A Guide to Buying New Flats in the UK

Anna Stenning

The trouble with the financial market today is that people generally do not know what to do with their money, especially those who have not yet found the chance to place their foot on the property market. Many young people in their early to mid twenties are only to hesitant to make this move, because they feel putting their eggs in one basket may put them at a much higher risk of losing it all! Though it may seem that some of us are approaching this fact in trepidation, there is some light that sheds through the dark tunnel of the unknown future.

There comes a point in one's life whereby they have a sudden panic attack about their current financial situation and how to go sealing a secure future for themselves. Where can they start? What are the options for buying a new house or new flat in the UK? Are they eligible for a mortgage even if they have a bad credit history? There is no one word easy answer to these questions, however, the key thing to this conundrum is research and keeping a watchful eye on the market.

Banks and loans agents are tightening up the belts on lending out money, because of the current credit crunch. However, those who are looking to buy a property soon should consider the following. Before taking out a mortgage, consider how much of a deposit you can put down on the property before taking up the first offer you get. The larger the sum of money towards the deposit, the greater the chances are in you securing a mortgage.

For new flats in the UK, you may be eligible for some new deals. The newly built flats come with offers that could include shared buy, interest only buy, no deposit scheme or discounted deposit scheme with a shared buying option and much more. The trick is to jump on those offers as early as possible, because plenty of other people will be moving fast towards them. Sometimes only a selected few will be made eligible for this scheme. The criteria for a candidate are usually targeted towards those on a specific salary or have certain amount of money to put down as a deposit.

The shared buy for most new flats UK schemes entail the buyer owning a certain percentage of the property (usually between 30 to 45 percent), paying a monthly mortgage amount as well as a small amount towards property rent. This is good for people looking to get their first steps onto the property ladder and having some time to allow the property value to grow. These kinds of schemes would suit single people or young couples looking to get a head start, before moving on to become the sole owners of their own house or flat.

The new flats are generally built at the highest quality, containing electric central heating, mod-con kitchenware, power showers and neutrally designed decor. The attraction for the flat lies in the prices, the location and the general set up. Where some people prefer to buy a place which they can work on by renovating over a period, others prefer to buy something that requires minimal maintenance and effort. These flats come equipped with all of the latest designs and technology, making it easier and resistant over time.

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About the Author:
Anna Stenning is planning to take a leap towards going through the new flats UK scheme in order to get a firm foot on the property ladder.