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Category: Pennywell Living

Over the last year we have placed more importance on technology to keep in touch with our loved ones as we haven’t been able to see them face-to-face. There are several social apps that enable us to keep in touch with loved ones without having to see them in person. Using social apps is a great way to stay connected with friends and family. Where we previously went for dinner or drinks over the festive period, we are now meeting up online instead, no matter where you live.

Here are some of the best social apps to use this Christmas:

WhatsApp video

WhatsApp not only enables you to speak to your friends, it’s now also possible to see them anywhere at any time. All you need to do is download the app from your smartphone’s app store, sync your phone number and click on the symbol of the video recorder in the top right hand corner for video calling. You can even download WhatsApp Desktop for your computer to make it easier to use as you won’t need to hold the phone.

Facebook messenger

If you can’t get to grips with WhatsApp you can keep in contact with friends and family using Facebook Messenger. Like WhatsApp, you can video call friends and family either one-on-one or as part of a larger group.

Netflix

Netflix have launched an extension designed to help you stay in contact with friends and family so you can share your screen with friends and watch movies at the same time! You can even chat while you watch.

Here’s how to install:

  1. Find Netflix Party on the Chrome Web Store and click “Add to Chrome” to finish installing Netflix Party.
  2. Go to Netflix’s and choose a movie or show to start playing.
  3. Click on the red “NP” icon located next to the address bar. Then click “Start Party” to share the party URL to invite friends.
  4. If you’re joining a watch party click on the party URL, which will redirect to Netflix’s website. Then click on the “NP” button next to the address bar, and you should automatically join.

Skype

Why not chat or video call on Skype? You can do this via your smartphone, smart TV or laptop. Simply set up a time with loved ones and why not even make it a dinner date? You could all eat at the same time whilst chatting.

Xbox Live and Playstation Plus

Xbox live and Playstation Plus makes it easy to stay in touch with friends and family while sharing your love for gaming. Simply pick up a headset, connect online and chat with your friends whilst you play a game together! There are hundreds to choose from, just go to the Microsoft or Nintendo store.

Houseparty and Zoom

Houseparty and Zoom are similar to Skype but you can chat to up to eight people at a time.  You can arrange a dinner party, date night, movie night, quiz night or even a cook off! Simply download the app on your laptop or phone and set up a meeting then send invites to friends you want to take part. You can upgrade the subscription from free to paid so that you can have more functionality such as break off chats and longer meeting times.

Instagram

Instagram Live can be a great way to keep in contact with friends and family – you could have a dance party, host tutorials, watch music performances and more.

Strava

Strava allows you to record your exercise and keep in touch with fitness groups – share your progress with others to stay motivated.

FaceTime

A classic and one of the easiest ways to stay in touch! You hold video chats via your phone or laptop and see how your family are getting on during the lockdown.

 

 

What you need to know about applying for a mortgage this year

During the restrictions we have been placed under since the lockdown was lifted in June, one thing that has remained open is the property market. What’s more, the UK has seen an unprecedented boom in sales with demand outstripping supply.

As the housing market continues to be exceptionally busy and the LBTT deadline approaches in March 2021, you may be wondering if and how the mortgage market may have been affected at this time. Have lenders changed their criteria? Do you need a larger deposit? How long will an application now take? Here we look at the answers to some of the most common questions that house buyers are asking:

What mortgages are currently available?

Over the last few months, many lenders have restricted their products and withdrawn the high LTV (Loan to Value) mortgages. Before the pandemic, the banks were starting to bring in 95% and even 100% mortgages, but along with lockdown came a stricter lending criteria as affordability became an issue for many. However, it’s worth noting that some lenders have ‘flash’ offers so talk to an independent mortgage advisor who will have their finger on the pulse and be aware of who is offering which deals and what you are eligible for.

Can I use Help to Buy or the First Home Fund?

Both of these schemes are operating as normal and require just a 5% deposit when used – however, the First Home Fund has temporarily put a hold on applications and will re-open early next year for properties purchased from March 31st onwards. Help to Buy (Scotland) is still running as normal and you can apply when buying an Urban Union property (terms and conditions apply).

Lending

There have been some changes in lending this year, but mortgage approvals are currently the highest they’ve been since 2007. This is a result of the demand for new homes since March due to the LBTT holiday (no LBTT is payable up to £250,000 in Scotland and £500,000 in England) and a change in buyer’s priorities with more home working, demand for outside space and less importance on being close to the city and transport links. The most significant change is the amount of money that banks are lending – instead of the high LTV deals, more common today are the 85% deals. They have also slightly changed the affordability criteria with buyers in certain industries (such as travel or hospitality) required to give more evidence of earnings and job security. They have also started to recalculate earnings and you may have issues if your wages are being paid by the furlough scheme. Applications are looked at on an individual basis so talk to a mortgage advisor to find out what yoru options are. You can improve your chances by saving for a larger deposit, reducing your debts before you apply, improving your credit rating and looking at other ways to finance a new home – for example help from parents or Help to Buy.

Mortgage application times

As the market is so busy and many offices and banks have been temporarily shut, there is a backlog and so an application could take slightly longer to be processed. The mortgage is only one part of the buying process and at present you also need to allow up to 3 months for conveyancing. You can speed things up by getting a Mortgage in Principle before you purchase a home.

Buying new

Buying new can save a lot of time – once you have paid a reservation fee (which will be offset on completion) the property is yours and the process is much quicker. There’s no chain, no negotiating and you don’t have to rely on your seller’s timings for when they can move out.

Talk to us about how you can purchase a new build home.

 

 

Have Yourself a Merry Eco Christmas!

We are well into the swing of things and Christmas is just around the corner! It’s been a challenging year and with restrictions set to continue for the time being you may not be thinking too much about the environment, but it’s important to all do our bit to be eco-conscious. In previous years, environmental issues and global warming have been a hot topic and once we get back to normal it will be again.

There are ways you can make your Christmas eco-friendly, here’s how:

Christmas tree

When it comes to Christmas trees, you could rent a real Christmas tree whereby a local farm or company will replant it for you after Christmas, or you could buy a planted one that you can replant and use the following year. If you do opt for a cut real tree, these are locally grown and sourced and fully recyclable (put it in or next to your brown bin – check with your local council) so it’s another great option. If you do opt for a plastic tree, the stats show that you’d have to use it for 22 consecutive years for it to become sustainable so make sure you buy one to last.

Christmas cards and wrap

Consider sending electronic Christmas cards and if you do want to post something to a friend or family member, choose a card made from recycled paper or one that donates part of the proceeds to charity. Alternatively you can buy plain cards and envelopes made from recycled paper on Amazon – so get the children to make them, which will be a lovely touch to any Christmas card!

Wrapping paper and gift tags are another item that you should be conscious of buying – the rule of thumb is that if it can be scrunched up and stays that way, it’s recyclable. If it springs back, then it is likely to have plastic in its composition.

Christmas lights

Swap your Christmas lights for LED bulbs which are much more energy efficient.

Food shopping

When shopping for Christmas food try and buy from local food producers and farms rather than the larger supermarket chains if you can – at the moment it’s important to buy local and support the independent businesses where we can.

Crackers

Crackers get thrown away every year so consider making your own. This means you can fill it with something you know your guests will love rather than plastic items that ultimately end up in the bin.

Fresh foliage

Fill your home with natural products such as fresh Holly, Mistletoe and evergreen foliage. Use natural products to adorn your mantlepiece, for a wreath on your door, foliage on your staircase or just to hang in the kitchen for a festive feel. Use fairy lights for an added festive feel.  You can even place natural foliage around food serving plates and to frame candles as a centrepiece.

Follow these tips to not only help the planet but to give yourself a feel-good Christmas!

What is the First Home Fund?

The First Home Fund is a scheme run by the Scottish Government to help first-time buyers purchase a property. The scheme opened in December 2019 and the aim was to provide £200 million of funding for first-time buyers. The First Home Fund closed to new applications on Friday 2 October 2020 but this simply represents a pause in the scheme which will re-open in 2021 for purchases completing from 1 April 2021 to 31 March 2022.

The Scottish Government continues to support homebuyers and the housebuilding sector through existing schemes including Help to Buy (Scotland) and the Low-cost Initiative for First Time Buyers (LIFT).

It is a shared equity scheme whereby the Scottish Government will have an equity share in the property, but you will own the property outright. You will normally repay the government’s share when you sell your home, but you can also choose to pay this off earlier.

The scheme is open to anyone who does not own, or has previously owned, a property in Scotland or anywhere else in the world. You will need a 5% deposit of the purchase price (subject to individual lender requirements) and your mortgage must be at least 25% of the purchase price.

This scheme allows those who want to get onto the property ladder to split the cost of purchasing the property with the Scottish Government and funding your share via a smaller deposit than otherwise would be required, and a mortgage.

You won’t need to pay monthly instalments or interest to the Scottish Government for their contribution but will pay it back when you sell your home. While you own the property, you will have full ownership rights and will hold the full title.

You cannot apply for this scheme if you are a cash buyer or if you own a property in part or full or have previously owned a property as a sole or joint owner.

The maximum contribution from the Scottish Government is £25,000 or 49% of the property valuation figure or purchase price (whichever is lower). You can submit a joint application and the property must be the sole residence of all applicants. In addition, you cannot apply to any other Scottish Government shared equity schemes such as Help to Buy Scotland while applying for this scheme. You must withdraw this if you have an existing application.

It is important to consult with an Independent Financial Adviser before applying to the scheme as they can help you to decide which is the most appropriate scheme for your circumstances.

This scheme can be used to purchase one of the many properties available from Urban Union across all our developments. Contact us to find out more about current and future availability.

 

Moving Home During Tier 4 Restrictions

As several areas of Scotland enter into Tier 4 restrictions on November 20th, the highest level, it has been made clear that all aspects of house moves are permitted to continue, provided they are carried out safely. Here at Urban Union this means that we can still take property renovations and hand over keys to new owners. In addition, you can move from one tier to another for the purpose of moving home.

Help to Buy Schemes

At present the applications for the First Home Fund are on hold, but the Scottish Government has confirmed that they plan to reopen applications in the new year for purchases to be completed in the 2021/2022 financial year. Help to Buy (Scotland) is still running and you can purchase an Urban Union property using this scheme.

Moving home

House moves can go ahead as long as they are done safely but if any member of either household has symptoms of COVID-19 or has been asked to self-isolate by track and trace, the move must be delayed for at least two weeks. Two or more households are able to combine for the purposes of moving for example for a house or flat share but once you have formed the new household you must comply with guidance on the current restrictions in terms of meeting up with other households.

Property viewings

Property viewings must be done virtually at the first instance and only in person when you are seriously considering making an offer.  Urban Union properties, for example the two remaining apartments at Muirton, are unoccupied this makes the process simpler with just a clean required between viewings required. If you wish to visit our sales cabin or view a property this must be done by appointment only and only if you have no symptoms or have not been asked to self isolate.

Property valuations

If you are considering selling your existing home, you are permitted to have an estate agent in your home to provide a valuation and also to take video footage or photographs and measure for the floorplan. All parties should adhere to government guidance on hand washing, social distancing and respiratory hygiene. You may also wish to consider wearing a face covering. Surveyors are now permitted to go to properties for the purpose of completing a Home Report. This remains the case following the new tier approach implemented on 2nd November, provided it can be done safely. Surveyors are also permitted to enter your property in order to produce the Home Report.

Solicitors and estate agents

Solicitors, mortgage brokers and lenders are all open during all tiers but with visits from the public only available by appointment only.

LBTT

Land and Building Transaction Tax (the equivalent of Stamp Duty) has been raied from £145,000 to £250,000 until 31st March 2021. This means that residential property transactions where the purchase price is under £250,000, and to which the Additional Dwelling Supplement (ADS) does not apply, will attract no LBTT.

Lending

You are still able to apply for a mortgage but you may want to talk about your options with a mortgage broker to find out what deals are available and how much deposit you will require to secure a mortgage.

Selling a property

If you have a property to sell, you must ensure that when a potential buyer views your home they only visit with one other member of their household and open viewings are not permitted. Between viewings you must clean surfaces and door handles and, if possible, open windows. Make sure that social distancing is carried out by all parties and that the agent carries out the viewing.

If you are interested in buying a new home, talk to us at Urban Union.

 

What is a green mortgage?

By choosing an energy efficient home you’ll not only reduce your monthly utility costs and be more appealing to potential buyers, but you could also secure a better rate on your mortgage by applying for a ‘green’ mortgage.

These are relatively new products and are becoming increasingly popular with lenders including high-street banks. For example, Barclays has a Green Home Mortgage range that enables those purchasing a new-build property with an energy efficiency rating of A or B to get a lower mortgage rate. In addition, Nationwide has a green mortgage range with preferential rates to those buying a new-build property that has an A-rated Energy Performance Certificate (EPC).

A green mortgage could be a great option when looking for the lowest mortgage rate especially if you have a smaller deposit. Although this type of mortgage restricts the type of house a buyer can purchase with this type of mortgage often only available on new-builds that have an energy efficiency rating of B or above.

If you are looking to purchase a property with just a 10% deposit or less you may still struggle to obtain lending, even if it’s a green mortgage, in today’s climate. If you are considering a green mortgage, it’s important to talk to a mortgage broker who can assess if this is the right product for you.

Green mortgages look to grow in popularity over the coming years as consumers and the Government become increasingly aware of the negative impact energy consumption is having on the environment and the importance of reducing emissions. There could well be even more products such as this available to reward those who are living greener, more eco-friendly lifestyles.

Improving your efficiency rating

If you want to live in a highly energy efficient home the advice is to buy new. These are built to high standards, are well insulated and have energy efficient appliances and heaty systems. At present, all homes that are built, sold or rented must now have an EPC, which gives the property an energy efficiency rating from A or 100, which is the most efficient, to G or 0 which is the least efficient.

Having an energy efficient home can help sell the property, as well as cutting down on your utility bills. There are a number of ways that homeowners can improve the energy efficiency of their home including:

  • Installing a new boiler,
  • Insulating lofts and cavity walls,
  • Fitting double or triple glazing,
  • Installing solar panels,
  • Hanging thick curtains and buying stick-on insulation for doors.

For more information about EPC visit the Government website.

Safely enjoy the great outdoors no matter what local restrictions are in place!

Here in Scotland we are still restricted by the current tier system with the central belt largely in tier 3. With the nights drawing in and restrictions in place preventing entertainment venues from opening, we will be spending more time indoors. However, it’s important for our mental and physical health to get outside and experience the beauty of nature.

While undertaking social distancing, there are still some things you can do. Here are some suggestions:

Parks and playgrounds

Unlike the lockdown from March, children’s playgrounds are currently still open. Wrap up warm and take your little one’s for some fresh air and to enjoy playground equipment, just remember to take wipes and hand sanitiser when using public play items.

National Trust for Scotland

Take a look what’s currently open in your area – many places are back up and running with cafes still operating. Pre-booking may be required. Find out what’s open.

Local walking and cycling routes

You may have discovered some walking or cycling routes during the lockdown from March, but if not, there are sure to be plenty of country or city walks and routes you can enjoy and you can meet up with another household so you can socialise whilst exercising. Just make sure you wrap up warm!

Garden centres

These are still open and are a great way to get out and discover plants for the garden, bird or squirrel feeders to watch the wildlife and even pick up your Christmas decorations, lights and trees.

Enjoy your terrace, balcony or private/shared garden

Regardless of the weather you can still get out and enjoy your outside space. Depending on where you live, you can spot some beautiful birds at this time of year including Kestrels, Owls, Woodpeckers and more. You can enjoy your garden with your support bubble and household. You could even invest in an outdoor pizza oven, wind-proof gazebo, fairy lighting and patio heater to enable you to make the most of your outside space with friends from your support bubble or your family.

Feed the birds and squirrels

During the winter birds are in need of food – and a great way to enjoy your garden is to take care of the birds with a bird table, bird feeder, bird bath and even nesting materials. When the temperature drops to below freezing it’s important to keep a bird bath topped with fresh water so that they aren’t dehydrated. Also consider feeding squirrels at this time of year.

Bring the outside inside

Want to stay inside? How about bringing the outside in by celebrating nature’s chorus with birdsong. You can get some soundtracks of birds from the internet or even through Alexa or Google Play! Alternatively how about tuning into Autumnwatch or one of the many wildlife programmes available through streaming providers.

Take a look at our current developments. 

 

Urban Union Wins Two Awards at The Scottish Home Awards 2020

We are thrilled to have been recognised at the Scottish Home Awards 2020 with two award wins.

Following last year’s success with the award for Affording Housing Development of the Year (Private Sale) for Muirton Living in Perth, we have been awarded both the Community Contribution Award and the Affording Housing Development of the Year (Private Sale) for Laurieston Living at our highly successful Gorbals site in Glasgow.

Over 100 housebuilders, housing associations and support businesses from across Scotland were entered into the awards.

Winning the Community Contribution award is particularly poignant for us here at Urban Union as our focus isn’t just on building homes but also creating vibrant communities. Community can have a profoundly positive impact on the mental health and wellbeing of citizens at a time when the quality of our living spaces and the value of our communities has never been in sharper focus.

Embedded in our developments is the ongoing involvement of the local community. Our aim is to build a long-term relationship with the community and to enhance our offering by promoting healthy lifestyles and community interaction through attractive streets, public spaces and gardens.

For example, we support 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 LauriestonLiving, running apprenticeship programmes, fostering links to local schools and colleges, to name but a few.

This ties in nicely with our win for the Affordable Housing Development of the Year award for Laurieston Living, as it is here that we partnered with local arts organisation WAVEparticle to create a five-year arts strategy for the area with the ambition of connecting it to the rich history of Laurieston, its people and the aspirations of the community. This idea was sparked from engagement with the local community which forms the cornerstone of our approach to development.

Laurieston Living was our first development and it continues to go from strength to strength with multiple phases already delivered. In fact, we recently handed over our 1,000th property in Scotland to our buyers at this development who were delighted with their new home. The development supports community aspirations and brings the physical improvements, housing and facilities to stimulate social and economic growth.

The key to our success at Laurieston – and in fact all of our developments – are the partnerships we have forged including residents, New Gorbals Housing Association and Glasgow City Council.

We look forward to seeing what the year ahead brings, with all of its challenges!

Neil McKay, Managing Director

Negative interest rates

It has been reported this week that The Bank of England has written to UK banks asking them to prepare for zero or negative interest rates

What does this mean?

Negative interest rates mean that the Bank of England would charge banks money instead of paying them interest on the money they deposit. If the base rate went from the current 0.1% to -0.1% it means that instead of earning interest of 0.1% they would be charged 0.1% by the Bank of England.

It could impact consumers as high street banks base the interest they pay on savings accounts and charge on certain mortgages on the base rate set by the Bank of England.

By charging banks to deposit money it encourages them to lend money to businesses and consumers, rather than hold it in reserve – making it cheaper and easier for businesses to borrow money, which in turn boosts the economy and supports employment.

Consumers

From mortgage rates, savings, pensions and insurance this development could change the way that you manage your money. The thought of interest rates going into negative figures has been discussed by economists for the last few months but last week the Bank’s Monetary Policy Committee (MPC) consisting of high ranking members revealed that it was looking at implementing a bank rate below 0.0%. It currently sits at a record low 0.1%.

Mortgages

In the short-term, homeowners who are on a variable or tracker rate mortgage could see their rate fall slightly but many tracker mortgages have a clause that prevents the interest falling below a certain level. If you’re on a fixed mortgage rate you won’t see any change but if your mortgage deal is nearing the end you may find some competitive deals. Therefore if you’re considering remortgaging ahead of your fixed-rate ending, it could be worthwhile but watch out for any Early Repayment Charges. Talk to a mortgage advisor to find out the best course of action.

Property market

The property market has been booming since lockdown as pent up demand combined with a re-evaluation of priorities has resulted in a flurry of activity. Lower mortgage rates will further rekindle the property market which, in turn, could drive property prices up. As a rule, low borrowing results in more activity in the housing market. Given that higher income jobs haven’t been as much affected as those in professions at the lower end of the earnings scale, expensive properties may increase in price. Property under £300,000 could see a small increase in demand and more stable prices.

Finances

This isn’t good news for savers as they will earn lower or no interest on the money they have in savings accounts. However, it is unlikely that you will have to pay to keep your savings in an account. Those with cash in savings may choose to put their money into fixed-term savings accounts whilst ohers may choose to withdraw their cash which could prompt a rise in spending. In addition borrowing could be very cheap. For those wanting to put their cash somewhere else, they will look for safe, high yield options with a steady return and financial advisors could recommend stocks and shares as an alternative.

Pensions

A low rate environment in terms of the amount which pensions pay out – the annuity rate – has fallen. A representative pension today pays around 4.9 % for every pound in the pension pot, compared with almost 8% back in 2007. A negative rate environment could make this fall further.

With interest rates low – and looking to go even lower, now is a great time to consider securing a mortgage. Talk to us to find out about reserving a new home in one of our regenerated communities.

 

Securing a mortgage when self employed

Applying for a self-employed mortgage can be daunting – but as long as you’re well prepared, hopefully you will manage to secure the right mortgage for your circumstances. It’s important to make sure your application is as bulletproof as can be, have your forms and deposit ready to go. Here are some expert tips on what to consider when applying for a mortgage if you’re self-employed:

Preparation is key

Requesting the required forms you need to prove your earnings can take several weeks so make sure you do this as soon as you know you want to purchase a property. Acquiring a mortgage when self-employed can be a little more complicated, so it’s worth taking the time to make sure everything is in order so that your application is complete. You will also need to prove the source of your deposit so if this is a gift from a family member it will need to be declared. Talk to a financial advisor or independent mortgage advisor to find out exactly what you need to get the ball rolling. It’s also worth getting advice when you’re considering a property purchase so that you can start to manage your accounts and any outstanding credit to your advantage.

Check your credit score

As soon as you decide to buy a property, check your credit score. This is what lenders use to determine if you are a reliable applicant for credit. To ensure your credit score is high, make sure you’re on the electoral roll, you haven’t applied for too much credit in the space of year (it’s advisable not to apply for more than three), your credit cards aren’t at their limit, you haven’t missed any payments and you avoid making the minimum payments. If you have a low credit score, talk to a mortgage advisor as it may be worth holding off until you can improve your score. There are mortgages available for those with a poor credit rating, but they can be very costly so it’s better to wait and build up your score.

Gather the documents you need

If your income goes up and down each month and changes from year to year, you will need to gather as much evidence of your overall income as you can. Lenders will look at your average profits and you may need to provide some evidence that you expect the upcoming year’s income to be on a par with previous years. You could gather evidence from employers, existing contracts and proof of new clients. Alternatively you will need to show that you have savings aside from your deposit to meet your repayments should you lose work.

Employ an accountant

A qualified accountant can prepare the accounts you need, and this is usually the preferred option from lenders. In fact, some lenders won’t even consider the accounts unless they have been signed off by a certified accountant. You may need up to three years of accounts and you will need to break down profits, expenses, dividends etc.

Get the right advice

By using an independent mortgage advisor, you can get the right advice on which mortgage you will be eligible for, as well as their requirements. A mortgage advisor can search the whole of the market and often have access to lenders that provide specialist mortgages.

If you are considering an Urban Union property, talk to us today and we can advise you on availability and costs.