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Looking To Buy My First Home


jwl2005

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Hello,

 

I wanted to get people's opinions on something. I'm ready to start viewing properties for my first home. I have a help to buy account. My budget roughly would be between £120,000-£128,000 for an old build or £160,000 for anew build new to the help to buy equity loan. One plot of new builds I have seen are by Gleeson on Cradock Road (S2 2JX) called Cradock Court.  I wanted to know what people thought about this area? It helps there is a tram stop literally across the road as I don't drive. I know this area divides opinion some quite like it and have no issues and others wouldn't venture to it.    

 

Any advice on this or other thoughts for a first time buyer would be very beneficial. 

 

Many thanks 

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On 20/01/2020 at 13:59, jwl2005 said:

...or £160,000 for anew build new to the help to buy equity loan.

I will say nothing about areas, prices or age of build... but please be careful of Help To Buy. I have a friend who got on this scheme and when I explained how it works to her and her family they were all astounded - her mum asked - "why would a government do this to its own people?"

 

Only go into it with your eyes open. Do not be sold the idea of it enabling you - it is a long term trap (in terms of costs, in terms of mobility, in terms of mortgage options).

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On 20/01/2020 at 13:59, jwl2005 said:

Hello,

 

I wanted to get people's opinions on something. I'm ready to start viewing properties for my first home. I have a help to buy account. My budget roughly would be between £120,000-£128,000 for an old build or £160,000 for anew build new to the help to buy equity loan. One plot of new builds I have seen are by Gleeson on Cradock Road (S2 2JX) called Cradock Court.  I wanted to know what people thought about this area? It helps there is a tram stop literally across the road as I don't drive. I know this area divides opinion some quite like it and have no issues and others wouldn't venture to it.    

 

Any advice on this or other thoughts for a first time buyer would be very beneficial. 

 

Many thanks 

Tell us what your requirements are and we might put some ideas your way.

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Ideally looking for 2 bedroom, preferably without to much to do to it maybe just a bit of cosmetic work but not a full DIY job. I don’t have a car so good transport links as I work in the city centre. 
I have scratched off Cradock Court now as just to much trouble happening around there. I want to feel safe where I live or at least as safe as I can be. 
Another property I saw which looked nice was in Gleadless about a 2min walk down the road from Gleadless Townend tram stop. Think it was Norton Avenue. Any advice on that area? Or any other areas I should look at? 

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On 22/01/2020 at 22:13, Hippogriff said:

I will say nothing about areas, prices or age of build... but please be careful of Help To Buy. I have a friend who got on this scheme and when I explained how it works to her and her family they were all astounded - her mum asked - "why would a government do this to its own people?"

 

Only go into it with your eyes open. Do not be sold the idea of it enabling you - it is a long term trap (in terms of costs, in terms of mobility, in terms of mortgage options).

 

 

The "Help to buy"scheme has now closed to new investors. 

Current investors can still invest and acquire the government bonus for the next ten years.

New investors should seriously consider the Lifetime ISA which attracts an annual £1000 bonus for an annual £4000 maximum investment.

 

Both schemes are designed for younger investors, to save for house or pension savings. A bank or building society administers the accounts and they have to explain the rules.

 

A problem with both is that it can slightly delay a purchase as you have to provide proof through your solicitor that you are actually buying a house to get the government bonus ie after completion. Older people will remember the need for "bridging loans". 

 

You will already have benefited from the normal interest and tax benefits of these ISA type accounts and when buying a house and  there are always "extras" like solicitors fees to find. There is a maximum Mortgage.

 

1.5 million investors and the 250 000 completions don't seem to have attracted too many complaints.

 

Yes you should take advice beforehand. .

 

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