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.
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.
Special buying event for brand new shared ownership city centre apartments
Latimer’s Islington Wharf stylish new apartments are offering buyers the chance to get on the property ladder and live that city centre lifestyle
Leading property developer, Latimer, is hosting a buying event for newly built shared ownership apartments in Manchester city centre.
If you’re saving to become a homeowner and would love to live that city centre lifestyle; navigating your career while attending fancy parties, but think it’s way out of your budget – this could be for you.
Prospective home buyers could live out their dreams in these contemporary new homes situated in one of the most desirable and fashionable neighbourhoods in Manchester.
Set in New Islington, Ancoats, this attractive new development offers one and two-bedroom apartments for shared-ownership buyers looking to live in this bustling city – so book a viewing and attend the Latimer buying event next month.
The apartments are within easy walking distance of the Metrolink, train stations and bus stops and come with floor to ceiling windows that offer unique views of the city’s skyline, while allowing for the most stunning natural light to illuminate the clean and spacious rooms.
Manchester has so much to offer for visitors and residents. It has a wealth of opportunities for those looking to climb the career ladder, as well as a wide variety of entertainment, a fantastic nightlife and exceptional dining experiences.
New residents can take a stroll around the beautiful Marina, stop for a pastry and coffee, and spend the day exploring galleries and museums before catching up with friends in swanky bars and restaurants.
Once a derelict and unsightly industrial estate, Ancoats has transformed into a palace where everyone wants to be – it’s no wonder the area earned a Best Place to Live accolade from The Times.
The landmark 15-storey building designed by Ryder Architecture and stands tall on the corner of Great Ancoats Street and Old Mill Street – home to 106 one and two bedroom apartments finished to the highest standard.
Sainsbury’s takes up the commercial space on the ground floor so daily grocery shopping will be ultra-convenient for residents here. As well as a selection of parking spaces available to purchase, there is a cycle store on the ground floor offering a cycle space for each apartment.
Latimer is the development arm of Clarion Housing Group, developing private homes in thriving, mixed use communities.
Clarion Housing Group is the UK’s largest provider of affordable housing, with over 125,000 homes and more than 350,000 residents across the country.
Latimer’s shared ownership buying event will take place on Saturday, March 2nd 10am – 5pm at Islington Wharf (the corner of Great Ancoats Street and Old Mill Street.)
Attendees can view the apartments, speak with financial advisors about the scheme. To book a viewing, click HERE. Apartments are ready to move into now.
Reserve your new two-bedroom home and you could receive a £500 gift voucher. Offer subject to eligibility criteria and selected plots. Please speak to your sales adviser to find out more.
Flat in Manchester is so small you sleep next to your kitchen for £850 pcm
Talk about tiny living
This very ‘cosy’ studio flat in South Manchester, costs £850 per month and has a kitchen with ‘plenty of storage’.
The flat, which is advertised with Basil Estates on the site SpareRoom, is located on Wilmslow Road, Withington, and comes fully furnished.
The £850 per month rent includes water, gas, fibre optic internet and council tax bills, but does not include electricity, which will have to be paid for separately.
The apartment is described as ‘newly refurbished’ and comes with a double bed and storage drawers underneath, a wardrobe, a desk and a small sofa.
The kitchen has an oven, microwave, hob and extractor and is described as having ‘plenty of storage’.
The en-suite bathroom features a sink, toilet, towel rail and shower and the apartment also has private parking available.
The advertisement asks for a security deposit of £850.00 and is for a minimum term of six months for new tenants, although the landlord may consider short lets.
Images of inside the studio show a double bed located near the entrance and right beside a kitchen area fitted with an oven and hob, a sink and a washing machine.
On the other side of the bed is a pull-out desk and chair, with a wardrobe and small sofa filling the corner.
In stark contrast, elsewhere in the city you can pay a whopping £15,000 per month for a three-bedroom luxury penthouse located on Deansgate – one of the highest priced rentals on the market currently.
This will get you a duplex apartment inside The Blade, by developer Renake, spanning 3,380 sq ft spread across two floors, with stunning panoramic views of the city.
Key workers can get discounted sharing apartments for under £600 a month
Key workers can receive up to a 25% discount and pets are welcome at Poplin
Apartments offering discounts for key workers are now available in the city centre’s most desirable neighbourhood, including large sharing apartments costing under £600 a month.
The scheme is offering as much as 25% discount for key workers on its rentals at New Cross, situated at the intersection of Ancoats and the Northern Quarter.
They will also have the opportunity to share large two-bedroom, two-bathroom apartments with another key worker colleague.
The Poplin development features 144 rental flats, 35% of which will be reserved specifically for key workers and is supported by a Social Impact Fund.
Key workers earning under a £40,000 salary threshold could potentially receive the higher discounts, with a typical £1,460 rent for a two bedroom flat being reduced to £1,180.
The two bedroom units come with two bathrooms, making them suitable for sharing and opening up the opportunity for key workers to enjoy the experience of city centre living.
If you earn £17,500-35,000 annually, you qualify for Poplin’s sharers scheme – giving you the opportunity to share a large two-bedroom, two-bathroom apartment, found on the intersection of Ancoats and the Northern Quarter, with another of your Key Worker colleagues, at a significantly discounted rent.
With rents starting at £1150, that’s potentially only £575 per month each, plus an additional 50% off your first month.
But of course, key workers don’t just have to share with other key worker colleagues if they choose not to – Poplin will adjust the discount accordingly.
The apartments have been designed by Northern Quarter interiors studio YOUTH, with the development featuring a resident’s lounge, a co-working space, bookable private dining room and tv lounge, an atrium space and a roof terrace – featuring 360 views of Manchester’s skyline.
Poplin’s apartments are pet-friendly and new residents are given a welcome box of eco-friendly treats and a discount card which provides discounts to its ‘Neighbourhood Heroes’ – local businesses that the scheme is partnered with.
As well as having staff on hand at all times, the apartment development also boasts an on-site maintenance team to help with everything from moving in to hanging pictures to repairs.
Residents can go out on the town with Manchester right on your doorstep. You can find details about the development by clicking HERE.