SarahBeenySpringIssue2017 - 59
BUYING AND SELLING ▲
IF MOVING TO
A NEW HOME IS
ARE WAYS TO
MAKE SAVING A
My partner and I are saving
up to buy our first home
together, but it is taking ages to
reach our target deposit. How
can we speed up the process?
'If you're renting and it's possible
to return home or find cheaper
accommodation, you can increase the
monthly amount you save,' says Roger
Knight, lending manager at Newbury
Building Society (newbury.co.uk).
'The "bank of mum and dad" - or
gran and grandad - is helping many
people to buy their first home. If parents
or grandparents use their savings
to assist family members with their
mortgage deposit, this is referred
to as a "gifted deposit". Always seek
independent legal advice before
entering into such an arrangement.
I'm buying a property
that has suffered from
structural movement in the past
and need sufficient insurance
for my mortgage, yet insurers
are refusing to cover me! Help?
This is a much more common
problem than you might think,
according to Toby Green, head of
operations at Highworth Insurance
'There are many properties across
the UK that have a history of
structural movement, subsidence,
landslip or heave, which can make
finding adequate insurance both
time-consuming and difficult
- when it needn't be.
'Find out as much information
about the property as you can,
including when the movement
happened, what caused it, how
it was repaired and whether the
property was previously insured.'
He continues: 'When you have
this information to hand, you can
call a specialist, non-standard
insurer, who'll be able to offer a policy
to cover your specific requirements.' >
'Parents can sometimes provide
help with deposits by taking out an
alternative mortgage deal on their
own home, or by becoming a joint
borrower on your new mortgage.
'There are government schemes, too,
such as Help to Buy, which give savers
a financial bonus when they
purchase their first home.
is a cross between
buying and renting
and allows you to
buy a share in a
FOR THE SCHEMES
between 25% and
75% of the purchase
price. You then pay rent
on the rest. This means that
the deposit can be a lot lower.'
www.athomemagazine.co.uk MAY 2017 | 059