Choose A New Home: Hayes, West London For £1,500pcm
Hayes in west London is undergoing major regeneration and home seekers looking for a brand new home to live in there with a budget of around £1,500 for mortgage/rent will find suitable new build properties in the area across different tenures that could make the perfect choice.
The three tenures we consider are outright purchase, renting and Shared Ownership (‘part buy-part rent’).
Outright purchase – you put down a deposit and get a mortgage for the rest of the value of the property, so you own 100%.
Rent – we focus on some brand new developments which have been ‘Built to Rent’, where a simple rental fee pays for your home and a host of exclusive on-site facilities.
Shared Ownership – you start off by purchasing a proportion of the home (between 25% and 75%) and paying rent on the remainder, as well as any service charge. Your deposit and mortgage are based only on the share you are buying.
For the purpose of estimating your budget, we are basing our figures on a 25-year repayment mortgage that will cost around £1,500 per month. This equates to a maximum loan of around £270,000, which could be approved for borrower(s) with a total annual income of around £60,000. We’ve also assumed that you can pay a deposit of 10% of the required amount where necessary.
New Hayes (Fairview New Homes)
Buy outright
New Hayes is a development from Fairview New Homes which currently has a range of one-, two- and three-bedroom apartments for sale, ready to complete Q4 2022 or Q1 2023. For a very limited time (reservations by 31 October 2022 for completion by 31 March 2023), London Help to Buy: Equity Loan is available to first-time buyers on selected plots.
With London Help to Buy, you need a deposit of just 5% of the price and the government offers a 40% equity loan (interest-free for the first five years), so your mortgage only needs to cover 55% of the total price. In this instance, you could look at a three-bedroom, two-bathroom apartment with two private balconies which is priced at £500,000. Without Help to Buy, on this budget you could purchase a 399-sq-ft studio apartment with private balcony at £290,000. Find out more at www.fairview.co.uk.
Rent
The be:here Hayes development is a rent-only development just 300m from Hayes and Harlington station on the Elizabeth line. People who live in this collection of 119 pet-friendly apartments can rely on an on-site management team, superfast broadband and expansive raised roof terrace. Right now for £1,525 per month you can get a two-bedroom, one-bathroom apartment with here. Find out more at www.behere-hayes.co.uk.
Shared Ownership
Hayes Village is taking shape on the site of the former Nestle factory within a few minutes’ walk of Hayes and Harlington station. In addition to some 1,300 new homes there will be expansive green space with a walking trail, running track and outdoor exercise equipment. A gym will also be coming.
Ready to move into now is a two-bedroom, two-bathroom apartment with some 70sqm of living space. A 25% share is priced at £94,688 (based on a full market price of £378,750). This will require a minimum deposit of £9,469 and the estimated combination of mortgage, rent and service charge is around £1,300. L&Q will consider buyers with an annual income starting at £37,069. Find out more at lqhomes.com.