Wednesday 30 October 2013

Top tips to a secure property this winter


Although aimed at tenants this advice can also help home owners. We are all reminded to be vigilant with security as the dark nights get longer to avoid burglaries to our homes.

President of the Association of Residential Letting Agents (ARLA), Susan Fitz-Gibbon, was quoted saying: “Many responsibilities for the security of a property are divided between a landlord and tenant, and it is important that renters know which elements they should look out for during a tenancy. While crime rates vary across the country and within cities and towns, it is always sensible to take precautions to reduce risks to you and your possessions.

“With regard to financial risk, tenants can often undervalue the cost of their possessions and this issue can be particularly acute in shared accommodation. Should the worst happen, the blow of a burglary can be reduced by having adequate insurance in place and copies of receipts for expensive items.”

ARLA has the following security advice for tenants:


Protect your contents:
While the landlord will be responsible for ensuring they have buildings insurance, it is the tenant’s responsibility to insure their own personal possessions. Many insurance companies will offer specific ‘sharer’ packages for those living in larger homes – and always remember that your possessions may be worth more than you think.



Ask the right questions:
If you have any concerns about the local area, ask the agent if the property has any history of burglaries. Under the new consumer protection regulations, agents are now obliged to disclose information that could affect your transactional decision. If you do wish to request additional security, such as a chain on the front door, make sure any changes are agreed in writing before signing the tenancy agreement.


Arm the alarm:
If your rental property has an alarm, familiarise yourself with how it works and make sure you are provided with a new pass-code by the landlord or agent. If the system relies on sensors around the home, remember to check the batteries on a regular basis. Remember that some contents insurance policies will only pay out if your alarm was enabled at the time of the burglary.


Mind that letterbox:
It’s not the most innovative tactic but thieves still employ letterbox theft to obtain car or house keys. Poles are often used to hook keys from hallway entrances, so keep valuables well away from the front door.





A problem shared:
If you are living in shared accommodation, be sure that all renters are responsible when shutting the front door. There is no easier target for opportunist thieves than an unlocked front door or one left with the lock on the nib. Your landlord or managing agent should provide you with keys for all locks on external doors, and be sure to request them if they are not made available to you when moving in.



More indepth advice is availabe from the Met Poloice via their web pages found here:
Operation Bumblebee Crime Prevention

Friday 18 October 2013

Help to Buy: mortgage guarantee available 3 months early

Help to Buy: mortgage guarantee scheme to launch this week.

A scheme to help thousands of people buy their own home will be launched next week – three months earlier than planned.

The scheme was due to start in January 2014 but the government has announced that people will be able to start applying for the new mortgage guarantee from next week.

Several high street banks will be offering the new Help to Buy mortgages to customers, ranging from 80 to 95 per cent of the property’s value.

The mortgages – backed by the government – will help thousands of people buy new or existing homes up to a maximum value of £600,000.

It is aimed at people who cannot get on the property ladder – or move to a new home – because they cannot afford the large deposit required, often up to 20 per cent.

Under the new mortgage guarantee scheme, the buyer would only need a 5 per cent deposit.
The government and the bank then jointly guarantees up to the next 15 per cent of the property’s value, in return for a fee paid for by the lender.

To be able to offer the guarantees ahead of schedule, the government will be allowing lenders to start writing loans that will become part of the scheme once it opens in January.

Because lenders know that they will be able to purchase a guarantee on these loans when the scheme opens in January, it means that they are able to offer high loan to value mortgages, much sooner.
Only repayment mortgages will be offered under the scheme.

There will be tough checks to make sure buyers can afford their mortgage payments and the borrowers income will be verified.

The scheme will not include interest-only or self-certified mortgages.

The new mortgages will not be available to people with a history of difficulties making debt repayments.

Official statistics show that mortgage lending is around half the level it was before the economic crisis, even though mortgage rates are at their lowest for five years.

Announced by the Chancellor at Budget 2013, the Help to Buy scheme has two parts, equity loan and mortgage guarantee.

Under the equity loan scheme, the government provides a loan of up to 20% of the value of a new build home, interest free for the first five years.

The Help to Buy: mortgage guarantee scheme will be available for three years up to January 2017. Every September the government and the Bank of England Financial Policy Committee will review the impact of the scheme and examine whether the fees or the price cap should be adjusted. If any future government proposed to extend the scheme beyond its three year life the FPC would need to agree.

Link to .gov information here

Friday 4 October 2013

Armed forces offered interest-free home loans

This week the government announces that is to offer armed forces personnel buying their first homes interest free loans towards a deposit. Read their release (here).


Defence Secretary Philip Hammond announced that service men and women will be able to borrow an interest free amount of up to 50% of their salary to a limit of £25,000.

The loan is repayable over 10 years and is designed to address the low rate of home ownership among the forces.

The scheme will start on 1 April 2014 and covers a three-year period.

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It comes a day after Chancellor George Osborne asked the Bank of England to take bigger role in ensuring the government’s Help to Buy scheme does not fuel a property boom.

‘Set down roots’
Armed forces personnel have lower levels of home ownership than the general population and those who leave often cite the desire to own a home as one of the key reasons why they leave, the Ministry of Defence (MoD) said.

And the MoD said armed forces staff often experience difficulty getting credit because of frequent moves and deployments.

Mr Hammond said of the £200m scheme in a statement: “Service personnel can struggle to enter the housing market as they move around throughout their military career. By giving our troops this extra help they will be more able to set down roots and get onto the property ladder.

“The introduction of this new scheme will help increase home ownership, and provide our armed forces with sustainable lifestyle choices.

“It further demonstrates the government’s commitment to strengthen the Armed Forces Covenant, ensuring that personnel and their families are not disadvantaged by their service.”

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