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Everything You Need To Know About 95% Mortgages in Peterborough

Everything You Need To Know About 95% Mortgages in Peterborough

During the 2021 Budget it was announced that new 95% mortgages will be introduced. These have been created to support first time buyers with getter on the property ladder, even if they only have a 5% deposit for their home.

This new 95% mortgage scheme has been introduced by the government. It will enable mortgage lenders to offer loans of up to 95% of the value of the property. Boris Johnson has said this will help in changing Generation Rent to Generation Buy which is a big goal of his.

The 95% mortgages in Peterborough will be available from this month, April 2021, until 31st December 2021. The scheme is solely available to buyers of properties costing up to £600,000 which accounts for around 86% of homes for sale in Peterborough.

95% Mortgages in Peterborough Explained

A 95% mortgage covers 95% of the value of the property. This means, as the buyer, you are left to cover the remaining 5% in the form of a deposit. 95% mortgages are also referred to as 95% LTV Mortgages, also known as 95% loan-to-value mortgages.

Until this scheme was introduced, more mortgage lenders were offering up to 85% mortgages. These changes mean that buyers can now save up to a third of what they would have had to pay prior to the new government scheme.

Is A 95% Mortgage Right For Me?

If you a first-time buyer in Peterborough struggling to save a larger deposit, then this new scheme is a great solution for you. It’s a great way to get on the property ladder and purchase your first home, with a smaller deposit of 5%.

However, if you are able to afford a larger deposit for your new home, it may be best to do so. The larger deposit you have the more choice you will have when it comes to finding a mortgage provider. You will also have more chance of getting lower interest rates on your mortgage with a larger deposit.

It’s important to remember that the larger deposit you put down, the lower your mortgage repayments will be too.

Want To Make The Most Of 95% Mortgages in Peterborough?

If you are looking forward to finding a new home and making the most of the 95% mortgage scheme in Peterborough, call us now. We can put you through to our mortgage advisors while our estate agents find the perfect new home for you.

How To Make Moving Home With Children Easier

How To Make Moving Home With Children Easier

Moving home is one of the top three most stressful experiences in life. It’s a very stressful time for the whole family, including the children. Not only will your children find the experience stressful, but stressed children will make the experience even more stressful for the everyone.

In this blog post we have put together some top tips to make moving home with children easier. Here at Letters Group we can support you with this. In this build up to the move, for example, involve your child in the house hunting. We would happily show you around the home, then you can come back again with your child and our Peterborough estate agents can engage with your child to make it an exciting experience for them.

Make sure your child is part of the packing process, if they are old enough. Give them boxes to pack their toys and clothes in. This way they are seeing where their things are going which will help them feel more prepared.

Draw a picture of their room and ask them what colour walls or curtains they want. Ask them to draw where their furniture will go and all their favourite toys. This will help your child adjust to their new home and start to get excited about their brand-new room with all their things in it.

If you are moving out of an area or away from their school, then give them a chance to say goodbye to their friends and the local area. Maybe have a little party where they can say goodbye for the last time. Try to reassure your child that everything will be okay. They will need lots of love, support and reassurance in the run up to the big move.

Moving day and your child, really depends on their age. If you have a younger child, ask a friend or family member to look after them for the day. If you have an older child, then make them feel part of the big day. By giving them things to carry, boxes to unpack or set responsibilities on the day, they will feel part of moving day and the whole moving process.

It’s a great idea to have a box of your child’s special toys and belongings in a safe place. This means they can be quickly and easily found and unpacked by or for your child. Very quickly their new roomwill feel like home to them and it will make the adjustment a lot easier for them.

If you’re looking for your next family home in Peterborough, call our team. We will take the time to understand the area you want to live in and what you want from your new Peterborough family home.

Do Home Buyers Need An EPC?

Do Home Buyers Need An EPC?

EPCs, also known as Energy Performance Certificates, were introduced in 2007. They were introduced to give home buyers a better understanding of the energy efficiency of the property they were looking to purchase. They are valid for 10 years from the date of issue. The EPC is a legal requirement if you are selling or renting a property. But do home buyers need an EPC?

Why Home Buyers Need An EPC

Home buyers should receive a copy of the EPC from the person selling the home. The EPC can then be used to plan energy efficiency improvements to the property.

Why Home Sellers Need An EPC

It is a legal requirement for sellers to have an EPC for their home before they sell it. As your Peterborough based estate agent, we can organise the EPC for you. Alternatively, you can do it directly with an EPC provider.

Why Landlords Need An EPC

Just as it is a legal requirement for sellers to have an EPC for their home, it is a legal requirement for landlords to. Landlords must ensure that their buy to let property has an energy efficiency rating of E or above before new tenants can move in. Soon it will apply existing contracts too. If the energy efficiency rating of your rented property in Peterborough is below E you may want to look at the Green Homes Grant, we shared details of it in this blog post.

Why Tenants Need An EPC

If you are a tenant of a rented property in Peterborough, you should receive a copy of the EPC for that property. You can then use the results of the EPC to help you plan and budget for your energy costs in that property.

An EPC document includes an assessment of the current energy performance of the property. It also gives estimated energy costs for the property. There is an additional part that shows the potential energy efficiency of the property if you were implement the recommendations in the report. This is why home buyers need an EPC. They can see the energy bills they can expect and how they could make these lower.

If an energy efficient home in Peterborough is really important to you as a house buyer, call our team of friendly estate agents now. We can send you the details of energy efficient homes in Peterborough and arrange in-person viewing too.

Stamp Duty Holiday Has Been Extended

Stamp Duty Holiday Has Been Extended

The government has announced in the Spring Budget that the stamp duty holiday deadline will be extended until the end of June. This news has come as a huge relief to those buyers that were desperately trying to get their sale completed on time to meet the previous deadline of the end of this month.

But how does the stamp duty holiday extension affect you if you are buying a new house in Peterborough?

What Is The Temporary Stamp Duty Holiday?

As we explained in our earlier blog post, the stamp duty holiday means that if you are buying a home up to the value of £500,000 you will not pay any stamp duty. This temporary stamp duty holiday was originally announced in July 2020 with a deadline of 31st March 2021.

The extension on the stamp duty holiday means that you now have until the 30th June to complete the house purchase in Peterborough. You will still be able to make that stamp duty saving up until the end of June this year.

What Happens To Stamp Duty After 30th June?

After 30th June the government have planned a smooth transition back to normal. The nil rate band will be £250,000. This is double its standard level and will be the case until the end of September 2021. On the 1st October 2021, the stamp duty will return to its usual threshold of £125,000. It’s important to note, this has only been announced for England and Northern Ireland. There are different stamp duty rules for buying homes in Wales and Scotland.

How Will The Extended Stamp Duty Holiday Affect Home Buyers?

According to Chancellor Rishi Sunak, the average stamp duty bill should fall by £4,500. It is thought that 90% of home buyers are expected to pay no stamp duty at all during this stamp duty holiday extension.

Will The Extended Stamp Duty Holiday Apply To Second Homes or Buy-To-Let Properties?

Those people buying second homes or buy-to-let properties will be eligible to benefit from the stamp duty holiday extension. However, these home buyers will still have to pay the 3% extra duty for second homes on the full purchase price.

If you have been thinking about buying a new home and think that now is the time, with the stamp duty holiday extension in place, call our team of estate agents now. Our house sales team will take the time to understand what you want from your next home and find the perfect property in Peterborough for you.

Why You Should Move To Peterborough

Why You Should Move To Peterborough

Here at Letters Group we are a Peterborough based estate agency. So, we are slightly biased about houses in Peterborough. However, Peterborough really is a great city and a brilliant place to buy a home. It’s a city that has won various accolades such as best place to raise a family and one of the most affordable commuter towns in the UK too.

But this is just the icing on the cake of why we think you should move to Peterborough. Please see some of our other favourite reasons as listed below.

Job Opportunities

Peterborough boasts six high performing business sectors. These include agri-tech, food and drink, advanced engineering and manufacturing, energy and environment, financial services along with digital and creative industries. Employment prospects in Peterborough are really strong, in a wide range of areas.

A New City

While Peterborough isn’t a new city (the cathedral has been there over 900 years for a start), it is a city that is being reborn. Peterborough is expected to be one of the fastest growing cities in England by 2025. Millions of pounds are being invested into revamping this growing city and there are lots of exciting leisure, retail and dining spaces being created too.

London Is On The Doorstep

Trains to London from Peterborough are very regular, but they are fast too. Journey times from Peterborough to London will be around 37 minutes when the rail improvements are completed. The average return ticket is just £45 – making Peterborough a well-placed city for people wanting that London pay packet without the huge living costs

Forward-Thinking

Peterborough lays claim to being the first ‘Gigabit City in the UK. That’s 90km of pure fibre network that was installed through a £30million investment. This has meant that businesses and public services in Peterborough have some of the fastest internet in the world. Peterborough was also named one of the top ‘Smart Cities’ in the UK in 2017. This was due to the unique approach Peterborough takes in regard to reducing wastage and relying on raw materials.

So Much Culture

The first stop for many tourists to Peterborough is the Cathedral. It’s over 900 years old and has a dramatic Romanesque interior and original wood ceiling. There are only 4 of its kind across Europe. The museum in Peterborough is free to visit and houses over 200,000 national and international items. The healthy art scene in Peterborough keeps growing year on year too. Not forgetting all the incredible festivals including Peterborough Beer Festival, the Arts Festival, Comedy Week and more.

If you want to see what Peterborough has to offer; give our friendly estate agents a call. We can find some houses that suit your needs and budget. Let us show you around the amazing city that is Peterborough.

Tell-Tale Signs It’s Time To Sell Your Home

Tell-Tale Signs It’s Time To Sell Your Home

The saying goes that home is where the heart is. But what if your heart doesn’t feel at home anymore? Then it’s likely you are ready to sell your home and find one where your heart really belongs. Not loving your home is a huge tell-tale sign that it’s time to sell your home in Peterborough. However, there are lots more tell-tale signs.

In this blog post we look at the most common tell-tale signs that you are ready to move home in Peterborough.

More Room Is Needed

As you grow, your family will often grow. You may have children that need bigger rooms or more space. Over the years you collect possessions too and need more space for these. Perhaps you are now working from home and need a home office or a hobby room that is a space only for you. If you feel that your home just isn’t big enough for you and your family, then this could be your tell-tale sign that it’s time to sell your home.

Less Room Is Needed

Once your children have fled the nest you may feel this is your time to do more with your life. Now could be the time to go to those exotic countries you have always wanted too. By moving to a smaller home in Peterborough you can use the extra money to follow your dreams. You can do all you wanted to do but couldn’t afford before. You may also feel that the home that was big enough for the whole family, is now too big for just you and your partner, so a smaller house may be the perfect home.

Bored

It’s a weird feeling to describe, but sometimes you just feel bored in your own, home. You may have redecorated the lounge, changed the bedroom curtains and renovated the bathroom, but you’re hit boredom now. Some people love that challenge of a home and making it perfect, but what happens when you hit perfection? That’s when it’s time to start looking for a new challenge and a new home.

Low Interest Rates

When the interest rates are low it can be the perfect time to sell your home in Peterborough. Chat to our mortgage advisor who can tell you how far your budget can stretch for a new home. A home that you could only dream of before, could now become reality with low interest rates.

Too Much Maintenance

If you feel in love with the character of an older home, you may now be falling out of love with your home. The constant need and cost of repairs and maintenance can quickly take their toll on your bank balance and mental health. If you’re at that stage when you fancy a new home with less need for maintenance, then why not sell your home and look for a newer home to buy in Peterborough?

Selling your home and buying a new home in Peterborough is like a fresh start. If you need help making your fresh start, call our team of estate agents now. We can offer you some expert advice to get the most from selling your home in Peterborough. We will also help you find your next dream home.

Navigating The House Buying Process As A First Time Buyer

Navigating The House Buying Process As A First Time Buyer

If you’ve been thinking about joining the property ladder this is great news. Buying your own home and investing in bricks and mortar is a sound decision for your long-term future. However, navigating the house buying process as a first-time buyer can be a long and confusing journey. But we are here to help!

While the house buying process as a first-time buyer may feel daunting, help is at hand. In this blog post we have put together some of the basic steps you need to understand and to help you on your journey.

  1. Your Financial Position

Buying a home is a big financial investment. For many people, it’s the biggest investment they will ever make. You need to ensure you have sufficient finances to purchase a new home. Unless you have large savings accrued over your lifetime or you have had a large windfall, you’ll need a sizeable loan to buy your new home. To get an offer of a loan you will need to have a deposit that is a proportion of the property value. You will also need to keep money aside to cover the costs of your solicitor’s bill, stamp duty, valuations, survey costs, removal fees and more.

  1. Saving Your Deposit

You need to think about how much you need to save. The simple answer is that you will need around 10% deposit as a minimum. However, many lenders aren’t offering mortgages with a 10% deposit in these current post-pandemic circumstances. That said, the higher the deposit you can save, the more likely you will be to get accepted for your mortgage. You will also get better rates on your mortgage if you have a higher deposit.

  1. Decision In Principle

It’s important to have a ‘decision in principle’ before you start looking for your dream home. This will give you a maximum price of the property that you can afford. It will also set up the monthly repayments, so you know what to expect. You will also get a Risk and Features Document. This basically sets out the risks and features of buying a home.

Once you have your decision in principle, you can start shopping for your dream home in Peterborough. We would recommend you have a free initial consultation meeting with our mortgage advisors. They can assess your financial situation with you, make recommendations and help you in being accepted for a mortgage. Then you’ll be able to get really exciting about buying your first home in Peterborough.

The house buying process as a first-time buyer can be scary, overwhelming and stressful. Here at Letters Group we will be by your side, helping you every step of the way. There is nothing to be worried about and any questions you have, just give us a call.

Looking For The Best Estate Agent In Peterborough?

Looking For The Best Estate Agent In Peterborough?

While claiming we are the best estate agents in Peterborough may sound like quite a bold statement, it is actually backed up. The team here at Letters Group are thrilled to announce that we have won 4 awards due to our services in 2020. The awards are through AllAgents (The UK’s Largest Customer Review Website for the Property Industry) and are as follows;

  • Best Estate Branch in Peterborough 2020
  • Best Estate Branch in PE1 2020
  • Best Lettings Branch in PE1 2020
  • Best Overall Agent in PE1 2020

As you can imagine, we are over the moon to have been awarded as the best estate agents across the whole of Peterborough, 2020 was not an easy time for people to buy or sell homes in Peterborough. However, as you can see from our reviews, it was still possible.

One example is this review from Samantha that she gave us on Facebook

Letters Group were excellent through the whole process of our move. During these tough times it wasn’t easy purchasing a house, but Robert Jarvis did it with ease and excellence! Highly recommend!”

Another example is this review that Annaliese wrote for us on Facebook;

As a tenant trying to find a new place to live during the Covid pandemic, Letters have been absolutely brilliant and a calming presence in what could have been a stressful situation. From finding me a new flat to handling the marketing of my current home on behalf of my landlord, they have been thoughtful, helpful, efficient and had great communication throughout. Will always recommend Letters to anyone for both rental and sales.”

If you’re looking for the best estate agent in Peterborough to help buy or sell your home, then you have come to the right place. AllAgents have awarded us the best estate branch in Peterborough 2020 and our buyers and sellers happily recommend us too.

Here at Letters Group we work with our buyers and sellers. We ensure they are informed of any changes every step of the way. Our team of agents support you in getting the best mortgage for your situation, finding your dream home and making the process as stress-free as possible.

Looking to sell or buy a new home in Peterborough with the best estate agent around? Contact us now!

How To Save Money When Buying A Home

How To Save Money When Buying A Home

Finances are tight for a lot of people so saving money when buy a new home is something that we all want to do. Obviously, buying a new home will never be cheap. However, and fortunately, there are ways that you can save money when buying a home.

In this blog post we have put together some of the ways you can save money when buying, without clashing with your goals and dreams for your new home.

Number of Rooms

Lots of people define their search by the number of rooms when looking to buy a home in Peterborough. However, the real trick is not to let the parameters limit your search. Some homes will have three small rooms, for example. But others may have two really large rooms which are ideal for converting into separate rooms.

When you are house hunting in Peterborough it’s important to consider the potential of the property, not just what it has now.

Location

Areas where there a good rail links or a regular bus service are often popular areas for many house hunters. This means that the prices of these homes can be higher, due to those strong transport links or good local amenities. What you really need to think about is how often you’ll need to use that rail link. For example, if it’s just once or twice a year for a trip to the theatre, it will work out cheaper to get a house without good rail links. Then you can just get a taxi to the train station when you want to go to London.

Think about up and coming areas instead. These low-cost houses could be hotspots for financial growth. Again, this about the potential of the area, not just what is there now.

Outdoor Areas

It’s always nice to have some green space outside your home, but how necessary is it for you? While you may dream of a huge garden with flower beds and bushes, is this feasible? You need to consider if you have the time to maintain the garden, so it looks beautiful all year round. If you haven’t got the time, have you got the money to hire a gardener to maintain it for you? Perhaps when you consider the work required to keep a garden looking it’s best, you realise that a smaller garden actually works better for you – and it will help you save money when buying a home in Peterborough too.

If you’re looking to save money when buying a new home in Peterborough, call our team now. We will happily talk you through the properties we have available and find the right future home for you.

Stamp Duty Holiday: Should I Buy A New House Now?

Stamp Duty Holiday: Should I Buy A New House Now?

As you will have seen in the media and in our recent blog post, the government has imposed a stamp duty holiday. This holiday will run until 31st March 2021. It means that anyone buying a property between now and the 31st March will not have to pay any stamp duty if their new home is up to the value £500,000.

If you have been toying with the idea of buying a new home for some time, then you may choose to buy a new home now. However, there are some things to consider if you are wondering if you should buy a new house in Peterborough now.

The beginning of lockdown prevented huge numbers of people from putting their properties on the market and it halted the progress of house sales for many people too. This means that there is an influx of homes in Peterborough on the market.

While this means that there are lots of houses for you to choose from, there is a downside too. Due to the stamp duty holiday lots more people are encouraged to start shopping around for a new home too. They too want to capitalise on the stamp duty saving that runs out in just a few months.

Logistically, there is no reason you can’t buy a new house now. Here at Letters Group we are open. We are offering virtual viewings or in-person viewings where social distancing is maintained. All the paperwork can be completed. Our mortgage advisors are still available for COVID-safe meetings too. Logistically, there is nothing stopping from buying a new house in Peterborough now.

One thing that you do need to consider when looking for a new home in Peterborough is that the stamp duty is only exempt on the first £500,000 of the sale price of your new home. As a house buyer you will still need to pay stamp duty on any amount over the threshold of £500,000.

The stamp duty holiday means that the stamp duty due is zero for homes up to £500,000. It is then 5% for homes between £500,0001 to £925,000. 10% stamp duty is due for homes between £925,0001 and £1.5 million. Finally, for homes £1.5 million and over the stamp duty due is 12%.

Some feel that the stamp duty holiday is unfair to those purchasing high value property. However, it is a very welcome tax relief to those that are purchasing a new home in Peterborough under the £500,000 limit.