40 The Modern Family Family fi nance & family legal


Promotional content ● Saturday 22 June 2019


Getting on the property ladder


This may seem an uncertain time to make a big fi nancial decision, like buying a house. However, there could be a silver lining. Words: Ray Clancy


surrounding Brexit and its impact on the housing market, along with high prices in London, has left those looking to buy their fi rst home apprehensive. But there are a lot of positive


W


reasons for buying. The latest Home.co.uk index shows that in the 12 months to March 2019, in London asking prices fell by 3.2% year on year to £514,815, and asking prices in the capital have now fallen by 6.9% since May 2016. Meanwhile, fi gures from the


Land Registry covering the whole of 2018 reveal house price growth in the UK was at its weakest since 2013, with London boroughs


Start putting a set


amount into your savings every month for a deposit


PHOTOGRAPHS: GETTY


hile there are incentives in place to help fi rst-time buyers, the uncertainty


dominating the areas where prices fell over the year. The biggest fall in annual price growth was in the City of London, with a drop of 7.1%, followed by Hammersmith and Fulham down by 3.8% and Wandsworth down 3.3%. Finance is a big issue for fi rst-


time buyers, but research from Halifax released in March shows that while the gap between the annual costs of buying a home compared to renting one are at their lowest in almost a decade, buyers are still better off by an average of £366 a year when all costs are considered. A study by fi nancial information


business Defaqto found the number of high loan-to-value (LTV) mortgages, where a borrower can buy a house with a small deposit, are up by 46%. In addition, interest rates are cheaper and there are good fi ve-year fi xed deals on the market, costing not much more per month than two-year deals, providing fi rst-time buyers more certainty looking ahead.


Get ahead of the market


Mark Bentley, president of the National Association of Estate Agents (NAEA), outlines his top tips for fi rst-time buyers:


• Start putting a set amount into your savings account every month for a deposit. It’s worth exploring products that will help you save such as a Lifetime ISA, or Help to Buy ISA where the government will add a 25% bonus to your savings.


• Work out how much money you can borrow. It might be worth getting a mortgage off er in prin- ciple, which proves to sellers that your fi nances are in order.


• Find out the areas in which you can aff ord to buy, and consider the type of property you’re looking for before you start your house search.


• Make sure you’ve got copies of your ID and utility bills with your name on, as you’ll need to share them with your estate agent when an off er is accepted.


• When you start your house search, make sure you approach an NAEA Propertymark-approved estate agent.


Peace of mind


with your savings... 1 Year Fixed Rate Bond


1.6% Gross* / 1.61% AER* Fixed until 30 June 2020


For more information on our savings accounts, please see www.thetipton.co.uk/our-savings or call us on 0121 557 2551 quoting Family Finance. Rates correct as at 22 May 2019.


*Gross means the contractual rate of interest payable. AER stands for the annual equivalent rate and illustrates what the interest rate would be if interest was paid and compounded once each year. This account is available to anyone aged 16 or over, who is a UK resident. Accounts can be opened in branch, or by post. Please, visit www.thetipton.co.uk for full terms and conditions. This product may be withdrawn at any time. The Tipton & Coseley Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. The Society’s Firm Reference Number is: 159601. The Society is a member of the Building Societies Association. Head Office: 70 Owen Street, Tipton, West Midlands, DY4 8HG.


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48