Property
Some banks are starting to offer 10% first-time buyer mortgages again
Great news.
The uncertainty of the pandemic through the housing market in a spin making it almost impossible for first-time buyers to get on the property ladder.
In the wake of the pandemic, lenders increased the required deposit over concerns that house prices could fall in the wake of the pandemic. There was also the threat of unemployment and economic crisis.
Now, some banks are bringing back their first-time buyer mortgages plus there’s a whole host of new deals and cash incentives – a sign of increased confidence in the market!
TSB along with the digital bank Atom and Yorkshire Building Society is launching a range of loans with as little as 10% deposits again.
Lloyds, the UK’s biggest mortgage lender is reintroducing its 10% deposit mortgage deal, an option it pulled at the start of the pandemic. The loan must not exceed £500,000 and is only available to first-time buyers and new-builds are excluded.
Jasjyot Singh, the managing director of consumer and business banking at Lloyds Banking Group, said: “We are committed to helping people take their first step on to the property ladder and while there have been record levels of mortgage approvals over the past few months, raising a deposit is still hands-down the biggest challenge for first-time buyers. Higher LTVs (loans to value) means we can support more people ready to get a foot on the ladder.”
Nationwide Building Society is making 10% deposit loans available for existing mortgage customers looking to move as well as first-time buyers from the second week of December.
Yorkshire Building Society has relaunched its 10% deposit mortgages, aiming at first-time buyers and existing homeowners who want to remortgage or move.
Owned by the Co-op Bank, Nationwide and Platform plan to scrap restrictions on gifted deposits meanwhile Virgin Money have cut their rates.
Despite new incentives, rates have increased dramatically. The average two-year fixed-rate (for a 90% mortgage) jumped from 2.05% in January to 3.55% in October, the Bank of England reports.
TSB and Platform are offering five-year deals at 3.79%. however, TSB has a £995 fee and offers £500 cashback, whereas there is no fee for Platforms’ deal and there is a £1,000 cash back incentive.
The government has also announced a new Help to Buy scheme, the Help to Buy: Equity Loan scheme which will cover 2021-2023 for first-time buyers interested in new-build homes.
The house must be newly built and worth up to £600,000, you must have not owned any property previously and cannot sublet or rent it out.
The Equity Loan sees potential buyers receive up to 20% of the value of the new-build home from the government (40% in London), the homeowner is then required to pay at least a 5% deposit and arrange a mortgage of 25% or higher.
Property
Spanish town is offering free houses and jobs in a bid to convince families to relocate there
Fancy trading in the 9-5 grind for a life in the sun?
A Spanish town is offering families free homes and jobs in an attempt to encourage them to move there.
Griegos, a small town in the north-east of Spain, has seen its citizens dwindle in recent years, with only 132 residents remaining. So in a bid to tackle this issue, the town is offering three houses to rent along with two jobs, while the town hall is offering three different jobs ranging from local restaurant work to home teleworking.
The very persuasive advert explained: “We offer you work in the kitchen and restaurant for you and your partner at the Paladar de Aragón, located in La Muela de San Juan. Or you can manage the Griegos hotel-restaurant, located in the square.
mapio.net
“If you are one of those who work from home […] You can telecommute and make use of our coworking.”
It is worth noting that only the first three months of your Spanish adventure will be free – after that time period has passed, rent will cost €225 (£194) per month, and families will get a €50 discount (£43) per child – meaning if you have two kids you’ll pay just £108 per month.
Think of all the tapas and sangria you could buy with that extra money!
The only catch is that you have to be a family with children. Sorry, singletons. So, if you want to embark upon the next Spanish chapter of your life, you’ll have to be quick – there have already been over 3,000 applications from people all over the world who are keen to escape the hum drum.
@wherearemyshoesdude / Unsplash
And, with the amount of competition there is, applicants are now being asked to submit a video message alongside their application explaining why they should be selected for the scheme.
If the project is successful, it could lead to other Spanish towns offering similar schemes in what is dubbed ‘Empty Spain’, where villages and towns are seeing a steady decline in population numbers.
The town mayor Salvador Gil has also requested €150,000 to update and renovate the town’s hostel to ‘make it more attractive.’
You can visit the original social media campaign here – better get brushing up on your Spanish!
Property
Woman is raffling off stunning two-bed city centre flat and £10K spending money for just £5
‘I feel like a lot of younger people have less of these opportunities… So I thought maybe I could help somebody get themselves on the property ladder’
A newly refurbished city centre flat is up for grabs in an incredibly unique raffle opportunity.
Sushma Sharma will be giving one lucky winner the chance to own her two-bedroom city centre flat completely mortgage free, all for the price of an expensive Northern Quarter pint.
It’s no secret that property prices have been rising to unaffordable levels for the last couple of years – and, out of the half a million people living in Manchester’s city centre, a vast proportion have had to settle with renting rather than enjoying the luxury of owning their own property.
Sushma Sharma
Well, a new opportunity that could make the dream of being a homeowner a reality has now arisen.
Sushma bought the flat, which is located just a stone throws away from Deansgate and Manchester Cathedral, in 2002 when property prices weren’t so costly, and now wants to give someone else the opportunity to own the place she has called home for the last two decades.
Speaking to Proper Manchester, Sushma, who works as a school teacher, explained: “This flat has been my home, and I’ve absolutely loved living here.
Sushma Sharma
“It’s south facing so very light and airy and the windows are huge. From here, I’ve watched as Manchester has changed so much over the years.
“Though what I’ve really loved is the location – I live on my own, and I’ve loved being able to feel safe coming home. I’ve taken full advantage of living directly in the centre and having all the city’s best bars, restaurants and galleries right on my doorstep.”
Sushma paid to have the property fully renovated around five years ago, so it now includes a utility room, brand new flooring, a new kitchen and a larger bathroom.
Sushma Sharma
Yet despite her happiness in the flat, when her mum died after a long battle with lupus two years ago, she was spurred to make some big changes in her life: “I could continue to love living here, but I’m feeling restless – after losing my mum two years ago, I’m wanting a change of scenery.
“Because I’m fifty-three, I feel like I had a lot of better chances to be able to buy and own my own property. I feel like a lot of younger people have less of these opportunities because things are so much harder.
“It makes me really sad, so I thought maybe I could help somebody get themselves on the property ladder.”
Sushma Sharma
Sushma explained that she could very easily sell the flat through an estate agent, but it would give her more pleasure to be able to do something new and to help someone at the same time.
And thus, the flat raffle idea was born.
Hosted on the competition app and website, Raffall, Sushma has 50,000 raffle tickets up for grabs. Priced at just £5 each, the winner of the final draw will get the two bedroom flat complete with a car parking space, service charges paid for a year and £10,000 spending money.
Sushma Sharma
The property will also come with a TV, integrated kitchen appliances, a washing machine, sofa, coffee table, double ottoman bed and double wardrobe.
And, if all 50,000 tickets are sold, Sushma will not only donate £5,000 to Lupus UK, a charity helping those living with the rare and incurable illness, but will give another £10,000 to a different ticket holder in a second prize draw.
“That could be a deposit for someone else to get their foot on the property ladder themselves.”
Do you fancy your chances at being a city centre homeowner? If so, get your own raffle ticket here, and make sure to follow the raffle’s official Instagram page and Facebook Page for updates.
The raffle ends on Sunday, August 22nd at 9pm.
Property
Haunted village in Scotland complete with beach up for sale for just £125,000
A ghost is a small price to pay to own an entire village…
An entire village complete with its own private beach has been put on the market in Scotland, but there’s one catch: It’s apparently very haunted.
Because of course it is.
Located on the idyllic shores of Loch Tay in Perthshire, the Old Village of Lawers is alleged to be haunted by a 17th-century ghost – but other than that, it sounds like a very lovely location.
Goldcrest Land and Property Group
According to Goldcrest Land and Forestry Group, the 3.31-acre site boasts its own private beach, semi-ancient native woodland, a grass paddock with potential planning opportunity, trout fishing rights and ‘wonderful views across the loch.’
However, the village also comes with the ghost of the Lady of Lawers, who resided and died within the village hundreds of years ago.
The Lady of Lawers was remembered for her various prophecies – a number of which appear to have actually come true.
Goldcrest Land and Property Group
The brochure from Goldcrest Land and Forestry Group explains: “When she referred to ‘fire-coaches’ crossing the Drumochter Pass, she is said to have predicted the coming of the railway.
“She is alleged to have planted an ash tree at the northern end of the church, stating that when it grew to the height of the little spire, the church would fall. In fact, the church was so badly damaged in a thunderstorm, in which the ash tree perished, that it was never used again.”
Long before the construction of steamships, the Lady of Lawers had also once said: “A ship driven by smoke will sink in Loch Tay with great loss of life.”
Goldcrest Land and Property Group
But putting ghoulish predictions and curses to one side, the entire village is priced at just £125,000, which is cheaper than most properties here in Manchester so, if you think about it, it’s a total steal.
Historic Environment Scotland has described the site as ‘an upstanding and well-preserved example of a deserted settlement.’
Jon Lambert, partner at selling agents Goldcrest Land and Forestry Group, said: “This is an extremely rare opportunity to buy a part of Scotland’s heritage in one of the most beautiful places in the country. The sale offers a unique chance to be the owner and custodian of an area wonderfully rich in history, romance and tradition.”
For more information, visit the Goldcrest Land and Forestry Group website here.
Heroic school boy clears 18 tonnes of rubbish which had been fly-tipped along country road
Kind-hearted Mancunians thanked after charity receives huge donations for Afghan refugees
Manchester has a new Indian bottomless brunch with fizz and cocktails like mango mimosas
Americans are baffled at how far people actually walk in the UK
Train fares set to increase again in ‘biggest hike’ for a decade
