Category: Blog

Birmingham, home to a population of approximately 1,103,418 and named ‘the city that won’t stand still’ by the Telegraph is a location bursting in character and history throughout.
With five universities, the popular Bullring shopping Centre, the lively Brindleyplace canal side development and a host of fantastic museums and tourist attractions, not to mention the brilliant transport links, the second largest UK city is constantly bustling and innovative in its development as a city .
You can find out more about what this fantastic city has to offer by taking a look as Monster’s guide to living in Birmingham.
According to the same Telegraph article, in the past two years there has been a growing number of planning permissions schemes granted in this city than any other location in the article looking at the best 11 places to live to suitably for you and your family.
However, with such a large and vibrant city comes many options of where you might like to relocate to if you’re a first time buyer.
So let’s now take a look at where some of the hotspot areas in Birmingham that you might like to consider looking at if you are looking to purchase your first home. 

Harborne

Young buyers are attracted to the lively area of Harborne located in the south-west of Birmingham with properties averaging at around £287,526 according to Zoopla’s article looking at popular homes for first time buyers.
Located just a stone’s throw from the city centre, this thriving and prosperous area is packed full of restaurants, bars, cafés and shops and is a convenient location for those looking to purchase a property.
Whether you’d enjoy browsing the boutique shops and high-end retailers offered by this popular Victorian suburb, or would like to try out the many sporting facilities including a golf club, cricket, rugby, tennis and a swimming pool, there are lots of fantastic facilities no matter your preferences, more of which you can read about at Visit Birmingham.
The area includes fantastic transport links, with a regular bus service to the village and a nearby train station just a fifteen-minute walk to the edge of the University campus.
Lastly, situated just three miles from the city centre, you can reach the heart of Birmingham within fifteen minutes by car, perfect for commuting to work in the city centre.

Selly Oak

Situated in a convenient and commutable distance of less than fifteen minutes by car, this is another great area to look at if you’re a first time buyer and looking to live relatively close to the heart of Birmingham.
Movebubble considers this area as one of the best to live in within Birmingham and is particularly great if you’re looking for somewhere to start up which is affordable.
With a lively night-time economy as well as a number of shops, eateries and supermarkets Selly Oak has the benefit of having lots to keep you entertained on your doorstep, whilst also having the city centre located at a comfortable distance away.
The area is also home to a number of schools and parks should this be a consideration that you need to make for your first home.
Head to Lonely Planet and discover what else Selly Oak and its surrounding area has to offer.

Solihull

Named as the best place to live in the UK back in 2013 according to an article published on Birmingham Mail, Solihull is situated eight miles to the south east of Birmingham is another of the city’s hotspot locations for first time buyers.
Although house prices can vary rather widely and potentially offer higher prices than you might be looking for as a first time buyer, there are a number of properties that are available between the £100,000 to £200,000 mark, 31.3% offering two bedrooms and 30.6% three bedrooms as calculated by home.co.uk here.
This charming yet bustling town is home to the National Exhibition Centre and Genting Arena, as well as being regarded as a shopper’s paradise offering a number of designer labels.
Furthermore, not only are there a number of popular restaurants and bars, but Solihull’s location means that the rural villages that sit alongside the Stratford-upon-Avon canal make the perfect compromise of living in a bustling town as well as getting to enjoy the beautiful outdoors.
You can find out more about what Solihull has to offer by heading to Visit Birmingham.

Halesowen

The town of Halesowen located roughly seven miles outside of Birmingham city centre has the benefit of offering a number of affordable properties ideal for first time buyers.
From just under the £100,000 mark to £200,000, the area offers slightly larger properties at a reasonable price meaning that it’s a great location to consider in order to get more for your money as can be observed on Rightmove.
Although Halesoen is mainly regarded as an urban/suburban location, the borders of the town are located on green belt land meaning that there is fantastic access to countryside locations, for example Clent Hills creates the perfect weekend break to escape the hustle and bustle of Birmingham.
Hosting a number of places to grab a bite to eat which you can take a look at by heading to tripadvisor, there are also many opportunities to try your hand at the various activities suitable for all ages located near the town. Take a look at the BBC’s activity finder page here to find out more.
Being such a largely populated city, it may feel overwhelming to know where to start looking for your first property in Birmingham.
Hopefully though you will have seen that there are a number of fantastic locations offering quick transport links to the city centre and plenty of opportunities to enjoy what the area has to offer, whether this be taking a trip to the countryside for a leisurely stroll or a day’s shopping in the heart of the city centre.
If want to find out more about purchasing a property in the City, why not speak with one of our mortgage brokers in Birmingham?

A couple of years ago, Bristol was named as the best city to live in in the UK when it comes to wealth and happiness, and it has recently experienced an influx of residents moving there from London.
In fact, this article from the Bristol Post claimed that buyers could afford two houses in Bristol for the price of one in the capital!
There’s no doubt that Bristol is a city on the up, it’s the home of the world famous street artist Banksy, and 2018 will see the opening of the brand new 12,000 capacity Bristol Arena, so where are the best places to buy?

Totterdown

One of the more affordable areas of the city is Totterdown, which is known for its brightly coloured painted home.
It was recently named the fifth hippest place to live in the UK by the Times and it is definitely more popular with younger buyers who work in the city centre, with lots of local pubs to enjoy.
The area is also known for its very narrow and steep streets, and in fact Vale Street is thought to be the steepest residential street in the UK.
Totterdown is located just south-east of Temple Meads station, and with the electrification of the Great Western Main Line on the way, this area will be fantastically positioned in terms of transport links.

Southville

Just next door to Totterdown you’ll find Southville and although you might find house prices are slightly higher than its colourful neighbour, it’s still a relatively affordable location for first time buyers.
Southville has been described as the ‘Notting Hill of Bristol’ as it seemingly went under the radar for many years and is now experiencing a period of boom.
Much of the area’s fortunes have revolved around the old Wills’s Imperial tobacco factory which it was built around in the 19^th century.
The area then went into decline when the factor closed, but has experienced a resurgence since it was transformed into a theatre and arts space in the 90s.
Southville is also prized for its proximity to the harbour area and an influx of trendy cafés and bars.

St George

St George and the rest of the BS5 postcode area have exploded in popularity over the last few years, with Church Road in particular proving popular.
The area has undergone major refurbishment over the last couple of years, with places such as the Grounded Café and Southville Deli attracting more buyers to the area.
For those with young families, there are a number of good schools, which is course is a huge factor when it comes to buying a property.

Brislington

Brislington is one of the larger areas of the city, and offers great value for money for a first time buyer, and is a good alternative to the likes of Bedminster which used to be popular but have become increasingly expensive.
The area is also close to the centre of town with good transport links to get you from A to B, with Temple Meads and the city centre within walking distance if you don’t mind stretching your legs a little bit.
As for education, the area is home to three primary schools, a secondary school and a sixth form college.
These are just some of the places that are thriving at the moment in the city, but generally speaking, you’ll find cheaper properties in the south of the city, with pricier ones to the north.
If you do have a little more budget to work with, the likes of Clifton, Bedminster and the harbour side may be worth checking out.
If you are thinking of purchasing a home in Bristol, why not call our Bristol mortgage brokers on 01179 595555?

When wondering whether a mortgage is applicable on a ‘dwelling’ of any kind, there is one golden rule to always remember: a mortgage is taken out against a property’s Land Registry listing. Therefore, if a property you would like to purchase or are considering investing in is not listed on the UK government’s lad registry list, you will not be able to apply for or secure a mortgage in order to purchase it. It really is that simple.

‘Mortgageable’ Types of Holiday Homes

So, can you take a mortgage to purchase a holiday home? Potentially, yes. It is not, after all, what a home is bought, sold or used for that determines whether it is mortgageable; it is, remember, whether it is listed as land registered. Therefore, a ‘dwelling’s’ purpose may affect the type or conditions by which you can secure a mortgage, but it what a ‘dwelling’ is made of that will determine whether it is mortgageable.
So, brick and mortar holiday home properties will almost always be mortgagable as they are sold along with the land upon which they permanently reside. That is, should you choose to demolish the entire property, as the owner, you will almost certainly retain the right to the land upon which it sits – or sat, as the case may be. Hence, you can subsequently and consequently rebuild or otherwise use the land, in accordance (of course) with building regulations and any land uses the land is fixed with.
Further, this is true whether you purchase a holiday home within the UK or abroad and you can learn more about buying property overseas via the information contained on the Right Move Property website or, alternatively, by contacting us here at Search Mortgage Solutions.

‘Non-Mortgageable’ Types of Holiday Homes

In contrast, holiday homes of a mobile or movable nature, such as caravans and  trailer and park homes like those bought and sold independent of the land upon which they exist or are situated cannot be as such registered on the UK land registry and so cannot be mortgaged. In some cases a caravan, trailer home or park home may be sold or bought along with a lease for the land upon which it resides, but then the right to remain upon that land is due to having leased it. Hence, you do not own the land, despite owning what currently resides upon it.
It may seem obvious to state that mortgages are not applicable when purchasing for example a caravan or motor home, despite the fact that both are used as ‘dwellings’ and may even be permanently occupied or provide a person with a long term home. It is less obvious when purchasing a park home or lodge property like those bought, sold and advertised by Sell My Lodge which for all intents and purposes share more similarities aesthetically with a bricks and mortar built dwellings.
Further, because park home properties and dwellings are often sold via estate agencies, many believe they are bought and sold in much the same way as brick and mortar buildings and properties. The fact remains though; neither park homes nor lodge homes can be mortgaged. Consequently, when purchasing a park home or lodge property, buyers who require finance or a loan are required to take out finance such as that offered by UK Park Home Finance.

More people than ever are renting out vacant rooms within properties which they own and reside than ever before. Unlike buying a property as an investment with the intention to rent it out, renting a room within a property that you own and yourself live within involves welcoming a tenant into your own personal space. Whether you would feel comfortable doing that requires careful consideration. As far as the law in the UK stands though, even when renting a room within your own home by doing so you are choosing to become a landlord, specifically, a ‘resident landlord’ which involves taking on certain responsibilities.

Resident Landlord Responsibilities

Under UK law, a ‘resident landlord’ is responsible for maintaining the property to a safe standard and ‘good repair’, which you can learn more about via the Private Renting page of the Gov.UK, and providing a tenant or tenants with notice prior to ending  letting.
As a resident landlord you are not required to provide tenants with the same amount of notice as a non-resident landlord. You can learn more about how to manage and end a letting agreement as a resident landlord again by visiting the Gov.UK and their ‘End a Letting’ section of the ‘Rent a Room in Your Home’ information page.
It is also important to know that a lodger or tenant residing within your home does not have the right to challenge the rent amount agreed and cannot break their rent agreement lawfully unless a break clause is affixed to their tenancy agreement.

Informing Your Mortgage Provider and Insurance Company

It is imperative to be aware whether you pay for home insurance as part of your mortgage or separately, that renting out a room within your home may invalidate your current insurance policy or contravene the terms of your mortgage agreement. Hence, before accepting a tenant or lodger into your home it is extremely important to speak with both your mortgage and (if taken out separately) your insurance company.
Further, do not fall into the trap of thinking that if you decide to rent a room within your home on a short term (even on a one night basis) that this will be ‘ok’; in fact, short-term rents are against the conditions and the terms of many combined and separate mortgage and insurance policies. Therefore, if you become a resident landlord without informing your mortgage provider and insurance company, at worst you could have your mortgage and / or insurance revoked.

Benefits, Tax and the Rent a Room Scheme

As well as informing your mortgage and insurance providers if you intend to rent out a room within your home it is equally important and your are further legally obligated to inform HMRC as becoming a resident landlord can affect any benefits you are in recipient of and you may too be required to pay tax on the money you earn by means of rent. Failure to notify HMRC that you are or intend to become a resident landlord can result in an investigation, and at the very least a very hefty tax bill.
It is also worth contacting HMRC and reading the information provided via the Gov.UK website about something called the ‘Rent a Room Scheme’. Resident landlords who opt to partake in the scheme are permitted to ‘earn up to a threshold of £4,250 per year tax-free from letting out furnished accommodation in [their] home’. This amount is halved if you live with a partner, but as of April 6^th 2016 rises to £7,500 per year.
If you receive rent above the current or soon to be implemented amount and so are legally required to pay income tax, you can choose to either pay tax on any amount that goes over the threshold amount or to pay income tax on the entire amount which enables resident landlords to then claim tax back on necessary expenses such as cleaning services and furniture items.

Advertising a Room for Rent

If you have decided to become a resident landlord and contacted all the applicable parties, one of the most effective, and too cost effective, means of advertising a room you have for rent within your home is to advertise online via a website such as RoomBuddies.co.uk.
Advertising a room for rent online has numerous benefits. Firstly, online advertising ensures that your advert is seen by the broadest spectrum of potential lodgers or tenants. This means that people who have not yet arrived in the area in which you live can both discover and too respond to your advertisement, increasing your chances of securing a lodger.
Advertising online via a reputable and established ‘room to rent’ website also enables landlords to speak via the internet with potential lodgers, and without the pressure of being ‘put on the spot’ by unexpected phone calls, or worse yet unexpected visitors knocking at the door.
Finally, online advertising is the most popular way by which resident landlords today advertise their vacant rooms. Consequently, searching those in your area who are already advertising rooms before advertising your own can go a long way in helping you to determine how much it is reasonable to expect in terms of weekly, monthly or even annual rent.

Manchester, the assumed capital of the “Northern Powerhouse” is one of the fastest and most exciting cities in the UK.
With thriving industries such as media drawing huge numbers of new workers to the city and its surrounding areas, the complexity of Great Manchester’s housing market is consistently developing.
If you are considering taking your first step onto the housing market in the Greater Manchester area, the task may appear daunting with so many areas to choose from in which the price range massively varies.
Here at Search Mortgage Solutions, one of the leading mortgage brokers in Manchester, we want to help everyone find the perfect mortgage for them, and therefore the perfect home. Its because of this that we have put this list of hotspots for first time buyers together.
*Note, all of the average prices were independently compiled from house prices on 3rd April 2016. 

Newton Heath

Average House Price: £108,556 (calculated from the current houses for sale on Zoopla).
The cheapest on average in this list lies North East of Manchester city centre. Newton Heath has previously not been one of the more desired areas to buy in, however in recent years they it has become a much more vibrant area.
The best thing is unlike other areas which have done a bit of a U-turn, the house prices in Newton Heath have remained relatively low.
Newton Heath has an average house price of £108,556 which is a great figure considering how close it is to the city.
If you work in the city, then you can get a short tram journey from Newton Heath & Motson tram stop to Manchester Piccadilly in just 20 minutes.

Droylsden

Another area in the East but a little more southerly is Droylsden. The sizeable town is just inside the M60 and is populated by both young professionals and families due to its proximity to the city centre.
Droylsden is also somewhat of a sporting hub. With its leafy suburb appearance, it has a number of surrounding golf clubs. It is also a mere stone thro away from both the National Cycling Centre and Manchester City’s Etihad Stadium.
The average house price here is a little more than Newton Heath, but is still very reasonable for its location, marking in at £136,793.
If you need to travel to the city, then it is just a swift 20 minutes or so by tram from Droylsden tram stop.

Cheetham Hill

If you take the A576 directly north out of the city centre heading towards the M60 you will head straight through lovely Cheetham Hill.
Another favourite of the young professional, this area of Manchester is very close to the city centre.
It is also the perfect place to live if you want to enjoy all that Manchester, with the likes of the Manchester Arena, the Print Works, the National Football Museum and upmarket Northern Quarter just a stones throw away.
The average cost of a house around here is £137,126 which considering its proximity to some of the most upmarket areas of the city centre, is very good. 

Middleton

Just north of Cheetham Hill is the much larger area of Middleton. Because Middleton is the furthest distance away from the city centre in this list of hotspots, it has a remarkably large spectrum of housing prices.
While the average house price we compiled came to £143,720, (the highest in the list), this doesn’t completely do the area justice. Middleton had the highest individual house prices by a long what, buy there were very few of these, which obviously drags up the average.
There are plenty of cheap homes for first time buyers to check out here, and being both a comfortable distance from the city centre and also only 40 minutes by public transport (bus & tram), it’s a great place for both young professionals and young.
If you have been considering making those first steps onto the Manchester property ladder than hopefully these four hotspots may give you a number of viable options.

The government is trying to curb investors’ enthusiasm for buy-to-let property but yields still beat savings rates available on the high street
Lenders dished out £10bn to buy-to-let investors in the final quarter of 2015, up from £7.7bn a year earlier.
This statistic, released by the Bank of England, prompted its deputy governor for financial stability Sir Jon Cunliffe to claim the buy-to-let lending boom poses a threat to the economy.
But estate agents say there’s a simple reason why investors are ploughing their money into property rather than stocks and shares or savings accounts.
A spokesman for Fulham-based independent estate agent Lawsons & Daughters says: “Interest rates for savers are at an all-time low and rent prices in London are 6.2% higher for the three months to January compared with the same period in 2015.
“Not only that, the value of buy-to-let properties in many parts of London has increased by more than 10% over the past 12 months.”
In London Bridge, for example, local estate agent Williams Lynch points out that the value of residential property shot up by 19.4% in the 12 months to March 2016.
Even in London’s golden postcodes of Knightsbridge, Kensington and Mayfair – where the price of houses can top £79m – property prices and rents have risen over the past 12 months, according to Belgravia-based estate agent Best Gapp.
Despite the government’s attempting to shrink landlords’ income through an increase in stamp duty for buy-to-let properties, abolishing the wear and tear allowance and mortgage interest tax relief, buy-to-let investment is still a wise move – if you plan your purchase with military precision.
Battersea estate agent Eden Harper, which reports that buy-to-let investors purchase many of the properties it has on offer, provides 5 valuable pieces of advice.

1. Find the best buy-to-let mortgage deal

Having decided on your ideal buy-to-let investment opportunity, attention turns to seeking the required finances. Specific buy-to-let mortgages should be used to buy investment property because these allow the borrower to make money from the flat or house by renting it to tenants, unlike standard residential mortgages. Independent advice will help you make the right decision.

2. Put down a 40% deposit

While it is possible to obtain a mortgage on a buy-to-live property worth 90% of its purchase price, landers require buy-to-let investors to put down deposits of at least 25%. And the best buy-to-let mortgage deals are often reserved for borrowers who can produce a 40% deposit.

3. Make sure rental income equals at least 125% of mortgage costs

The better news is many lenders do not consider your income when making buy-to-let mortgage decisions, rather how much money the property will generate through rental income. But beware, for a buy-to-let investment to be considered worthy of a mortgage your rental income must be around 125% of the mortgage payments or higher.

4. Calculate your yield

The value of a rental investment is determined by the property’s yield, not how much the house or flat is worth. Yield is the rental return as a percentage figure of the property purchase price.
If you were charging £1500 monthly rent, or £18,000 a year, on a £300,000 property your yield would be 6%.
However, this assumes you have bought the property outright. To calculate a rental property’s true yield, it is necessary to deduct mortgage costs from the rental income.
If the monthly cost of the £180,000 mortgage you would need to buy a £300,000 property (after putting down a 40% deposit) is £950, or £11,400 per year, then your yield will be just 2.2%, which is still better than the rates offered on many savings accounts.

5. Don’t forget other costs

Investors also need to take into account all other running costs, including maintenance, agents’ fees, insurance and the capital that should be put to one side for emergencies.

Britain may have some of the smallest homes in Europe, but our changing lifestyle means we do not need as much space as our grandparents did.
Britain has the smallest homes in Europe, and they are getting smaller all the time.
Property expert Laurence Glynne, of London estate agent LDG, says that residential properties in the UK have an average of 85 square metres of floorspace.
But research by the Royal Institute of British Architects reveals that the average size of a new-build one-bed flat is just 46sq m, while the floorspace offered by the average-sized new-build property in England and Wales is just 76sq m.
This compares with 87.7sq m in Ireland, 109.2sq m in Germany, 115.5sq m in the Netherlands and a positively cavernous 137sq m in Denmark.
Even in Japan – where capsule hotels with rooms measuring just 2m x 1m are popular – new homes offer their occupants an average floorspace of 92sq m.
But do we really need larger homes?

Shrink To Fit

London is the only place in England with minimum size standards for new-build private and social housing, starting at 37sq m for a one-bedroom flat. That’s a whole 9sq m less than RIBA’s average.
Smaller homes could be the answer to Britain’s housing crisis, which has prompted Prime Minister David Cameron to pledge that the country will build 200,000 new homes every year until 2020.
New homes may be getting smaller, but that doesn’t mean their owners have to compromise on space, says North London estate agent Paramount Properties.
Developments in technology over the course of the 21st century have eliminated the need to keep photograph albums, CD and record collections, huge piles of videos or DVDs (or even a DVD player) and the increase in popularity of e-readers have even made the need to store shelf upon shelf of printed books completely unnecessary.
Even our documents, such as insurance policies and bank statements, are now stored online.
London-based skip hire specialist ProSkips comments: “Many of our domestic customers consider skip hire as a cost-effective way to carry out a household clearance of unwanted possessions. But the Waste Electrical and Electronic Equipment Directive does, however, prohibit skip hire forms from accepting old electrical equipment, which must now be recycled.”

Changing Fashions

Household appliances are also shrinking in size. The Guardian reported that a couple in Liverpool whose home was too small for their needs had to store their vacuum cleaner at a family member’s home.
That was back in 2012 when the design of upright vacuum cleaners meant they were commonly stored in understairs cupboards or cloakrooms. Today, vacuum cleaners with more power than models of old have shrunk to a size that allows them to be stored in a large kitchen drawer.
Modern combi boilers that can be concealed in a kitchen cupboard have also eliminated the need for airing cupboards taking up the space needed for a shower cubicle in a modern bathroom.
Changing fashions have also reduced the space required in kitchens and bedrooms.
Few of us now sit down to eat a meal at a dining room table, preferring instead to eat in front of a wall-mounted flatscreen TV.
And while your grandmother might have had a cupboard full of china and silver cutlery that was only brought out on special occasions, who wants or needs more than one set of crockery these days?
The popularity of fast fashion chains, such as Primark and Forever 21, means we no longer need wardrobes that take up 3 or even 4sq m of bedroom space. Instead, we buy cut-price outfits and simply throw them away – or better still recycle them – when they wear out.
A spokesman for Assetgrove – a property business that specialises in maximising landlords’ returns – concludes: “Small living spaces no longer have to be cramped, cluttered or uncomfortable. It all comes down to how they are approached and laid out, along with the lifestyles and habits of those living in them.”
It’s not size that counts, it’s what you do with it.

Help To Buy equity loan scheme offers opportunity to move out of the suburbs and live in a luxury development in centre of the capital.

A new Help To Buy scheme for Londoners has given people who are saving for a deposit on a first home the opportunity to move out of the suburbs and live in a luxury flat in the centre of the city.

Estate agent Williams Lynch, which sells new-build developments near London Bridge, explains that the London-only Help To Buy equity loan scheme allows first-time buyers who raise a 5% deposit for a new-build property to borrow up to 40% of the purchase price from the government.

The 40% government loan is interest-free for five years, and after that time borrowers will be charged a fee of 1.75% of the loan’s value. This fee will increase every year at 1% above the rate of inflation.

However, luxury property specialist Plaza Estates warns that for anyone who sells a property before the 40% loan is paid off, the proceeds of the sale must be used to settle the debt and not fund another purchase.

Although the London-only Help To Buy equity loan scheme, which launched in February, is open to people who have previously owned property, its rules state: “You must not own any other property at the time you buy your new home.”

Other conditions attached to the deal include…

• The new-build property must be in a London borough or the City of London
• The purchase price must be no more than £600,000
• Purchasers must live in the property and not sub-let it

The majority of people using the London Help To Buy scheme are expected to purchase flats in the capital.

Central London estate agent LDG says research indicates there are more than 75,000 developments containing flats in the pipeline, spread throughout Camden, the City, Hackney, Hammersmith & Fulham, Islington, Lambeth, Southwark, Tower Hamlets and Wandsworth.

The dilemma facing anyone buying a new-build unit is whether to live on the top, middle or ground floor. 

Many developers of new-build flats in London reserve the top floor for luxury penthouse units, says Belgravia-based estate agent Best Gapp. 

The top floor of a development is often favoured because residents have the best views and the added height means these units have more natural light.

The only thing to watch out for, however, is to ensure the development has a lift. Top floor properties in older developments that do not have the luxury of a lift are worth less than units on the ground floor.

The middle floors of new-build developments are often considered to be the safe option. Not only do they offer more security than ground floor properties, but they can be cheaper to run because they absorb heat from homes above and below.

Ground floor flats suffer from the Marmite factor – buyers either love them or hate them. In developments without lifts, ground floor properties can command higher rents because they are quicker to enter and leave, according to data from London-based rent guarantee specialist Assetgrove.

They also offer residents easy access to outdoor communal areas, such as gardens or parking. 

The downside, however, is they are considered a greater security risk, residents can be disturbed by visitors to other units and noise from street level, while the views are not a patch on those from the top floor.

With renting prices as relatively high as it currently is all around the UK, it’s often a very daunting task for first time buys to make that initial leap onto the housing market.
No matter how daunting this is outside of the capital, it is doubled when people rent in London, never mind looking for a mortgage. See this from the Telegraph to find out more about expensive renting.
This from the Guardian shows just how hard it is to currently buy a house in London, a city in which a couple of million earn a living.
Thankfully here at Search Mortgage Solutions, our mortgage brokers in London like to help you get the best possible deal on your mortgage, no matter where you are buying. That’s why we have put together this list of the 5 cheapest boroughs of London for first time buyers.

Barking & Dagenham

The cheapest for two years running is Barking and Dagenham, which is the second most easterly of the boroughs.
The average house price here ranges between £230,000 -£270,000, which works out at nearly 6 times the average earnings in Barking & Dagenham, this is why this area is popular with young professionals and new families who might work in the City of London.
The centre is still very accessible from here by train. Simply by getting a direct tube from Dagenham Heathway, you can be in Charing Cross in around 45 minutes.

Bexley

Just south of the river to Barking & Dagenham is Bexley, another of the cheaper places to hop onto the housing market.
Average house prices are currently around £280,000, whilst the average rent is £919, which make it a fairly popular place to save for a mortgage too.
The average earnings to house price ratio jumps up to 7.9 in Bexley, however as it will become clear, people who buy in these areas will work in the centre of London.
Bexley is a bit further from the centre and therefore takes just over an hour to reach Charing Cross. Try either Bexley Heath station or Albany Park. 

Croydon

One of the worst hit areas in the 2011 London riots was the southerly borough of Croydon. What this has done however has cued a big scale regeneration of the area.
The average house price here jumps up to £320,000 with the house price to earnings ratio a little lower than Bexley at 7.6.
Croydon earns its higher average price by taking much quicker to get to the city centre, just over 30 minutes from East Croydon Station.

Newham

Newham is a London Borough formed from the former Essex boroughs of West and East Ham. Newham is the home of West Ham United’s (soon to be closed) Upton Park and the Olympic park (their new home).
The average price in Newham is between £315-£320,000 and the earnings to house price ratio is 7.82. It is a popular area for young professionals who work in Canary Warf.
Charing Cross is a short 45-50-minute journey depending whether you leave from Plaistow Police bus station or Upton Park Underground Station respectively.

Sutton

In the far south of London and bordering Croydon you’ll find leafy Sutton, which because of its distance from the financial districts is more popular with young families.
The average house price in this area is around £330,000 with earnings to house price ratio of 8.34.
Sutton, like Croydon, has really good links to the centre of London, taking just 45-50 minutes from Sutton train station.
If you are looking to get on the property ladder in London but are put off by the scary headlines of shocking prices, hopefully these five areas may come across as more manageable.

Purchasing a timeshare is an important decision. There are a number of ways that you may consider financing your timeshare, using a mortgage or home equity loan is perhaps something that you are considering.
Before any decisions are made, it is important you consider your options carefully, do the appropriate research and even seek advice from the experts in order to ensure that the method you choose to finance your timeshare is the correct option for you, and that you are aware of the possible outcomes of your decision.
It is also important that you are aware of the fact that timeshares do not necessarily qualify for conventional mortgages. As timeshares often result in a rather low resale value, this is one of the reasons why banks may not choose to finance a timeshare.
Although the timeshare company could try and pressure you into a purchase without you understanding the consequences of what you have signed up for, it is essential that you take the time to make an informed decision that is right for you after you have taken everything into consideration.
Therefore do not let yourself be fooled by a flashy sales pitch, incentive gifts, or be told that purchasing now will give you a great deal. Make a choice in your own time and after you have read through the contract with a fine tooth comb and weighed up all of your options.

Home Equity Loan

If you are considering financing a timeshare with a mortgage then one of the ways you may choose to do this is through your home equity loan.
Applying to the bank or mortgage company for a home equity loan may not be too difficult.
One of the benefits with purchasing your timeshare outright is that you can help to avoid finance charges that you could be presented with at a later stage.
You should be aware with this option according to eHow’s guide discussing financing a timeshare is that unlike conventional mortgages, the interest on a home equity loan does tend to be higher.
However, the advantage would be that in comparison to a loan that has been financed from the timeshare company or seller, the interest with a home equity loan is much lower. Furthermore the interest that you do pay does tend to be tax deductible as outlined in Home Guides article to financing timeshares.

But…

You may in the position of not owning a home but considering an equity loan, yet it you have not yet purchased a home the it would perhaps not be advisable to be purchasing a timeshare at all.
If using a home equity loan is a method that you are consider for financing your timeshare, then you also need to be conscious about the using up your equity.
If you have been saving up our equity in case of an emergency situation then using it up to finance your timeshare may not be such a wise decision as pointed out by the Financial Web’s 3 Options to Getting Timeshare Financing.
Every individual’s financial situation will differ, therefore what will suit one person may not be the best option for someone else, therefore it will be up to you to consider the consequences of using up your home equity loan.
Rather than using a conventional mortgage to finance your timeshare which may not be an option, your next choice is pointing towards getting a home equity loan. However whilst some timeshare companies may push you towards using this as a means of financing your timeshare, this doesn’t necessarily mean that it is the correct option for you.
There are other forms of financing your timeshare that could be more suitable to your financial situation. If you are seeking advice about the possibility of purchasing a timeshare but feel that you would benefit from more information before making such an important decision, or perhaps you are looking to exit your timeshare and require assistance, then make sure you get in contact with Timeshare Exit & Support Services here.