A new year is upon us, which means dusting off our crystal ball and finding out what the professionals think the next 12 months hold for the property market. Here, OnTheMarket shares some forecasts for 2020 – and beyond… Power of politics Not that you could have missed it, but the political landscape shifted once […]
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Graham Farthing, Partner at Austin Gray, explores the most common reasons why a seller may pull out of an agreement and highlights the buyer’s choices if this happens The latest set of housing policies are primarily focused on getting more Britons on the property ladder, but as we see the property market starting to pick […]
The post Top tricks to watch out for in a seller’s market appeared first on OnTheMarket.com blog.
Swiss Cottage is like something out of a fairytale. The Grade II-listed thatched cottage was built in 1850 as a summer house by Lord Barrington of Beckett Park, who wanted to replicate the honeymoon accommodation he had previously enjoyed in Switzerland. It is nestled like a woodland grotto among the trees surrounding its private third-of-an-acre […]
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This beautifully done 19th Century barn conversion gives you an awful lot for your money. Meadow View Cottage is a two bedroom stone house surrounded by rolling Derbyshire fields with views towards stately National Trust home Hardwick Hall. It has a newly fitted ‘L’-shaped shaped kitchen diner with integrated appliances, as well as a spacious […]
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A reader looking to buy a property in London seeks advice on whether or not to go with a higher mortgage
Q My partner and I are looking to buy a property in London using the help-to-buy scheme, which means we can pay a deposit of as little as 5% and get an equity loan of up to 40%, then take out a 55% mortgage. We have a deposit of about 10% saved up and can afford a 70% mortgage. Interest rates are low right now and that doesn’t seem to be changing any time soon, so I am tempted to go with a higher mortgage and deposit, so we can own more of our property. People think I am crazy not to take advantage of the upper limit of the help-to-buy equity loan, but I hate the idea that the amount I could owe someone might keep rising (even though it could fall as well … but hopefully not). Am I being too conservative and naive? Should I take advantage of the equity loan?
MW
A I think you are right to be cautious about taking out the maximum 40% equity loan just because you can. You are also being sensible in wanting to own as much of your property as possible. And you are right that the main drawback of the help-to-buy scheme is that – assuming house prices keep rising – the amount you have to pay back to Homes England (which provides the equity loan) will also keep rising. Conversely, the amount you owe on a mortgage keeps going down because you are only allowed to take out a repayment mortgage – which can now have a term of up to 35 years – under the conditions of the help-to-buy scheme.
Continue reading...Buying your first property at auction may seem like a frightening prospect but by following some simple steps you can reap the rewards of this tried and tested method of sale. Whether you are looking at residential or commercial, a piece of land or something unusual, the auction process is simple but the key to making it successful is […]
The post Buying at auction: A ‘how to’ guide appeared first on OnTheMarket.com blog.
Property website Zoopla ranks Grays in Essex as best-value location within hour of London
The most affordable towns for people commuting into London, Bristol, Birmingham, Manchester and Edinburgh have been revealed.
With rail fares rising for many commuters, the property website Zoopla combined season ticket and mortgage costs to work out the best-value locations for those looking to live within an hour’s travel time of the five cities.
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