Laurieston Living Archives - Page 4 of 16 - Urban Union Ltd

Category: Laurieston Living

Looking for your first home?

Although last year saw a withdrawal of many high loan-to-value mortgages, these are now largely available once again making home ownership within many buyers’ reach once again.

At present there are plenty of 90% and 95% loan to value mortgage deals available, which means that you only need a 10% or 5% deposit in order to secure a mortgage.

Finding a high loan to value mortgage

Although most lenders withdrew their mortgage deals during the pandemic, many of them have reintroduced some fantastic deals with low rates making home ownership affordable for first time buyers. If affordability is still an issue, then you could consider a guarantor mortgage whereby your parents or grandparents will secure your mortgage against their home or put their money into a fixed-term account. Be aware that your family member’s cash, or property is at risk. Talk to a mortgage broker to find out what these deals involved and whether you are eligible.

Government schemes

There has been a high level of demand for homes since the property market re-opened last year due to pent up demand, the stamp duty holiday, low interest rates and a reassessment of buyer’s requirements. Last year buyers faced having to raise deposits of around 20% in order to secure a loan and this was against a backdrop of house prices increasing and, as a result, a substantial number of first time buyers have had to put their plans on hold. This scheme means that those with a small deposit can now realise their dream of getting onto the property ladder.

Although Help to Buy (Scotland) and the First Home Fund have now ended,  the government backed ‘Mortgage Guarantee Scheme’ came into effect from April this year. The scheme aims to help buyers with a 5% deposit. Under the scheme, buyers can purchase a property priced up to £600,000 and it is open to everyone, not just those who are buying their first home and never had a mortgage before – as was the limitation for the Help to Buy Scheme. This means that the scheme will help both first-time buyers as well as those looking to move up the property ladder.

Buyer incentives

House builders often have incentives such as free fixtures and fittings, stamp duty bills and legal fees.

Pool resources with friends or family

One of the most common ways to purchase a property is to pool resources with friends, a partner or family. The ‘bank of mum and dad’ is increasingly popular but whoever you are committing to buying a home with, you need to think about what will happen if one party wants to sell or if they are unable to meet their share of the mortgage repayments. If you borrow you as borrowers are ‘jointly and severally liable,’ the lender can chase either of you for missed payments.

Buy at a fixed price

With house prices rising since the housing market reopened at the end of June at an unprecedented rate – due to the stamp duty holiday and a re-evaluation of buyers’ priorities – buying at a fixed price means you aren’t being priced out of the market. The price you see is the price you pay with no closing dates, offers over or paying over the odds due to high competition for the same property.

Reassess your wish-list

Lenders are becoming increasingly tough on what they will lend, resulting in stricter criteria for calculating what you can borrow, based on your income and expenditure. Some lenders are offering 4.5 times your salary instead of 5.5 previously which impacts what you can afford to buy. With this in mind it may be worth reconsidering where you want to live and the sort of home you want to buy. Do you need to live near public transport and travel links, could you purchase a new build home to make it more cost efficient and do you need an extra bedroom?

Credit rating

It’s important that you have a good credit score in order to obtain a good rate on your mortgage – the lower the score the lower risk you are considered to be by the lender. Check your credit score before you look to buy a property to give you time to improve this.

A larger deposit

If you can cobble together a little more savings to put towards the cost of your mortgage it will keep your outgoings down and open up more mortgage options. Some lenders are offering 10% mortgages aimed at borrowers in the local area and for those in particular professions. Ideally you want to have 15% deposit to get the best possible deal.

Talk to us at Urban Union if you’re looking for your first home. Our properties can be reserved with a small reservation fee and are available at a fixed price in our Glasgow and Edinburgh developments.

A New Way of Living and Working

Following the pandemic there has been a shift in how people feel about their home, and this has had a profound effect on the property market in the UK.

The lockdowns we have all experienced since March 2020 and the subsequent changing restrictions has caused people to re-evaluate what they want (and need) from their homes. Features that people previously didn’t place importance on suddenly became a priority. Gardens, a balcony, roof terrace, proximity to green spaces and a place to work or study all became must-have features.

According to a survey by Zoopla, despite working from home being the e norm for most people last year, 20% weren’t happy with their working set up. In addition, only 23% of those we surveyed had a dedicated study or workspace, with 18% working in their living room and a further 14% working in their bedrooms.
Lack of space was the biggest issue for homeowners and renters, with nearly a fifth of respondents complaining about being forced to share their workspace with a spouse, family member or housemate and 8% felt the lack of privacy for calls and virtual meetings was impacting on their work.

Open plan living has always been a popular feature of a home as people return from an office or work space and want to feel that the space in their home is maximised and allows for more sociable living. Since the pandemic 30% of people said their views on open plan layouts had changed, with 11% saying they did not think they were practical and 33% believing it wasn’t a good idea in the first place.

However, 17% of those surveyed said they now preferred the idea of open plan living – this could be because they felt cut off not being in an office environment.
Houses have been in high demand from those looking to move leading to a rise in house prices for homes with 3+ bedrooms and outside space.

Going forward, recent research from Deloitte found that 60% of people who don’t normally work from home will be doing so more often going forward and the Bank of England Chief Economist predict that 50% of all office-based staff will be working from home full or part time, compared to 5% before the pandemic.

If you are looking for a property with space, light, access to communal areas or with a balcony or garden, take a look at our developments with properties available at affordable prices, in regenerated communities and close to city hubs.

  What Makes a Great Kitchen? The kitchen is the hub of the home – it’s the place in the home where we gather to cook, eat, socialise, entertain, relax and, since the pandemic, many of us have been using the kitchen as a place to work. When designed well, the kitch read more

Over the last year or so we have relied on a good broadband connection more than ever before. During the lockdown and subsequent restrictions we all relied on the Internet to work, socialise, get fit, learn new skills and teach our children whilst off school. Speedy internet access and a reliable broadband connection are essential especially as many of us also stream a large percentage of home entertainment. In fact, broadband has become such an important factor in people’s daily lives that it’s one of the top must-haves on most homebuyers’ wish lists and homes with a poor connection or coverage can be tricky to sell.

With fast broadband at the top of most buyers’ wish list, here’s what you need to consider when purchasing a property.

Broadband speed

It’s free and easy to check the broadband performance in a particular area. You can do this by asking any Internet Service Provider (ISP) such as Sky, TalkTalk, BT or Virgin to name just a few, to check the broadband coverage. You can do this either online or by calling the sales line. Make sure you speak to more than one provider to get the best speed.

Check the following:

Download speed: this is the speed at which information is transferred from the Internet to your device, for example music, films, TV, photos. The speed at which they download will be dependent on your speed.

Upload speed: this is the speed that information is uploaded from your device to the Internet, for example emailing or uploading files, photographs, home movies and music.

Response time: the response time is measured in milliseconds and it means the speed at which you get a response after you’ve sent a request.

You’ll usually find that upload speeds are slower than download speeds as providers prioritise the former.

Types of broadband

The nationwide average speed is 18.5Mbps with upload speeds of around 4.3Mbps and download speeds of around 46.2Pbps.

There are several types of broadband which will vary in price. Cable broadband is fibreoptic, mobile broadband uses 3G or 4G (and soon 5G) which don’t require a phone line, and ADLS broadband uses a telephone line. If you use ADLS you will also have to pay a line rental fee to BT but it tends to still be the cheapest connecting type.

There are, and you have three different kinds to choose from, all of which vary in price and each with their own pros and cons. There’s cable broadband (otherwise known as fibre optic), mobile broadband (which uses 3G or 4G mobile phone signal) and ADSL broadband (which requires a telephone line).

Because ADSL requires a home phone line, there is usually an additional monthly line rental fee to pay on top of your broadband package costs to BT. Despite this, ADSL remains the cheapest type of connection currently available. 3G and 4G can be costly because if you go over your allowance you will have to pay for the additional data making it quite limiting.

The fastest broadband tends to be fibre optic. It is usually a very reliable connection as it links directly to a BT cabinet nearby. Packages are more expensive, but you could notice your download speed double or even treble overnight. Fibre optic is ideal if you have family with several people using the Internet at the same time regularly streaming and gaming. Not all properties have this facility so check with the service providers to see if it’s available in your new or prospective property. If you live alone or with a partner and only use the Internet to browse online and stream one device at a time, ADSL should be sufficient.

If you’re moving into a new home, you should pre-arrange your broadband so that you’re up and running on the day of moving.

 

Helping the Edinburgh Community Through the Pandemic

As part of our community benefit programmes for the City of Edinburgh Council, and Muirhouse Housing Association (MHA), we have provided over £15,000 in ongoing support to the Muirhouse Millennium Centre in the north of Edinburgh since the onset of the pandemic in March 2020.

The Muirhouse Millennium Centre, run in partnership with Low Income Families Together (LIFT), aims to relieve poverty among the residents of the surrounding areas, provide recreational and leisure facilities, and promote education and training in skills of all kinds.

During the first wave of the pandemic, from March to October, these cash boosts helped the Millennium Centre become a major player in food distribution in the north of Edinburgh. Since then and throughout the two lockdowns, the money has helped fund over 5,000 food parcels, 22,000 packed lunches, 6,000 ready meals as well as baby formula and nappies for local families and homeless accommodation.

Adapting their recreational support service, the Millennium Centre also delivered over 500 play packs and activity resources, allowing children to continue taking part in the Centre’s homework and youth clubs through Zoom.  In October, once children were allowed to be welcomed back, the Centre used the funding to deliver five sessions a week to reduce isolation and strengthen social skills after being at home for the duration of the first lockdown.

As part of our community benefits mission, we have previously also supported Muirhouse Library’s Breakfast Club to ensure local children had a nutritious start to their day as well as helping Pennywell School build their STEM curriculum, recently launching a STEM-based learning project.

Neil McKay, Managing Director of Urban Union, said: “Our focus at Urban Union is to not only regenerate a physical landscape, but to create strong relationships and support the communities in which our developments are based. We are ecstatic to have been able to support the Millennium Centre and LIFT throughout a very challenging period for many families.

“We are always happy to give something back to the Muirhouse community and we will continue to offer opportunities for local people and support for the most vulnerable in the area.”

Iain Strachan, Chair of the Muirhouse Housing Association added: “Muirhouse Housing Association is dedicated to supporting our tenants and local community. This last year has been one of the most challenging in our near 30 years of being part of the Muirhouse community. We are glad that we can work with Muirhouse Millennium Centre and LIFT in supporting local people and families during a very difficult time and will continue to do so in the future.”

Pauline Bowie, Managing Director of Low Income Families Together said: “We are very grateful for this generous donation from Urban Union and MHA which has made a real tangible difference to children and families alike across Edinburgh during an extremely difficult time.

“The Centre relies on funding to deliver our programmes and reach those who need it the most. Everyone deserves a chance in life, and donations like this allows for local people in challenging situations to access different forms of support.”

City of Edinburgh Council’s Convener of Housing, Homelessness and Fair Work, Councillor Kate Campbell said: “During this crisis, we’ve worked together to put our most vulnerable residents first and making sure people can access the right support when and where they need it has been an absolute priority.

“It’s great to see our development partner Urban Union and Muirhouse Housing Association providing this much needed funding for Muirhouse Millennium Centre’s invaluable work, and the positive impact it’s had on the community’s families and children since the beginning of the pandemic.”

 

 

 

An Urban Union Community

At Urban Union we specialise in not only delivering outstanding new homes, but regenerating communities. Our ambitious developments deliver homes where they are most needed and in doing so we support local communities and enhance the lives of those who live there. So when you consider what home you’re buying – we hope you’ll also consider what kind of community you’ll be a part of.

We create homes that provide a mix of terraces and apartments in a variety of different house types suitable to first-time buyers and growing families alike. In addition to one and two-bedroom apartments, our developments include two, three, four and five-bedroom terraced homes. Everyone from young professionals to families can enjoy a modern and stylish home at an affordable price.

Established in 2011 with the aim of working in Glasgow, similar regeneration opportunities followed, and we now deliver housing in key regeneration areas across Scotland.

With a track record in delivering critical regeneration projects to support the demand for high quality, affordable homes we provide an opportunity for people to join the property ladder in city centre locations. New sustainable mixed tenure communities are facilitated through the provision of new housing, community facilities, green space and, where appropriate, commercial units. Our developments combine superior architecture, urban design and spacious, flexible accommodation.

The heart of a community

Community engagement is at the heart of our plans and our aim is to build relationships with the local communities to ensure the homes we build are to the benefit of the people of the cities in which we have developments.

Various jobs are created during the construction phase of the project, with Urban Union committed to providing employment opportunities for local people.

We have successfully delivered hundreds of homes at our developments and are putting that award-winning experience to good use as we support ongoing regeneration.

Embedded in our developments is the link to local community, for example connecting the community by supporting the Citizen’s Theatre, local school children helping to plant trees at the Pennywell Nature Garden, celebrating local heroes with our Living Legends arts project at Laurieston, and running young apprenticeship programmes links to local schools and colleges across all of our Projects.

Commitment to exceptional design

We work with architects who have an ongoing commitment to creating high quality, crafted architecture, public realm and landscape that is embedded and connected to its local and wider context. We ensure that our regeneration projects benefit the local landscape and community, so our sites feature green spaces and a mix of accommodation, with potential for commercial opportunities and retail outlets.

Help to Buy

The range of properties are competitively priced and are suitable for a wide variety of needs and budgets. Most include outdoor space and the flexibility for home working.

With the introduction of the Mortgage Guarantee Scheme in March 2021, you can purchase a home with just a 5% deposit (subject to application) or by using the First Home Fund. We enjoy welcoming residents to the area to start the next chapter of their lives and becoming part of a thriving community.

 

 

The Rising Number of 95% Mortgages

Following a challenging year with a widescale withdrawal of high loan to value mortgages, the good news is that the mortgage market is bouncing back with the number of 95% mortgage deals rising from 34 to 112 in just one month.*

The mortgage guarantee scheme was introduced in April and aimed to encourage lenders to bring back high loan to value mortgages to the market meaning that those with only a 5% deposit could purchase a home. The scheme is open to all buyers – those buying a first home as well as those moving up the property ladder – and can be used on properties up to the value of £600,000.

 

 

Even though the government’s scheme has been introduced, only 40% of lenders are using it. They saw it as a sign of confidence in the housing market and decided to launch their own products independently of the scheme. Lloyds, Santander, Barclays, HSBC and NatWest are all offering the loans, while Virgin Money is set to start offering them this month.

At present, mortgage availability is back to 75% of the levels we saw before the pandemic and for those with a larger deposit, interest rates are still historically low.

Along with the increase in 95% mortgage products, there were 41 more products introduced for buyers with a 10% deposit bringing the total to 481. This time last year there were only 100 available.

Moneyfacts

  For the Kumars, a growing family had them on the lookout for a bigger home – and they found the perfect solution at Urban Union’s Pennywell Living development. When their son Akshat was born four years ago, Awinash and wife Khushboo moved into a two-bedroom flat read more

 

Looking for your first home?

Although the pandemic resulted in the withdrawal of mortgage products last year, the good news is that they are now edging their way back into the market especially with the introduction of the Mortgage Guarantee Scheme. This means that, subject to meeting lenders’ criteria, you can once again purchase a property with a 5% deposit as many of the high street lenders have joined the scheme. What’s more, when you purchase a newly built home you aren’t subject to making ‘offers over’ and being priced out of the sale due to competition to high quality homes. You simply obtain a mortgage in principle, pay a reservation fee and the process begins.

Securing a high loan to value mortgage

The mortgage guarantee scheme launched at the start of April this year. The scheme means that the UK government will guarantee 95% mortgages for those with just a 5% deposits. Under the scheme, the government guarantees the portion of the mortgage over 80% which essentially means that the government will partially compensate the lender if a homeowner defaults on  their mortgage. It is similar to the previously available Help to Buy mortgage guarantee scheme.

Who can apply

Unlike Help to Buy, the Mortgage Guarantee Scheme is available to everyone, not just first-time buyers. You’ll need to be buying a property up to the value of £600,000 to live in yourself, so it won’t apply to second or holiday homes and buy-to-let investments.  You cannot use the scheme with an interest-only mortgage and will need to pass the usual affordability checks set by the lender, including affordability and a credit score assessments. In addition, the mortgage you’re applying for will need to be for between 91% and 95% of the value of the property you’re buying. Finally, you’ll need to apply before the scheme ends on 31st December 2022, although it could be extended.

Find out more 

Bank of Mum & Dad

An increasingly popular way to buy your first home is to obtain help from your parents or grandparents. According to the latest figures from Aldermore the number of first-time buyers using family funding to buy their first home has risen from 22% in March 2020 to a third 33% in March 2021. There has been a huge increase in the percentage of those remortgaging their property to help their children buy a home – from 9% in March 2020 to 38% in March 2021. Other popular ways to release cash is to downsize (18%), withdrawing pension funds (17%) and selling stocks and shares (16%).

Buy at a fixed price

With house prices rising each month as demand outweighs supply,  buying at a fixed price means you aren’t being priced out of the market and paying over the odds in order to secure a home. There is no danger of paying over the odds due to high competition for the same property.

Ensure you have a a good credit rating

It’s important that you have a good credit score in order to obtain a good rate on your mortgage – the lower the score the lower risk you are considered to be by the lender. Check your credit score before you look to buy a property to give you time to improve this.

A larger deposit

If you can put more down on a property your mortgage rate and your outgoings will be lower. Some lenders are offering 10% mortgages aimed at borrowers in the local area and for those in particular professions. Ideally you want to have 15% deposit.

Talk to us at Urban Union if you’re looking for your first home. Our properties can be reserved with a small reservation fee and are available at a fixed price in our Perth, Glasgow and Edinburgh developments.

 

The Coliseum Housing Development Consultation Event

Prior to the highly anticipated launch of The Coliseum Housing Development in Laurieston, everyone is welcome to view an important update on the plans for the first phase.

Join the meeting

An online public meeting outlining the planning proposals for this vibrant new build residential development providing 64 new homes, landscaped courtyard and associated amenities will be held on April 21st. It will feature a presentation, live chat and a Q&A session. For access details to the live chat event, or to make comment on the proposals, email consultations@newgorbalsha.org.uk. Comments are welcomed by April 28th.

The Coliseum Housing Development, 99-111 Eglinton Street, Laurieston 

The Coliseum Housing Development forms part of the Laurieston Transformational Regeneration Area (TRA) and a joint venture between the New Gorbals Housing Association and Urban Union. It will provide 26 dwellings for sale and 38 dwellings for social housing use. Additionally, it will re-provide the “community rooms” currently hosted on the site an enhanced, enlarged space with associated garden.

The Association seeks to develop a dense, city centre housing development which forms a key frontage for the Laurieston TRA onto Eglinton Street and maintain the architectural and urban design quality achieved in the Association’s earlier phases on Cumberland Street / Margaret Street and Gorbals Street.

The site

The Coliseum Site, as it has come to be known in reference to its history, is located to the South of the River Clyde on Eglinton Street between the existing O2 Academy Building to the south and Bridge Street Subway station to the north.

The site is bounded to the west, on the opposite side of Eglinton Street, by the elevated railway lines leading to and from Central Station to the north. On the other side of the railway lines, further to the west lies the Tradeston District, another area with a rich history and where further significant development is planned.

Laurieston’s central location makes it the key element in linking Tradeston and the New Gorbals areas with each other and with the city centre, creating a catalyst for investment and densification. Critically however, it realises much needed residential accommodation close to the city centre.

The heart of a community

At the centre of our approach is an unrivalled commitment to creating communities. We achieve this by working in close partnership with local authorities, housing associations, community groups and residents. The Coliseum Site builds on the success of Laurieston Living a diverse urban living quarter. This ongoing commitment to high quality, crafted architecture, public realm and landscape that is connected to the local and wider context.

The development enhances the quality of the built environment and further enhances the community that residents can be proud of. People are at the forefront of the design and this development links them to the bigger tapestry of the city.

Design

The architectural design aims include timeless quality, heritage and presence. Using a simple material palette allows for expression through fine detailing and the human scale of the architecture is promoted in elements such as the windows and entrances. The materials used are sympathetic to the surrounding area and internal spaces are bright and airy with a clear link to the street and garden.

The area

The landscape proposals have been developed with the aim of creating a vibrant place to live and for life to thrive within the regenerating urban fabric. Fundamental to this are integrated, inclusive and useable areas within the wider community and the development.

The calm and natural landscaped courtyard will provide an opportunity for residents to have direct contact with nature at their doorstep within an urban setting. There is a strong sense of place that emerges from and connects with the cultural, and the natural heritage of the site in close proximity to the Clyde.

The Coliseum Site is a place for community interactions between residents and the wider community, with moments that also allow for quietness and relaxation.