step 1 Getting Pre-Qualified Now that you ve made the decision to purchase a home, the next step is to get pre-qualified from a lending institution, like Michigan Mortgage Solutions, to determine how much

More information

Many of us will experience difficulties with balancing our money at some time in our lives.

Many of us will experience difficulties with balancing our money at some time in our lives. * Money Advice pack Introduction Many of us will experience difficulties with balancing our money at some time in our lives. Struggling with finances and debt can be lonely experience as many of us rarely

More information

Your guide to Shared Ownership

Your guide to Shared Ownership Your guide to Shared Ownership 2 If you need this document in another format please contact us. Your Guide to Shared Ownership Delivering Affordable Housing This guide gives you information about buying

More information

Money Borrowing money

Money Borrowing money Money Borrowing money Aims: To enable young people to explore ways of borrowing money and the advantages and possible consequences of doing so. Learning Outcomes: By the end of the session the participants

More information

thought about Owning a home?

thought about Owning a home? Owning a home? thought about A GENERAL GUIDE TO HOME OWNERSHIP To help make buying your first home easier, we have developed this handy guide to help you through the process. Buying a home can be daunting,

More information

First Timer s Guide PREParing First Time Homebuyers

First Timer s Guide PREParing First Time Homebuyers First Timer s Guide PREParing First Time Homebuyers SO MANY QUESTIONS Maybe you live in the best apartment with a great landlord and don t want to change a thing. Or maybe you ve looked at the rent going

More information

Thinking of buying your home?

Thinking of buying your home? Thinking of buying your home? We welcome your views At North Hertfordshire Homes we like to take your views into account when making decisions. We aim to provide a responsive, efficient and effective service

More information

Your Right. to Buy Your Home. A guide for Scottish Secure Tenants

Your Right. to Buy Your Home. A guide for Scottish Secure Tenants Your Right to Buy Your Home A guide for Scottish Secure Tenants Your Right to Buy Your Home About this booklet This booklet is for Scottish secure tenants. If you are not a Scottish secure tenant, you

More information

Application form Residential Mortgage

Application form Residential Mortgage Application form Residential Mortgage Intermediary details This section requires details of any Broker, Packager, Sub broker, or Network who has an interest in this application. THIS PAGE MUST BE COMPLETED

More information

Additional borrowing guide 1. Additional borrowing. We re with you every step of the way

Additional borrowing guide 1. Additional borrowing. We re with you every step of the way Additional borrowing guide 1 Additional borrowing We re with you every step of the way Additional borrowing guide 2 What is additional borrowing? Sometimes you may be able to borrow extra money from your

More information

Your first home. A guide to buying for the first time

Your first home. A guide to buying for the first time Your first home A guide to buying for the first time 2 Your guide to getting it right You re planning on buying a place of your own at last. It will be your space and no one else s. It s an exciting thought.

More information

Want. to make. your. home. your. own? Find out if this could be the right time to consider buying. Your Right to Buy

Want. to make. your. home. your. own? Find out if this could be the right time to consider buying. Your Right to Buy Council or Housing Association tenants Want Your Right to Buy to make your home your own? Find out if this could be the right time to consider buying 1 Contents Why you might like to buy Why you might

More information

Your Options. A simple guide to available debt options

Your Options. A simple guide to available debt options Your Options A simple guide to available debt options Contents Welcome 3 Our Customer Service Charter 3 Protected Trust Deeds 4 Debt Arrangement Scheme 6 Sequestration 8 Debt Management Plan 10 Minimal

More information

Home HOW TO BUY A WITH A LOW DOWN PAYMENT 3 % A consumer s guide to owning a home with less than three percent down. or less

Home HOW TO BUY A WITH A LOW DOWN PAYMENT 3 % A consumer s guide to owning a home with less than three percent down. or less A consumer s guide to owning a home with less than three percent down. 3 % WITH A LOW DOWN PAYMENT or less HOW TO BUY A Home If you re dreaming of buying a home, congratulations. You re in good company!

More information

YOUR BUSINESS PLAN.

YOUR BUSINESS PLAN. YOUR BUSINESS PLAN Before completing this form, please ensure your version of Adobe Reader is up to date. To download the latest version for free, please click here APPLICANT: DATE COMPLETED: PUB: BUSINESS

More information

C.A.L.M. 20 Unscheduled. Unit 5

C.A.L.M. 20 Unscheduled. Unit 5 C.A.L.M. 20 Unscheduled Unit 5 Independent Living Name: Unit 5 Independent Living Complete all parts of this unit on the assignment sheets provided. Assignment 1 Values and guiding principles for independent

More information

Mortgage Concepts Associates. Innovative & Independent Mortgage Advice. Guide to Mortgage Services

Mortgage Concepts Associates. Innovative & Independent Mortgage Advice. Guide to Mortgage Services Mortgage Concepts Associates Innovative & Independent Mortgage Advice Guide to Mortgage Services Mortgage Concepts Associates offer independent and innovative solutions to all of your mortgage requirements.

More information

This guide is aimed to help you consider the right choices before adding new or further buy to let property to your investment portfolio.

This guide is aimed to help you consider the right choices before adding new or further buy to let property to your investment portfolio. Buy to Let Guide It has now become common for a buy to let property to form part of an individual s investment portfolio. Property has always been easy to understand in that it is tangible and therefore

More information

It Is In Your Interest

It Is In Your Interest STUDENT MODULE 7.2 BORROWING MONEY PAGE 1 Standard 7: The student will identify the procedures and analyze the responsibilities of borrowing money. It Is In Your Interest Jason did not understand how it

More information

Conveyancing Guide. We welcome you as a client of Tyndallwoods and thank you for your instructions. Conveyancing has two basic stages

Conveyancing Guide. We welcome you as a client of Tyndallwoods and thank you for your instructions. Conveyancing has two basic stages Conveyancing Guide We welcome you as a client of Tyndallwoods and thank you for your instructions. This guide is part of the Tyndallwoods commitment to quality of service. We are well aware that moving

More information

Buying or Selling a Park Home?

Buying or Selling a Park Home? Park LIFE Buying or Selling a Park Home? we re doing more to get you moving Buyers are attracted to park homes for a number of reasons: Security, neighbours, social aspect, community, independent living,

More information

thought about Owning a home?

thought about Owning a home? Owning a home? thought about A GENERAL GUIDE TO HOME OWNERSHIP 2 To help make buying your first home easier, we have developed this handy guide to help you through the process. Buying a home can be daunting,

More information

Your Guide to Shared Ownership

Your Guide to Shared Ownership Your Guide to Shared Ownership 1 Shared ownership is designed for first-time buyers, who are able to raise a mortgage but are unable to afford the full cost of homeownership. Why buy a shared ownership

More information

home selling guide put yourself in a better place thinking about selling your home?

home selling guide put yourself in a better place thinking about selling your home? put yourself in a better place home selling guide thinking about selling your home? Selling your home can provide big rewards if done correctly. Aussie offers a comprehensive guide and insider knowledge

More information

Seeing you through refinancing

Seeing you through refinancing REFINANCING GUIDE Seeing you through refinancing hether you re moving home, renovating, or simply looking for a different home loan, refinancing doesn t need to be complicated. At QuickSelect we are interested

More information

A Beginner s guide to Bridging Finance

A Beginner s guide to Bridging Finance A Beginner s guide to Bridging Finance Tel: 023 8045 6999 bridging-booklet-v4.008022016 Contents Introduction What is a bridging loan? How do bridging loans work? Why are people using them? When would

More information

Financial Maths - Life Skills. Budgeting UNIT. CfE Level 3 - Lesson Plan

Financial Maths - Life Skills. Budgeting UNIT. CfE Level 3 - Lesson Plan TeeJay Publishers Financial Maths - Life Skills Budgeting UNIT MNU 3.09b CfE Level 3 - Lesson Plan Produced for TeeJay Publishers by Pamela Fraser, Financial Education Training Officer, Dumfries & Galloway.

More information

Budgeting and debt advice handbook for residents

Budgeting and debt advice handbook for residents Budgeting and debt advice handbook for residents Step-by-step guide Contents Introduction...................... 3 Income maximisation List your income Can you increase your income? Income..........................

More information

Selling your property with Allan Howard. A guide to the selling process

Selling your property with Allan Howard. A guide to the selling process Selling your property with Allan Howard A guide to the selling process Introduction Selling your home needn t be a big headache, especially when you have some useful advice to give you some ideas and a

More information

The buying process a summary

The buying process a summary The buying process a summary 01 - Establish your budget 02 - Mortgage offer in principle 03 - Instruct a solicitor 04 - Register with all the estate agents in the area 05 - Find a property 06 - Mortgage

More information

Buying a flat. Your guide to. www.lawsociety.org.uk. Leasehold flats. Some differences between a house and a flat

Buying a flat. Your guide to. www.lawsociety.org.uk. Leasehold flats. Some differences between a house and a flat www.lawsociety.org.uk Your guide to Buying a flat Leasehold flats Buying a flat is not the same as buying a house. If you are buying a home, whether a house or a flat, you should read our guide to Buying

More information

EVENT GUIDE. Oxfordshire s biggest affordable homes show. Help to Buy South. The Kassam Stadium, Autumn 2014 SHARED OWNERSHIP HELP TO BUY RENT TO BUY

EVENT GUIDE. Oxfordshire s biggest affordable homes show. Help to Buy South. The Kassam Stadium, Autumn 2014 SHARED OWNERSHIP HELP TO BUY RENT TO BUY Oxfordshire s biggest affordable homes show SHARED OWNERSHIP HELP TO BUY RENT TO BUY Help to Buy South The Kassam Stadium, Autumn 2014 EVENT GUIDE Find out about homes and schemes available, including

More information

Dealing with your endowment mortgage shortfall

Dealing with your endowment mortgage shortfall Dealing with your endowment mortgage shortfall The options available Things to consider Helping you stay on track The Money Advice Service is independent and set up by government to help people make the

More information

Loans. What do you Want to Buy? Overhead 3-A. Beginner & Low-Intermediate Materials

Loans. What do you Want to Buy? Overhead 3-A. Beginner & Low-Intermediate Materials Loans Beginner & Low-Intermediate Materials Pre-reading What do you Want to Buy? Overhead 3-A Put a check ( ) next to the pictures of the things you might want to have or do. www.valrc.org/courses/moneytalks

More information

banking Your House A guide to buying an investment property www.bendigobank.com.au

banking Your House A guide to buying an investment property www.bendigobank.com.au banking Your House A guide to buying an investment property www.bendigobank.com.au Your House A guide to buying an investment property Investing in real estate was once a difficult and stressful market

More information

Estate Agency. Helping you every step of the way

Estate Agency. Helping you every step of the way Estate Agency Helping you every step of the way Do you want help finding your next home? Whether you re buying or selling Halifax Estate Agents offers you a complete home moving service that offers outstanding

More information

Housing Factsheet September 2013

Housing Factsheet September 2013 Housing Factsheet September 2013 Housing This factsheet contains four sections which we hope will answer some of the questions you may have about housing. Choosing suitable accommodation This provides

More information

Partnering with you to buy your home or investment property. Finding the right loan, how much to borrow and approval steps

Partnering with you to buy your home or investment property. Finding the right loan, how much to borrow and approval steps Partnering with you to buy your home or investment property Finding the right loan, how much to borrow and approval steps Contents 04 Finding the right loan 08 Saving and borrowing for your home 12 Five

More information

The South Gloucestershire Home Energy Loan. A simple ten step guide to help you apply...

The South Gloucestershire Home Energy Loan. A simple ten step guide to help you apply... The South Gloucestershire Home Energy Loan A simple ten step guide to help you apply... The South Gloucestershire Home Energy Loan The South Gloucestershire Home Energy Loan is a new initiative which offers

More information

Introduction. Lesley McEwan Contact Us Here

Introduction. Lesley McEwan Contact Us Here Introduction Buying your dream home in this beautiful and unspoilt region should be a pleasant and enjoyable experience. We have compiled this Buyers Guide to give you an insight into how the system works

More information

Buy-to-Let Investor Guide

Buy-to-Let Investor Guide Buy-to-Let Investor Guide residential letting www.linleyandsimpson.co.uk Buy-to-let is a British phrase referring to the purchase of a property specifically to let out. A Buy-to-Let mortgage is a mortgage

More information

Make your budget work for you

Make your budget work for you Welfare Reform Make your budget work for you www.milton-keynes.gov.uk/welfare-reform Make your budget work for you Why budget It s always a good idea to keep track of your money. Budgeting is keeping track

More information

plain talk about life insurance The right life insurance can have an enormous effect on your life and the lives of those you love.

plain talk about life insurance The right life insurance can have an enormous effect on your life and the lives of those you love. plain talk about life insurance The right life insurance can have an enormous effect on your life and the lives of those you love. Thinking about life insurance? You re not alone. Canadians generally agree

More information

Guidance. For use in the United Kingdom. Letter regarding mortgage debt or arrears

Guidance. For use in the United Kingdom. Letter regarding mortgage debt or arrears Guidance For use in the United Kingdom Letter regarding mortgage debt or arrears Contents Purpose of this document What can you do about mortgage arrears? Mortgage rescue schemes Selling your property

More information

Your retirement income. Exploring your options

Your retirement income. Exploring your options Your retirement income Exploring your options Contents 01 Accessing your pension savings with Standard Life 03 What do you want to do with your pension pot? 09 A regular retirement income for the rest

More information

All you need to know about equity release

All you need to know about equity release All you need to know about equity release The Age UK Equity Release Advice Service is provided by Just Retirement Solutions Limited. Registered office: Vale House, Roebuck Close, Bancroft Road, Reigate,

More information

Seniors Money Ireland Limited t/a Seniors Money 60plus Loan Seniors Money is a joint venture company equally owned by IFG Group plc and Sentinel

Seniors Money Ireland Limited t/a Seniors Money 60plus Loan Seniors Money is a joint venture company equally owned by IFG Group plc and Sentinel Seniors Money Ireland Limited, Beech House, Beech Hill Office Park, Clonskeagh, Dublin 4. LoCall 1890 73 64 67 (1890 SENIOR) or email info@seniorsmoney.ie www.seniorsmoney.ie Seniors Money Ireland Limited

More information

Consumer for life Understanding Payday Loans An education pack for tutors and teachers www.consumercouncil.org.uk

Consumer for life Understanding Payday Loans An education pack for tutors and teachers www.consumercouncil.org.uk Consumer for life Understanding Payday Loans An education pack for tutors and teachers www.consumercouncil.org.uk This publication is available in the following formats on request: Braille CD/Audio format

More information