23Nov/16
buy my own home

Will I Ever Be Able To Buy My Own Home?

Moving House, The Housing Market, , , ,

I hate to think that I might be part of Generation Rent but I’m quickly heading that way and wonder whether I will ever be able to buy my own home. Living in the South East means that property prices are so high as to be almost out of my reach and yet I am paying more in rent than I would on a mortgage – if only I could get a mortgage I would actually have more spare cash at the end of each month than I do now paying rent. The mortgage lending criteria are so stringent now though that I stand little chance of getting a home loan unless I can come up with a large deposit and that looks unlikely unless I win the lottery or inherit some money from some long-lost auntie I didn’t know I had. Or maybe guarantor loans are the way to go to raise the deposit – if only I could persuade my parents to act as guarantor.

06Jul/16
buy my own home

Why Are New Homes So Small in the UK?

Lifestyle, Moving House

The Royal Institute of British Architects (RIBA) have been involved in a long-running campaign to bring to the public’s attention the lack of adequate space for everyday living in new homes being built in the UK today. A RIBA/IPSOS Mori report entitled “The Way We Live Now: What People Need and Expect from their Homes” revealed that a substantial proportion of new homes in the UK do not have adequate storage space for the basic requirements of a family, including food storage and household appliances.

02Mar/16
buy my own home

Why It’s Harder Moving House As You Get Older

Lifestyle, Moving House, , , ,

We all tend to think that first time buyers have the hardest job persuading lenders that they are a good risk when it comes to a mortgage but are banks and building societies equally reluctant to lend to older applicants? This seems counter-intuitive as older borrowers are likely to be more used to handling their finances and budgeting properly but it seems it is now harder moving house as you get older so what could be making lenders reluctant when it comes to older borrowers.

Many banks and building societies have made their lending criteria more stringent for borrowers approaching retirement age and some have even started to put a “maximum age” cap on their mortgage deals. This has resulted in some older borrowers struggling to secure a large mortgage for their new home, even when they have solid financial circumstances and a range of assets that more than cover the value of the mortgage. It has also led to accusations of ageism on the part of some lenders due to the restrictions they have placed on older borrowers that take little account of individual situations.

03Jul/15
buy my own home

Is Renting for Me?

Moving House, The Housing Market, , , ,

There are a variety of pros and cons with renting a house. I am currently renting even though I have recently bought a house. This might seem odd but it’s because I am having my house refurbished, which can be stressful at times so I thought it would be a better idea to rent short term to be able to escape the mess.The original idea was to do it up slowly while I lived there but, in the end, I though it would be best to get the main sections done before I moved in. I have taken on the role of project manager, but I’m beginning to wonder if it would have been a more sensible idea to actually hire a professional. Nevertheless the work is half way through so now its time to start deciding on the final touches. I can’t wait for the day to be able to get my belongings out of my storage and be moved into my new place.