http://www.firstrunglocal.co.uk/ First Rung Now offers articles and local service contacts in the UK providing mortgage and property advice for first time home buyers. 120 en-gb Articles@DirectoryM.com Articles@DirectoryM.com http://www.firstrunglocal.co.uk/ First Rung Now offers articles and local service contacts in the UK providing mortgage and property advice for first time home buyers. http://www.firstrunglocal.co.uk/Images/Image.aspx?Site=customDarkBlueWAdSense_en-GB How to buy a house from finding your first property , first time buyer mortgages , mortgage advice , shared equity , shared ownership , joint ownership , part buy part rent and HomeBuy. our expert advises young people hoping to get on the first rung of the property ladder to start saving cash or ask for parental help. http://www.firstrunglocal.co.uk/First_Time_Property_Buying_London-r1408092-London_EN.html http://www.firstrunglocal.co.uk/First_Time_Property_Buying_London-r1408092-London_EN.html The Co-Owners covenant with each other that during the continuance of the Mortgage they shall be responsible for the Mortgage repayments in the Mortgage Shares and each will at all times in future keep the other and his or her estate indemnified from all actions costs claims and demands on account of such payments. http://www.firstrunglocal.co.uk/Declaration_of_Trust_Trust_Deed_Information_for_Property_Joint_Ownership_London-r1290925-London_EN.html http://www.firstrunglocal.co.uk/Declaration_of_Trust_Trust_Deed_Information_for_Property_Joint_Ownership_London-r1290925-London_EN.html If you are considering purchasing a property abroad you will probably need a mortgage for your overseas property. Every country has its own mortgage and lending rules and in some cases it may be better to secure a mortgage with an overseas lender; in other cases you may get a good deal from a UK lender. http://www.firstrunglocal.co.uk/Overseas_Mortgages_London-r1290924-London_EN.html http://www.firstrunglocal.co.uk/Overseas_Mortgages_London-r1290924-London_EN.html Some banks and building societies are happy to lend on shared ownership properties and some may lend you up to 100% of the share you are buying. but you may need to find some sort of deposit and some administration costs. http://www.firstrunglocal.co.uk/Financial_and_Legal_Issues_Buying_with_Someone_Else_London-r1290922-London_EN.html http://www.firstrunglocal.co.uk/Financial_and_Legal_Issues_Buying_with_Someone_Else_London-r1290922-London_EN.html The buying process is completely different from the 'normal' one as when your bid in an auction room is accepted, you are legally committed to the purchase. In effect, that final bid acceptance becomes the 'exchange of contracts' and you cannot pull out of the deal. http://www.firstrunglocal.co.uk/Property_Auctions_London-r1290921-London_EN.html http://www.firstrunglocal.co.uk/Property_Auctions_London-r1290921-London_EN.html The only remaining shared equity scheme in the UK is HomeBuy Direct. This involves taking out a shared equity mortgage as well as a low or no interest loan which is payable on the sale of your property - along with a share of any increase in value. http://www.firstrunglocal.co.uk/Shared_Equity_Mortgages_London-r1290919-London_EN.html http://www.firstrunglocal.co.uk/Shared_Equity_Mortgages_London-r1290919-London_EN.html While any increase in repossessions could have a damaging effect on the property market as a whole, it does offer aspiring first time buyers a unique opportunity to find themselves some affordable housing. http://www.firstrunglocal.co.uk/Buying_a_Repossessed_Property_London-r1290918-London_EN.html http://www.firstrunglocal.co.uk/Buying_a_Repossessed_Property_London-r1290918-London_EN.html Mortgage brokers or advisors are in our opinion the best way forward for seeking mortgage advice . If you consult independent mortgage brokers rather than mortgage lenders direct, they will have a much larger range of mortgages to choose from. http://www.firstrunglocal.co.uk/Mortgage_Brokers_London-r1290917-London_EN.html http://www.firstrunglocal.co.uk/Mortgage_Brokers_London-r1290917-London_EN.html Gone are the days of traipsing around a host of estate agencies, giving your details, letting the estate agents know what you're looking for and waiting for them to find the property for you. The birth of the internet has meant that a number of companies have set up to provide property searches with databases of properties for sale which you can search from your desk. http://www.firstrunglocal.co.uk/Find_a_Property_Your_First_Home_London-r1290916-London_EN.html http://www.firstrunglocal.co.uk/Find_a_Property_Your_First_Home_London-r1290916-London_EN.html If you think a family offset mortgages might be right for you, you will want to involve your family in your decision making. Start out by seeking specialist, no-commitment mortgage advice. http://www.firstrunglocal.co.uk/Family_Offset_Mortgages_London-r1290915-London_EN.html http://www.firstrunglocal.co.uk/Family_Offset_Mortgages_London-r1290915-London_EN.html Joint ownership is increasingly being seen as a way onto the property ladder. It brings the first rung within reach, because it lowers the amount of deposit required by each investor and ongoing monthly costs. Because many people are used to sharing accommodation as students, trainees or renters for example, the idea of living in jointly owned property is the logical next step. http://www.firstrunglocal.co.uk/Joint_Ownership_Co_buying_and_Joint_Equity_London-r1290914-London_EN.html http://www.firstrunglocal.co.uk/Joint_Ownership_Co_buying_and_Joint_Equity_London-r1290914-London_EN.html Your lender will probably carry out a property survey for its own purposes. As a bargaining tool and for security, it’s a good idea to commission your own survey. It's easy to find a surveyor. http://www.firstrunglocal.co.uk/Surveys_and_Surveyors_London-r1290911-London_EN.html http://www.firstrunglocal.co.uk/Surveys_and_Surveyors_London-r1290911-London_EN.html If you are worried about the property ladder getting further out of reach and wanting to invest in your own home rather than pay your landlords mortgage off, you need to do something about it. Owning a property is a long term goal and something worth making some sacrifices for. http://www.firstrunglocal.co.uk/Building_a_Deposit_Getting_Extra_Work_Selling_Things_Cutting_Down_on_Spending_and_Debt_London-r1290910-London_EN.html http://www.firstrunglocal.co.uk/Building_a_Deposit_Getting_Extra_Work_Selling_Things_Cutting_Down_on_Spending_and_Debt_London-r1290910-London_EN.html The first step towards shared ownership is to contact your local HomeBuy agent. You should also take shared ownership mortgage advice. http://www.firstrunglocal.co.uk/Where_Do_I_Start_Finding_Out_about_Shared_Ownership_Schemes_London-r1290909-London_EN.html http://www.firstrunglocal.co.uk/Where_Do_I_Start_Finding_Out_about_Shared_Ownership_Schemes_London-r1290909-London_EN.html The positives and negatives of joint ownership, joint equity or co-buying. Such as, when you sell, if the property price has increased, you will have capital to put down on a place of your own; you get onto the property ladder earlier rather than renting or living at home. http://www.firstrunglocal.co.uk/Whats_Good_about_Joint_Ownership_Joint_Equity_or_Property_Co_Buying_London-r1290908-London_EN.html http://www.firstrunglocal.co.uk/Whats_Good_about_Joint_Ownership_Joint_Equity_or_Property_Co_Buying_London-r1290908-London_EN.html Although a more complicated option, the number of first time buyers becoming landlords is on the increase. Buying a property in a more affordable area and letting it out while you remain living at home, or in rented accommodation yourself could be a way forward but will require a lot of research and should be viewed as a long-term investment. http://www.firstrunglocal.co.uk/Buy_to_Let_Advice_For_First_Time_Buyers_and_Everyone_London-r1290907-London_EN.html http://www.firstrunglocal.co.uk/Buy_to_Let_Advice_For_First_Time_Buyers_and_Everyone_London-r1290907-London_EN.html If you take out an interest-only mortgage on your buy to let property, the mortgage repayments are tax deductible - another reason why this type of mortgage is the one most common in this area. Tax deductible means an expense that is subtracted from your gross income from the property, so that the amount of your income that is liable to tax is reduced. http://www.firstrunglocal.co.uk/Buy_to_Let_Advice_The_Tax_Situation_London-r1290906-London_EN.html http://www.firstrunglocal.co.uk/Buy_to_Let_Advice_The_Tax_Situation_London-r1290906-London_EN.html With shared ownership you only need to qualify to borrow a certain percentage of the property value – usually between 25 and 75. The remainder is paid for – and owned – by a Housing Association that will charge you a nominal rent. http://www.firstrunglocal.co.uk/Shared_Ownership_Mortgages_London-r1290905-London_EN.html http://www.firstrunglocal.co.uk/Shared_Ownership_Mortgages_London-r1290905-London_EN.html The legal contract that you have with a tenant is called an assured shorthold tenancy although landlords may draw up agreements with tenants that differ from this. For free advice on the most appropriate agreement contact our lawyers. http://www.firstrunglocal.co.uk/Buy_to_Let_Advice_Tenants_London-r1290904-London_EN.html http://www.firstrunglocal.co.uk/Buy_to_Let_Advice_Tenants_London-r1290904-London_EN.html Although loans are only available up to 75%. the mortgage allows even the most unlikely of candidates to get a foothold on the housing ladder. It can make sense to clear debts and get your credit rating back up to scratch before taking on the debt of a mortgage. http://www.firstrunglocal.co.uk/Poor_Adverse_or_Bad_Credit_Mortgages_London-r1290903-London_EN.html http://www.firstrunglocal.co.uk/Poor_Adverse_or_Bad_Credit_Mortgages_London-r1290903-London_EN.html Stamp Duty Land Tax is payable in different amounts via the conveyancing solicitor, depending on the purchase price of the house. It is one of the thorns in a first time buyer's side as it's an added expense they could do without! We would like to see stamp duty land tax exemption for first time home buyers. http://www.firstrunglocal.co.uk/Stamp_Duty_Land_Tax_London-r1290902-London_EN.html http://www.firstrunglocal.co.uk/Stamp_Duty_Land_Tax_London-r1290902-London_EN.html There are plenty of ways a parent can help their child become a first time buyer, but if it involves money, chances are there are tax implications and tax advice should be sought. http://www.firstrunglocal.co.uk/Tax_Implications_of_Parents_Helping_Children_Buy_a_First_Home_London-r1290901-London_EN.html http://www.firstrunglocal.co.uk/Tax_Implications_of_Parents_Helping_Children_Buy_a_First_Home_London-r1290901-London_EN.html With ‘FreshStart', for example you can borrow 100% of the property value and there is nointerest to pay for the first six months. Although the deal is marketed atdivorcees, it is available to everyone including first-time buyers. http://www.firstrunglocal.co.uk/Interest_free_Start_Mortgages_London-r1290900-London_EN.html http://www.firstrunglocal.co.uk/Interest_free_Start_Mortgages_London-r1290900-London_EN.html More and more people are clubbing together to buy their own home. It enables them to get out of the rental trap and invest in their future. In many cases, sharing costs through joint ownership can work out cheaper than renting! http://www.firstrunglocal.co.uk/How_Finances_Work_When_Buying_With_Others_London-r1290899-London_EN.html http://www.firstrunglocal.co.uk/How_Finances_Work_When_Buying_With_Others_London-r1290899-London_EN.html Mortgage comparision is pretty complicated and it can be difficult to compare one mortgage with another. That is why it is essential to be as thorough as possible when working out the best mortgage option for you. http://www.firstrunglocal.co.uk/Mortgage_Comparison_London-r1290898-London_EN.html http://www.firstrunglocal.co.uk/Mortgage_Comparison_London-r1290898-London_EN.html Joint ownership is an option growing in popularity as people realise that for some, it's the only way to get onto the property ladder. Measures can be put in place to protect you in the form of a trust deed and a co-habitation agreement. http://www.firstrunglocal.co.uk/Joint_Ownership_Joint_Equity_Co_buying_Frequently_Asked_Questions_London-r1290897-London_EN.html http://www.firstrunglocal.co.uk/Joint_Ownership_Joint_Equity_Co_buying_Frequently_Asked_Questions_London-r1290897-London_EN.html Everything a first time buyer needs to know about interest only mortgages, first time buyers mortgages and how to buy a house from FirstRungNow.com http://www.firstrunglocal.co.uk/Interest_Only_Mortgages_London-r1290896-London_EN.html http://www.firstrunglocal.co.uk/Interest_Only_Mortgages_London-r1290896-London_EN.html New build HomeBuy is the Government's shared ownership scheme for first time buyers. Shared ownership is where you buy part of a property and rent the rest from a landlord, usually a Registered Social Landlord (RSL). Many RSLs are housing associations or housing trusts and the properties have usually either been renovated or built by them. http://www.firstrunglocal.co.uk/What_is_New_Build_HomeBuy_London-r1290895-London_EN.html http://www.firstrunglocal.co.uk/What_is_New_Build_HomeBuy_London-r1290895-London_EN.html If you do not own the property outright, clauses in the lease may enable the housing association to nominate prospective buyers and to restrict the sale price to an independent valuer's valuation. The reason for this is that it wishes the property to remain available to people who are interested in shared ownership. http://www.firstrunglocal.co.uk/Are_There_Restrictions_on_Resale_of_a_Shared_Ownership_Scheme_Property_London-r1290893-London_EN.html http://www.firstrunglocal.co.uk/Are_There_Restrictions_on_Resale_of_a_Shared_Ownership_Scheme_Property_London-r1290893-London_EN.html When buying with friends or family members, you might take out a joint mortgage. This mortgage allows four friends to buy together at up to three and a half times each salary, as long as they are all graduates or professionals. http://www.firstrunglocal.co.uk/Mortgages_with_Friends_and_Family_London-r1290892-London_EN.html http://www.firstrunglocal.co.uk/Mortgages_with_Friends_and_Family_London-r1290892-London_EN.html The traditional way to find a property you want is to register with estate agents selling houses in the area where you want to buy. First time buyers can find an easier way to find a property here. http://www.firstrunglocal.co.uk/How_to_Find_a_Property_London-r1290889-London_EN.html http://www.firstrunglocal.co.uk/How_to_Find_a_Property_London-r1290889-London_EN.html As well asbeing able to borrow up to over the full value of the property, your incomemultiples are boosted. How much by will depend on factors such as youroutstanding debt and credit score. http://www.firstrunglocal.co.uk/Graduate_Mortgages_London-r1290888-London_EN.html http://www.firstrunglocal.co.uk/Graduate_Mortgages_London-r1290888-London_EN.html How parents can help first time home buyers - Making a gift of property or money - Harnessing savings or pension - Tax, legal, financial implications. http://www.firstrunglocal.co.uk/How_Parents_Can_help_First_Time_Buyers_London-r1290887-London_EN.html http://www.firstrunglocal.co.uk/How_Parents_Can_help_First_Time_Buyers_London-r1290887-London_EN.html With so many parents having to help their first time buyer children, it's useful to know how they can help provide the deposit. There are a number of ways a parent can find the finances to help their grown up children with a deposit, which are detailed here. http://www.firstrunglocal.co.uk/How_Parents_Can_Help_with_a_Deposit_London-r1290886-London_EN.html http://www.firstrunglocal.co.uk/How_Parents_Can_Help_with_a_Deposit_London-r1290886-London_EN.html Home Information Packs (HIPS) are good for first time buyers who need to know as much about a property as possible before costs are outlaid. http://www.firstrunglocal.co.uk/Home_Information_Packs_How_to_Buy_a_House_London-r1290884-London_EN.html http://www.firstrunglocal.co.uk/Home_Information_Packs_How_to_Buy_a_House_London-r1290884-London_EN.html There are many people who would like to own their own home but believe they have too many outstanding debts, such as student debts, to have a real chance of having a first mortgage approved. http://www.firstrunglocal.co.uk/First_Time_Buyer_Mortgages_for_Those_With_Debts_London-r1290883-London_EN.html http://www.firstrunglocal.co.uk/First_Time_Buyer_Mortgages_for_Those_With_Debts_London-r1290883-London_EN.html Part buy part rent can describe two different options for first time buyers. Either shared ownership or lease-option. Find out more here. http://www.firstrunglocal.co.uk/Part_Buy_Part_Rent_London-r1290880-London_EN.html http://www.firstrunglocal.co.uk/Part_Buy_Part_Rent_London-r1290880-London_EN.html Mortgage advice comes in various forms so you need to know which is the best sort to look for. Highly regulated in the UK it is easy to come by but has to obey certain rules laid down by the FSA. http://www.firstrunglocal.co.uk/Mortgage_Advice_London-r1290879-London_EN.html http://www.firstrunglocal.co.uk/Mortgage_Advice_London-r1290879-London_EN.html You will need to make utilities companies aware of when you move in so they know to charge you from that date. Find out how to manage utilities companies. http://www.firstrunglocal.co.uk/Utilities_Companies_London-r1290877-London_EN.html http://www.firstrunglocal.co.uk/Utilities_Companies_London-r1290877-London_EN.html Parents can help their children buy a first home. Laws surrounding inheritance tax (IHT) change slowly but it's worth keeping up with how you can leave as much to your children as possible. You may even want to give them property or money before you die to help them onto the property ladder. http://www.firstrunglocal.co.uk/Inheritance_Tax_Planning_London-r1290875-London_EN.html http://www.firstrunglocal.co.uk/Inheritance_Tax_Planning_London-r1290875-London_EN.html Buy to let is on the up. With so many property owners having considerable equity in their main homes and in particular worried about whether their children will reach the first step on the property ladder, more and more people are investing in buy to let. http://www.firstrunglocal.co.uk/Buy_to_Let_Advice_London-r1290874-London_EN.html http://www.firstrunglocal.co.uk/Buy_to_Let_Advice_London-r1290874-London_EN.html The main features of a shared appreciation/equity mortgage, is that the borrower takes out a normal mortgage and a low cost or free loan in addition. This way you can borrow more, making that first step possible. http://www.firstrunglocal.co.uk/Shared_Appreciation_Mortgages_UK_Mortgage_Guide_London-r1257680-London_EN.html http://www.firstrunglocal.co.uk/Shared_Appreciation_Mortgages_UK_Mortgage_Guide_London-r1257680-London_EN.html To get a clearer idea about the legal costs involved in the home-buying process contact property lawyers . Partner property solicitors specialise in first time buyers and key workers (such as teachers and the police) and will give you a quote free of charge. http://www.firstrunglocal.co.uk/Conveyancing_Solicitors_and_Legal_Costs_How_to_Buy_a_House_London-r1257679-London_EN.html http://www.firstrunglocal.co.uk/Conveyancing_Solicitors_and_Legal_Costs_How_to_Buy_a_House_London-r1257679-London_EN.html Many parents and grandparents try to avoid Inheritance Tax (IHT) by making a gift of a deposit to their children or grandchildren while they are still alive. But this does not necessarily mean avoiding tax altogether – it could simply be the case that you are hit with a different one. http://www.firstrunglocal.co.uk/Make_a_Gift_to_Help_First_Time_Buyers_Parents_Can_Help_London-r1257216-London_EN.html http://www.firstrunglocal.co.uk/Make_a_Gift_to_Help_First_Time_Buyers_Parents_Can_Help_London-r1257216-London_EN.html In the following article, we will recommend you consider the benefits and potential pitfalls of shared ownership before taking the plunge. You should also seek shared ownership mortgage advice . http://www.firstrunglocal.co.uk/Benefits_and_Pitfalls_Shared_Ownership_London-r1257214-London_EN.html http://www.firstrunglocal.co.uk/Benefits_and_Pitfalls_Shared_Ownership_London-r1257214-London_EN.html Lenders have been forced to design some innovative schemes that write parents into the home-buying process with house prices being what they are. Here's how parents can help. Read on the following article to learn more information. http://www.firstrunglocal.co.uk/Helping_with_the_Mortgage_How_Parents_Can_Help_London-r1257213-London_EN.html http://www.firstrunglocal.co.uk/Helping_with_the_Mortgage_How_Parents_Can_Help_London-r1257213-London_EN.html A buy-to-let property should be viewed as a long-term investment and not something you undertake with a short-term view. Read on to learn more advice on the best buy to let mortgage deals in the UK from independent brokers including information for first time buyers. http://www.firstrunglocal.co.uk/Buy_to_Let_Mortgage_Advice_Guide_to_Best_Deals_London-r1257212-London_EN.html http://www.firstrunglocal.co.uk/Buy_to_Let_Mortgage_Advice_Guide_to_Best_Deals_London-r1257212-London_EN.html There are many different ways you can get help buying a home if you cannot afford to buy. Read on to find out what low cost housing and low cost home ownership schemes are on offer from the UK Government. See if you qualify. http://www.firstrunglocal.co.uk/Low_Cost_Housing_London-r1257211-London_EN.html http://www.firstrunglocal.co.uk/Low_Cost_Housing_London-r1257211-London_EN.html Repossessed properties are becoming an increasingly popular way for first time buyers to grab a bargain and to step on the first rung of the property ladder. A repossessed house may not be in tip-top condition if the ill-fated owner was so short of cash that the property was neglected. http://www.firstrunglocal.co.uk/Repossessed_Homes_First_Time_Buyer_London-r1257207-London_EN.html http://www.firstrunglocal.co.uk/Repossessed_Homes_First_Time_Buyer_London-r1257207-London_EN.html Providing the cost of your rent is reasonable, you can use your time as a tenant to prepare for home-ownership. As renting usually means fixed costs, it should be easier to budget. Below is a guide to the benefits and restrictions of renting over making mortgage repayments yourself. http://www.firstrunglocal.co.uk/Making_the_Best_of_Renting_Looking_to_Rent_London-r1257206-London_EN.html http://www.firstrunglocal.co.uk/Making_the_Best_of_Renting_Looking_to_Rent_London-r1257206-London_EN.html