Thursday 24 November 2016

Top tips for being mortgage ready

As part of our How to Buy series, this blog looks at how to prepare yourself (and your finances) for buying a new home. Whilst nothing is guaranteed, here’s a few tips from the Mortgage Bureau to being mortgage ready…

1.    Sit down and look at your finances. What’s a necessity and what’s a luxury? Work out your budget based on your savings and how much you can afford to spend on a mortgage each month. Use the Mortgage Bureau calculator as a guide on how much you can borrow and what your monthly payments might be. 

2.    Check your credit score with Experian. A good credit score will increase your chance of getting a mortgage, and at a better rate, so it’s worth checking before you start the process of applying for a mortgage. Although checking it too much can also have an impact.

3.    Don’t apply for new credit, or use Pay Day loans or withdraw cash on your credit card if you’re preparing to buy a new home, these will all affect your credit score and could limit the amount you can borrow.

4.    Other financial commitments, such as existing loans and credit cards, can affect the amount you can borrow and the interest rates you’ll pay, so where possible pay off any debts in full and for those remaining remember to make your monthly repayments on time.

5.    Simple things, like making sure you’re registered on the electoral roll and updating your address can improve your credit score with minimum effort required. Register to vote online here.

6.    Make the most of government schemes and boost your savings by 25% with a Help to Buy ISA, and for every £200 you save, you can receive a government bonus of £50, up to a maximum of £3,000 (find out more about the Help to Buy ISA here).

7.    Do your homework and decide which kind of mortgage you want. To help you decide, Mortgage Bureau will waive their fee when you buy with St. Modwen Homes so you can use our expertise to find the best deal. They will even submit your mortgage application, liaise with your lender and conveyancer and be able to reassure you throughout the process, right up to completion.

8.    Get your paperwork in order and make sure all of your addresses match the proof of address given. You’ll also need your last P60 as well as up to a years’ worth of pay slips and bank statements to verify your income and expenditure.

9.    Talk to a Mortgage Broker that specialises in new build homes as well as your bank. The organisation you do your day-to-day banking with will only be able to provide information on their mortgages and whilst they may have a better overview of your spending habits, you might not fit their criteria and you could be missing out on getting a better deal elsewhere.

10.  Find the right home for you and arrange a mortgage in principle. Lenders won’t formally offer you a mortgage without a property in place, but if you’re still looking for the perfect home this will give you an idea of how much you can borrow. Proof of your deposit and a mortgage in principle can also be an advantage when you find the perfect home and want to reserve. 

Thursday 17 November 2016

Add a touch of magic to your carpet

Feature walls, statement light fittings and bold prints have all become pretty commonplace when decorating your new home but are you brave enough to make the carpet the real showpiece in your room? We caught up with Sam Simmonds at Killer 5 Interiors to discuss this emerging trend…

“For nearly two decades, a beige or oatmeal carpet has very much been the norm. You might have deviated to grey or even dark blue but I’m sure very few people have actually gone bold with their carpet choice. This could however, be set to change in 2017.

“Carpets offer new homeowners the chance to make a real statement in a room and with more and more options coming into the shops, it’s certainly a trend to be aware of.

“For the truly bold out there, opt for colourful prints that work brilliantly against more muted walls. I love this peacock design from Matthew Williamson, whilst this burgundy tartan pattern from Hugh Mackay Carpets would add warmth to any room. I also love this unusual butterfly design that is a result of Brinton’s teaming up with Timorous Beasties. Alternatively, make a statement without the colour with a regency pattern such as this black and silver Richmond carpet from SCS.

“Already visible in some of our Showhomes, stripes represent an easy way to get feature carpets into your new home and are proving particularly popular on stairs and hallways. Try the bright Audrey option from Barker and Stonehouse or the more subdued blue and gold option from John Lewis.

“Fans of grey will approve of this Capello Shell carpet which is part of the Alternative Flooring collaboration with Liberty Fabrics; representing the first time their iconic prints have been used in carpet. Or, if you want something a little (ok, maybe a lot) brighter, try the Summer Garden pattern; the bold floral print will certainly get people talking.

“A geometric style offers a modern approach to a patterned carpet; here’s a bold option in grey and white which has apparently been inspired by ice skating, or you could take a more conservative approach  with this Labyrinth design which would look fantastic teamed with a bright sofa. Personally, I love the geometric pattern in monochrome, just like this one from Alternative Flooring which is perfectly on trend.

 “For those of you that aren’t quite convinced, there’s a huge range of subtle patterns that might help change your mind. My advice would be to look at the Brinton’s Laura Ashley collection, in particular the Colloway pattern that would help bring luxury to a living room or the Ryedale design which looks beautifully feminine and soft in the duck egg colour; perfect for a relaxing bedroom.

“Making a statement with your carpet may seem like a bold move but it certainly offers homeowners another way to add colour, depth and personality to a room. If you’re considering it for your new home, start with a mood board and work from the floor upwards – it’s much easier to start with a bold carpet and then choose complementing wall colours and furnishings than it is to find a patterned carpet that suits an existing room. Good luck!”

Share photos of your favourite carpets with St. Modwen Homes on Twitter, Instagram and Pinterest and on each of the development’s Facebook pages. To find out more about St. Modwen Homes visit www.stmodwenhomes.co.uk