Ah, the start of a new year – the perfect excuse for a fresh start, a new diary, and a long list of overly ambitious new year’s resolutions. But if 2024 is the year you’ve decided to trade in your rented digs for a place to call your own, we’ve got some realistic, first time buyer specific new year’s resolutions to help you get there. And don’t worry, these won’t involve kale smoothies or 5 a.m. wake up calls – just a bit of planning, saving, and savvy decision making.
1. Save a specific amount each month
Unfortunately, a home deposit doesn’t just appear magically. Work out how much you’ll need to save by your target move in date, and divide it by the number of months you’ve got until then. Then set up an automatic transfer to a savings account, preferably one with good interest. You could also consider a LISA to boost your savings. Tip: treat this as a non-negotiable bill, not something you’ll ‘get around to later.’
2. Know your credit score (and show it some love)
Your credit score is like your financial CV – make sure it’s on top form. Use a free credit report tool to check your score and look out for any errors. If it’s not quite where you’d like it to be, don’t panic. There are often small changes you can make which could make a big difference when it’s time to apply for a mortgage. Tip: We often work with Censeo Financial, an Independent Mortgage Advisor, and they recommend CheckMyFile to get a comprehensive view of your credit report.
3. Complete your Pocket Living affordability assessment
If you’re serious about buying a home (and let’s face it, you wouldn’t be reading this otherwise), your next step is to see what’s realistically within your reach. Complete an affordability assessment for the Pocket scheme you like the look of to find out what kind of mortgage you could qualify for.
4. Define your non-negotiables
Not every property will tick all the boxes. Start by identifying your top five must-haves (e.g., a location close to work or wfh space) and your deal-breakers (e.g., no outside space or too far from public transport). This will keep you focused during viewings and help you make confident decisions when the right property pops up.
5. Build your emergency fund
Even if you’re moving into a brand-new Pocket home, life’s little surprises don’t stop once you get the keys. Whether it’s unexpected repair costs or just making sure you’re not eating beans on toast every night after moving in, having a rainy-day fund will give you peace of mind. Aim for three to six months of essential expenses tucked away in an easy-access account.
6. Book a viewing and take the leap
Once you’ve got your finances and priorities in order, it’s time to take the next step: booking a viewing. With Pocket Living, you’ll get access to affordable, beautifully designed homes that are built specifically for London’s first time buyers. And who knows? Your perfect home might be waiting for you just around the corner.
Buying your first home doesn’t have to be overwhelming. With the right new year’s resolutions (and a bit of determination), you’ll be well on your way to unlocking the front door to your own place in 2025. So why not start now? Create your My Pocket account, complete your affordability assessment, and make this the year you leave renting behind for good.
So, you’ve got a compact balcony, a small garden, or a dainty garden plot, and you’re determined to turn it into a lush, green paradise? You’ll be happy to find that a small space doesn’t mean you have to settle for a tiny garden. With a bit of creativity and some hacks, you can create a beautiful, blooming haven right in your little corner of the world.
1. Go Vertical: Think Upwards, Not Outwards
When space is tight, reach for the sky! Install wall planters, hanging baskets, or vertical shelves to show off your greenery. And, use trellises or lattice panels to let climbing plants like beans and cucumbers make their way up.
2. Multi-Functional furniture
Maximise your space by choosing multi-functional furniture. A bench with hidden storage is perfect for stashing tools and soil, while doubling as a comfy seat. Go for tables that double as planters or get creative with stackable pots. Every bit of space counts, so make sure your furniture is working double time!
3. Mirror Mirror
Mirrors aren’t just for checking your outfit—they can make your space look bigger too! Hang a mirror on one wall to reflect light and create the illusion of a larger space. It’s like a magic trick for your garden, giving your plants more room to shine.
4. Choose Compact Plants
Not all plants are created equal, especially in the world of small-space gardening. Opt for compact or dwarf varieties that fit well in small containers. Herbs like basil and mint, or small veggies like cherry tomatoes and radishes, are perfect for tiny gardens. And, succulents and cacti are great for adding a touch of green without taking up too much room!
5. Keep It Simple
Sometimes, less is more. Focus on a few key plants or a small garden design to avoid overcrowding. A well-thought-out garden with a limited number of plants often looks more polished and manageable than one crammed with everything you can find.
So there you have it—five tips to transform your small space into a garden that’s bursting with life and style. Happy gardening!
Following Labour’s landslide election victory earlier this month, we break down what the election of Labour means for first time buyers and whether there is reason for hope over the next four years.
What does this mean for interest rates?
A misconception that is often made is that a government has the power to cut or raise interest rates. This is not true. This power is in the hands of the Bank of England which is independent to the government.
However, the long-term economic forecast suggests there may be a cut in interest rates at the end of the summer. Given the continued fall in inflation and the economic stability a new government offers, things are looking promising for a cut from the 16 year high of 5.25%.
What is ‘A Freedom to Buy Scheme’?
Labour’s manifesto promise is to help more than 80,000 young people onto the housing ladder over the next five years. To do this they have promised a mortgage guarantee scheme coined ‘A Freedom to Buy’.
What does this mean? In simple terms, the scheme would support first time buyers by providing a guarantee for part of your mortgage, meaning you will not need as big of a deposit when buying a new home. This is likely to replace the current mortgage guarantee scheme which is expiring in 2025.
What about Stamp Duty?
Currently, first time buyers pay no Stamp duty land tax on properties worth up to £425,000. On any property purchase price of up to £625,000, you will pay no Stamp Duty on the first £425,000. After this first-time buyers will pay 5% on the remaining amount, up to £200,000.
This threshold commitment was made by the conservatives and will run at least until April 2025. However, labour are reviewing this position and may bring the threshold down from £425,000 to £300,000.
Although this is not official yet it’s worth bearing this in mind if you are thinking about purchasing a home in the next 12 months.
Will Labour bring back help to buy?
Labour has no intention of bringing back help to buy.
How else will labour support first time buyers?
Labour have also promised that they will support first time buyers by giving them first dibs on homes in new developments. Labour is yet to provide any further information on how this system will work but expect announcements over the next couple of weeks.
Looking for a way to get on the property ladder?
Pocket offers affordable discounted homes exclusively for local city-makers, providing an opportunity for those on moderate incomes to get their foot on the property ladder and own a piece of the city they love. Our homes are unique and we sell our homes to first time buyers at a discount of at least 20% to other one-bedroom flats in the area. Pocket is an alternative to shared ownership, there is no rent payable on these homes, and you will own 100% from day one.
North Finchley is a delightful area of Barnet brimming with character, charm, and a wide array of activities for visitors of all ages. With the Northern Line ready to whisk you off to Central London and access to an array of green spaces, this area has it all. Whether you’re a local looking to explore more of your neighbourhood or a tourist seeking off-the-beaten-path destinations, North Finchley has something for everyone. Here’s a guide to some of the best things to do in this vibrant community.
1. Get creative at Artsdepot
Artsdepot is North Finchley’s cultural hub, offering a wide range of performances, workshops, and classes in art, drama, and dance. The venue also features a gallery and café, making it a perfect spot to spend a creative day. Be sure to check their schedule for upcoming shows and events.
Located in the picturesque Totteridge Valley, Darlands Nature Reserve offers 80 acres of woodlands, wetlands, grasslands, and a serene lake. It’s a haven for wildlife and provides beautiful walking trails with stunning views. It’s an ideal spot for a peaceful retreat or a family outing.
Just two stops away on the Northern Line, Barnet Market is held every Wednesday and Saturday. It’s a bustling food market where you can find fresh produce, baked goods, and more.
4. Step Back in Time at Stephens House and Gardens
Explore the historic Stephens House and Gardens, a beautiful estate with ten acres of landscaped gardens. The mansion, once home to ink magnate Henry ‘Inky’ Stephens, now hosts a variety of events, workshops, and theatre performances. The on-site café is perfect for a relaxing break amid the picturesque surroundings.
5. Embrace Wellness at Local Gyms, Yoga and Pilates Studios
Stay active and embrace wellness at one of North Finchley’s fitness centres or yoga studios. From state-of-the-art gyms to calming yoga sessions, there are plenty of options to help you keep up with your fitness goals while visiting the area.
GROW Farm in Totteridge is an agroecological farm dedicated to sustainable agriculture and community engagement. It’s the perfect place to connect with nature and learn about farming practices, with regular events and workshops throughout the year such as Pick Your Own Flowers, eco tie-dye making and kimchi making (events can be found on their Eventbrite page).
Volunteering opportunities are available on Wednesdays, with options for both drop-in and long-term volunteering.
You can also buy fresh vegetables, pickles, and dried flowers directly from the farm.
The Everyman Theatre in Barnet provides a luxurious cinema experience with comfortable seating and a great selection of films, all within a Grade II listed building and boasting some of the most unique screens within the Everyman chain.
8. Join the Fun at East Finchley’s Community Festival
This free, one-day festival features live music, food stalls, bars, local artisans, community activities, sports, children’s games, and more. It’s a fantastic event for the whole family.
9. Catch up with friends at the Local Pubs
North Finchley is home to several welcoming pubs, perfect for a casual night out:
The Elephant Inn: Regular pub quiz nights, pool tournaments, comedy, board games, and a sports bar.
The Bohemia: Known for its pub quizzes and on site craft brewery, The London Brewing Company.
King of Prussia: Craft beers, homemade pizza, and weekly events on offer. And better yet, there’s free shuffle board and jukebox!
10. Learn the art of pottery throwing from a local artist
Local artist Noriko Nagaoka teaches private pottery throwing lessons and specialises in ceramics inspired by nature. You can also buy her handmade ceramics online.
Old Finchleians is a thriving sports club in Woodside Park, offering football, cricket, and golf. With teams for all ages and skill levels, it’s a great place to get active and meet new people.
Just a 15-minute cycle from North Finchley, Finchley Nurseries is a family-run garden centre where you can pick your own fruit, vegetables, and dahlias. The farm shop offers a variety of fresh produce and plants, making it a great place to stock up on local goodies.
North Finchley is a treasure trove of activities and experiences waiting to be discovered. Whether you’re looking to immerse yourself in the arts, enjoy the great outdoors, indulge in delicious food, or simply relax and unwind, this charming part of North London has it all. So next time you’re planning a day out, make sure North Finchley is at the top of your list!
Looking to call North Finchley home?
Pocket offers affordable discounted homes exclusively for local city-makers, providing an opportunity for those on moderate incomes to get their foot on the property ladder and own a piece of the city they love. Our homes are unique and we sell our homes to first time buyers at a discount of at least 20% to other one-bedroom flats in the area. Pocket is an alternative to shared ownership, there is no rent payable on these homes, and you will own 100% from day one.
Our Woodside Park N12 development in Barnet is located right next to the underground station, with prices starting from £299,300. These homes are complete and ready to move into now! If you’d like to speak to one of our friendly Sales team, call us on 020 7291 3683 or email at sales@pocketliving.com
Buying your first home is exciting but can be daunting when you’re confronted with a whole new world of terminology. From “fixed-rate mortgage” to “EPCs” – the jargon can be overwhelming. Zoopla even found that a “lack of knowledge” is preventing millions from owning their own home, and it’s about time that changed! So here’s your easy-to-read dictionary and go-to guide for understanding all the terms you’ll need to know on your homebuying journey.
Anticipated Completion Date
If you are purchasing a home before the building is ready, this is the date by which the developer expects the building to be ready for occupation and for you to be able to complete.
Buildings insurance
If you purchase a flat, this will be arranged by the managing agent or freeholder and covers the structure of the property against events such as flood. You will pay for it via your service charge. If you purchase a house, you will arrange your own buildings insurance.
Completion
The day of completion is the day you get your keys! On this day your solicitor sends your completion funds (which will mainly consist of your deposit plus your mortgage funds, which they will have drawn down from your lender in advance) to the seller’s solicitor. Once these funds reach the seller’s solicitor, the keys can be released to you.
Completion statement
This sets out how much money you will need to transfer to your solicitor (and from your solicitor this will be transferred to the seller’s solicitor) to allow you to complete. It is prepared by the seller’s solicitor and includes figures such as the purchase price, service charge and mortgage funds.
Contract
The contract sets the terms of your purchase and you will sign this and return it to your solicitor just prior to exchange of contracts. The seller will also sign an identical contract prior to exchange of contracts.
Contents insurance
Recommended whether you purchase a flat or a house, this protects your possessions within your home.
Deposit
Your deposit is sent to your solicitor upon exchange of contracts and will be 10% of the purchase price as standard. If your deposit is going to be more than 10%, you’ll send the remaining balance to your solicitor in time for completion.
Defects period
If you are buying a new-build home, you will have a two-year defects period from the date of your completion. During this period, the developer or contractor will arrange for any defects (items which are not working as they should) to be rectified.
Energy Performance Certificate (EPC)
An EPC rates a property according to its energy efficiency and contains recommendations about how to improve efficiency. If you are purchasing a home which isn’t built yet, this will be available at completion (prior to completion, a Predicted Energy Assessment (PEA) will usually be available).
Engrossment
An engrossed document (this might be the contract or the lease) contains your details and is the version which is signed, as opposed to a draft version.
Enquiries
Detailed questions and requests for information about the property which are requested by your solicitor and answered by the seller’s solicitor before exchange of contracts. These may include questions which you have asked your solicitor to answer.
Exchange
Exchange of contracts (also just known as exchange) takes place when your solicitor holds your signed contract and your exchange deposit, and the seller’s solicitor holds the seller’s signed contract. The two solicitors will speak on the phone and agree the exchange and after this point, both sides are legally bound to the sale.
Freehold
If you own a freehold property, you own the property and the land on which it stands. As a general rule, houses are freehold and flats are leasehold in England.
Ground Rent
Newly built leasehold homes typically have a nominal ground rent of just a peppercorn/£1 payable annually to the freeholder.
Home Warranty
If you are buying a new build home, it will come with a 10-year Home Warranty. This usually continues to protect the home by insurance cover until 10 years after completion, and will usually include items such as foundations, walls and roofs.
An independent IMA or IFA has access to the whole mortgage market and so can recommend the best product for you (as opposed to if you were to visit a bank branch, you vwould only be offered products by that bank) and progresses your mortgage application through to the issuing of your mortgage offer.
Land Registry
A registry of the ownership of land and property in England and Wales. Once you have completed on your property, your solicitor will register it in your name at the Land Registry.
Lease
The lease sets the terms for living in your home and this will be for a set number of years. It also sets out the rights you are entitled to as a leaseholder and what you can expect from the freeholder and your neighbours (as they will also have signed a lease). If anything is unclear to you in your lease, you should ask your solicitor to explain it. Lease extensions can be agreed with the freeholder for a premium, after you have owned your home for two years.
Leasehold
If you own a leasehold home, you own the right to occupy the home for the number of years set out by the lease, but you don’t own the land your property occupies. In England, flats are usually leasehold as a number of flats occupy one piece of land. There will be a freeholder who owns the building itself and the land it is built on.
Long stop date
If you are buying your home before it is built and have exchanged contracts, this is the date after which if the home is not ready for occupation, you can walk away from your purchase and have your exchange deposit returned to you.
Loan to Value (LTV)
Your LTV is the percentage of mortgage you are taking out in relation to how much the property is worth. The percentage of your property which is not covered by your mortgage will need to be covered by your deposit. For example, if you were to purchase a property valued at £300,000 and did so with a mortgage of £255,000 and deposit of £45,000, your LTV would be 85%. The maximum LTV available will vary between property types and mortgage lenders.
Managing agent
If you are purchasing a flat, the managing agent is appointed to manage the building and communal areas day to day. The managing agent usually arranges the buildings insurance, and you will pay your service charge to them.
Residents’ Management Company (RMC)
As part of your purchase, you may also become a member of the Residents’ Management Company, particularly if you are purchasing a flat. This is a non-profit company which gives members more say in the way in which the building is run. Some members may volunteer to become directors of the RMC. A managing agent will usually be appointed to carry out the day-to-day running of the building.
Memorandum of sale (MOS)
The MOS will be issued by the seller or their appointed agent once you have agreed your purchase and outlines the details of the sale including details of all parties, figures, and any conditions of sale. If you are purchasing a new build property, this might be in the form of a reservation form instead, which both you and the seller will sign.
Mortgage
The loan you take out to purchase your new home, which will come from a bank or building society and be secured against your home.
Mortgage valuation / survey
A mortgage valuation or survey is undertaken by your lender to check that the property is not being sold for more than it’s worth. Arrangements for this to take place will usually be made by the seller or their agent, and your mortgage offer will not be issued until it has taken place.
Practical Completion (PC)
PC is a legal stage in the building process, at which point the building is ready for occupation and all of the paperwork is in place to allow you to complete your purchase (if you are buying a new build home). If you have exchanged contracts, once PC is achieved then notice to complete will be served to your solicitor, which will set your completion date.
Reserve fund / Sinking fund
An amount of money from your service charge payments is sometimes set aside by the managing agent to build up a fund to cover the cost of unusual and/or expensive works to the building such as external decorating or repairs. This aims to prevent leaseholders having to pay for significant one-off expenses in the future.
Searches
Your solicitor will carry out a local search and a flood search on your behalf: the local authority search covers any charges or restrictions relating to the land or the property, road/railway issues and environmental factors, whilst the flood search assesses the risk to the property from all the main types of flooding. If you are buying a new build home, the developer may provide these searches to all purchasers as this helps to speed the process up.
Service charge
Your service charge will cover the day-to day management, repair, and ongoing maintenance of your building and communal areas. It will also cover your buildings insurance if you are buying a flat, and a portion of it may be set aside to build a reserve fund / sinking fund.
Solicitor
You should appoint a solicitor to act for you in the purchase of your home. Your solicitor will deal with all the legal aspects of your transaction including reviewing the legal pack, reviewing searches, reporting to you, liaising with your mortgage lender, handling Stamp Duty Land Tax, and registering your property in your name at the Land Registry.
Stamp Duty Land Tax (SDLT)
A tax payable by the buyer of a property, although first time buyers receive some exemptions. Your solicitor will handle your SDLT payment for you.
Title register
The title register is registered at the Land Registry and shows important information about the property, such as the names of the legal owners, whether it is leasehold or freehold and whether there are any mortgages or rights of way which affect it. It will usually also include a title plan.
Visit pocketliving.com and get started on your homeownership journey today. By creating your My Pocket account, you can explore the range of 20% discount, 100% ownership homes tailored for you.
London is a city where there’s a neighbourhood to suit every taste—from bustling and vibrant to quiet and laid-back. Each area has its own unique personality and charm. In this blog, we’re taking a stroll through London’s best neighbourhoods around our developments, showing you the best spots for food, fun, and everything in between, as well as the quickest ways to get around.
Country peace. City pace. The Woodside Park urban retreat is perfectly placed to enjoy both. You’ll find wildlife and nightlife, rural pubs and urban coffee shops, casual eateries and smart restaurants, along with bustling venues for sport, exercise, dance and theatre.
As a homeowner at Woodside Park N12, you’ll have many off-duty options. Learn hip-hop or the Argentine tango at the AV dance studio. Or wander through Woodridge Nature Reserve, a haven for wildlife. Take your seat for a show or comedy spot at the Arts Depot. Or spread out a picnic with friends at the nearby wildflower meadow. Culture or country? At Woodside Park N12, both are close by.
Things to do
Firstly, The Arts Depot is an award-winning cultural hub with two theatres, a ‘creative research lab’, drama, dance and art studios and an art gallery.
Cafe culture is never far away. So, dip into the Holybellaartisan coffee house and savour an expertly crafted drink… a Merry Berry smoothie with a Veggie Sourdough Club at lunchtime and a slice of cake to take home.
The Tally Ho and The Griffin are traditional local pubs serving real ales, craft beers and generous portions of pub grub. Or try a pint of Hasty at The Bohemia brewpub.
For special dining occasions, visit Sofalino for typical Italian dishes such as Vitello Milanese and Fettucine al Funghi, or head up to The Orange Tree for a tempting menu featuring British classics and Mediterranean-inspired dishes.
Transport links
Woodside Park tube station, on the Northern Line, is literally on your doorstep. Take a southbound train to reach Kentish Town, with its live music venues, in just 13 minutes and Camden Town, with its clubs and bars, in 15 minutes. The journey to central London’s King’s Cross St Pancras takes a mere 20 minutes and the tube will take you direct to Tottenham Court Road, at the end of Oxford Street, in 23 minutes. Bus route 383, with a stop outside Woodside Park station, is just one stop to North Finchley High Road in one direction and Tally Ho Corner in the other. This bus will also take you to Barnet High Street.
Our development
At Woodside Park N12, we’re building 37 energy-efficient homes to be sold at a 20% discount to the market price. Each one-bedroom apartment is designed to make the best use of space, and the communal rooftop encourages a sense of community. These low-maintenance Pocket homes are a blank canvas to decorate and live in as you like. Sustainable travel is sorted, with on-site secure cycle storage, or the tube across the road, which whisks you to King’s Cross St Pancras in 24 minutes. For such a leafy part of London, you are never far from the city’s bright lights. Woodside Park N12 is complete and ready to move in to now!
Just over 9 miles south of Charing Cross, Croydon has a well-deserved reputation as a great place to live, work and play. As somewhere to set up home, the town ticks many boxes, more specifically, connectivity to central London, access to pubs, cinemas and galleries, and affordability.
Things to do
Settle into your sofa at the Everyman cinema with your beer until your chorizo or sharing plates are brought to your seat.
Boxpark, a collection of 80 refashioned shipping containers housing cafés, restaurants, bars and music venues. It has energised the town’s nightlife — as well the ever-changing display of dynamic street art has enlivened Croydon’s creative edge.
Surrey Street Market provides goodies ranging from German turnips and Thai orchids to Indian mangoes and Romanian cake.
The London Borough of Croydon has over 120 parks and open spaces. The 130-yearold Park Hill Park is just round the corner, and the multi-amenity Lloyd Park is a gentle 15-minute walk away.
Transport links
Location, location, location. Central London, Gatwick airport and the seaside city of Brighton are all readily accessible from East Croydon station. With a regular service, the rail journey to London Victoria or London Bridge takes just 16 minutes. Croydon Tramlink, with a loop around the town centre, stops right outside East Croydon station and Addiscombe Grove is well served by the bus network.
Our development
Buying a one bedroom Pocket home at Addiscombe Grove could be an extremely smart move. Not only will you obtain a discount of 20%, you’ll also own 100% of your home from day one. Designed by award-winning architect Metropolitan Workshop, each high-quality apartment makes the best use of every square foot. There are 112 Pocket homes in the development, each designed to maximise space and create a homely, efficient environment. Across the building, there are also various breakout spaces with ultra-fast hyperoptic WiFi. Light and airy, these have the ambiance of a trendy Scandinavian hotel. The 9th floor wellness room can be used for yoga and meditation sessions or residents’ get-togethers. You’ll have access to three communal landscaped gardens on different floors, a residents’ lounge, workspace and a secure bike store.
Named ‘Britain’s coolest neighbourhood’ by The Daily Telegraph, Walthamstow is ‘on trend’ right now. Time Out magazine says: ‘There’s loads to do, tons of nice people call it home and it’s an actual creative hub, a place where stuff gets made’. It’s easy to see why the area is attracting rave reviews. Where else can you visit a mile-long brewery trail, a celebration of neon lighting, the longest open-air market in Europe, a café with a climbing wall and a pub offering life-drawing classes?
Walthamstow Village, centred around Orford Road, is a cluster of quirky independent shops and restaurants such as the famed Eat17.
Along Blackhorse Lane, lovers of craft beer can stop off at a strip of micro-breweries or an urban winery. More traditional pubs, such as The Village and The Nags Head, offer superior pub grub.
Lloyd Park is a few minutes’ walk from Forest Road and has an outdoor gym, skate park and petanque court.
The William Morris Galleryis a Georgian house, once occupied by design pioneer and social activist William Morris. It celebrates his revolutionary life as a leader of the British Arts & Crafts movement.
Hoe street is located between the east and west of Walthamstow, and is pretty much the best of both worlds. You’ll find 5 star restaurants hidden between a greasy spoon and a yoga studio.
With a cult following in London and Los Angeles, God’s Own Junkyard is a must-visit. You’ll be immersed in new & used neon fantasies, salvaged signs, reclaimed neon signs, old movie props and retro displays.
Transport links
One of the glories of Walthamstow living is rapid access to central London via the Victoria Line. Walthamstow Central is just a 12-minute stroll, or an even quicker bus ride, from the Pocket Living development. The tube will take you to the shops and restaurants of Islington’s Upper Street in just 11 minutes and to the heart of the West End in only 18. Forest Road E17 is also well served by local bus routes, with three bus stops less than five minutes away. No tube or bus journey is required to visit an expanse of greenery, of course, as Lloyd Park is just across the road.
Our development
We’ve built 90 energy-efficient homes for first time buyers to be sold at a 20% discount to the market price. Each one-bedroom apartment is designed to make the best use of space, and communal gardens encourage a sense of community. You can meet for a coffee or drinks on the landscaped rooftop gardens, where shared allotment beds are on hand. The courtyard garden at ground level offers another opportunity to get together.
Whether you’re drawn to the quiet charm of Woodside Park, or the urban energy of East Croydon, Pocket has a place for you. Our developments are located in some of London’s best neighbourhoods. They offer energy-efficient homes with a 20% discount to the market price, designed for first-time buyers.
An Own New Rate Reducer mortgage is a new product which has been launched to help first time buyers with the cost of their monthly mortgage payments, allowing buyers to purchase a new build home with a lower interest rate mortgage. It’s a normal mortgage, just with lower monthly payments for the initial two-year or five-year fixed period.
The Building Societies Association’s Property Tracker Report from March 2024 shows that the recent interest rate rises have meant that the affordability of mortgage repayments remains the biggest challenge facing prospective first time buyers. Own New’s newest product aims to help with this problem.
How does it work?
Pocket has partnered with Own New, who work behind the scenes with mortgage lenders to reduce the cost involved with mortgage loans on new build properties. The reduction is funded by a contribution by Pocket towards the cost of the mortgage and enables the mortgage lender to offer buyers more competitive interest rates during the initial two-year or five-year fixed period of their mortgage.
A purchaser would obtain advice from an independent mortgage adviser (IMA) who is trained on the Rate Reducer scheme. Then once a purchaser has reserved a Pocket home and the purchase is proceeding, Pocket would liaise with Own New to arrange for the lower mortgage rate to be applied to the purchaser’s mortgage. The contribution from Pocket would be paid to Own New when the sale completes (completion is when you get your keys!)
What mortgage rates are available?
Mortgage rates will depend on a number of factors, such as the size of the buyer’s deposit, the lender, the level of incentive available, and whether an initial fixed term of two years or five years is taken out. In some circumstances, particularly when a buyer has a larger deposit, rates below 1% could be available.
Buyers can choose between two and five-year fixed terms, depending on the lender’s criteria.
Where is Own New Rate Reducer available?
An Own New Rate Reducer mortgage is currently available on Pocket homes at Addiscombe Grove CR0.
Buyer’s will need to meet the Pocket eligibility criteria for Addiscombe Grove CR0. Eligibility is at Pocket’s discretion, subject to receiving regulated advice from an independent mortgage advisor, and is subject to lender terms and conditions.
The thought of owning your first home is undoubtedly exciting, but for a lot of people it can also feel daunting (and financially impossible), especially in London’s market. Thankfully, there are lifelines. Initiatives and schemes like Pocket and First Homes are designed to help you on your journey to homeownership by giving you a discount on your first home. The two are somewhat similar and sometimes confused but there are crucial differences, so in this blog we’ll be shedding some light on exactly what Pocket and the First Homes scheme are, and how they compare. It’s important for you to make an informed decision that aligns with your homeownership goals when choosing how to buy, so whether you’re exploring your options or ready to take the leap, this blog is a must-read.
What is the First Homes scheme?
The First Homes scheme is a government scheme that offers newly built homes at a minimum discount of 30% of the market price to first-time buyers and key workers in England. To be eligible, you must be a first-time buyer, purchasing the property to live in as your sole residence, and have a combined household income of £80,000 or less (£90,000 in London).
What is Pocket?
Similarly, Pocket provides discounted homes for first-time buyers – exclusively in London. Our properties are specifically designed for Londoners (those who make our vibrant city what it is – we call them city makers) who are struggling to get onto the property ladder. To be eligible, applicants must also meet certain criteria, including being a first-time buyer, having a maximum household income of £90,000, and, sometimes (when a scheme is first launched for sale), living or working in the borough of the development. Pocket offers well-designed, energy-efficient homes sold at 20% less than the market rate.
What’s the difference between Pocket and First Homes?
At first glance, these schemes can look very similar, but there is one key difference: the absence of the First Homes scheme in London. Now, before we jump to conclusions, it’s not that developers aren’t keen to build First Homes in the city, but it’s very difficult for developers to offer homes at First Homes discount levels in London. Pocket, however has a different model which does allow us to offer 20% discounted homes, still at 100% ownership. Rather than simply discounting standard new-build homes (as with First Homes), the Pocket model works because we have developed a unique and efficient one-bedroom layout designed to suit the needs and lifestyles of those looking to get onto the property ladder in London, which we are able to offer at a discounted price.
Ultimately, the decision between buying using the First Homes Scheme or buying with Pocket depends on individual circumstances, including financial considerations, lifestyle preferences (including whether you want to live in London), and housing needs. By weighing the pros and cons of each option, first-time buyers can make an informed choice that aligns with their homeownership goals.
Visit pocketliving.com and get started on your homeownership journey today. By creating your My Pocket account, you can explore the range of 20% discount, 100% ownership homes tailored for you.
Spring has sprung, Londoners! It’s that time of the year to bid adieu to winter and embrace the blue skies that have appeared. In this blog, we’ve curated a selection of the best spring events in London that you won’t want to miss. There’s a little something for everyone, so gear up to mark those calendars!
Foodies Festival (25-27 May)
The Foodies Festival began in Edinburgh in 2006 and has since hosted 14 festivals nationwide. Each event celebrates local food and drink, featuring artisan producers, street food traders, and regional food and drink producers. You can expect 200+ food stalls, tastings, workshops, live music, and a DJ setting the vibe. As far as spring events in London go, this one has to be the tastiest!
Sunday Jazz and Soul Lunch at Boisdale (every Sunday)
Indulge in a Sunday Roast experience at Boisdale, where a scrumptious 3-course lunch is accompanied by a live jazz show. Gather your friends and family and enjoy the perfect combo of good food and live entertainment.
Gold Bunny Hunt at Hampton Court Palace (23 Mar-14 Apr)
Another must-attend spring event in London this year is the Lindt Gold Bunny Hunt at Hampton Court Palace this Easter. You’ll have to find bunny statues among the flowers and match names to red ribbons to win a chocolate treat. The perfect Easter adventure for your family.
London Home Show (13 Apr)
The London Home Show, where the housing market meets urban living. This spring event in London gathers property experts, developers, and housing organisations, offering insights into affordable homes and first time buyer opportunities. This year, Pocket Living are attending, speaking to first time buyers about how they can land a 20% discounted home, don’t miss out!
London Coffee Festival (11-14 Apr)
The ultimate coffee celebration at The London Coffee Festival is back. It showcases London’s leading specialty coffee culture and hospitality scene. Boasting 250+ artisan coffee and gourmet food brands, interactive workshops, barista demonstrations, and unique features like Latte Art Live, this is every coffee fanatics dream.
RHS Chelsea Flower Show (21-25 May)
One of the most famous spring events in London, RHS Chelsea Flower Show, is back! Globally acclaimed garden designers, plant specialists, and florists will gather in one of London’s charming neighbourhoods to showcase the latest and greatest in garden designs and floral displays.
London Marathon (21 Apr)
Join the iconic London Marathon, a celebrated event since 1981, weaving through the city’s landmarks like Buckingham Palace and Tower Bridge. Whether you’re running or cheering from the sidelines, the atmosphere is unbeatable.
We hope this roundup has sparked your excitement and filled your calendar with spring events in London. From sipping coffee at the London Coffee Festival to experiencing the vibrant colours at the RHS Chelsea Flower Show, to finding yourself a 20% discounted home, this season is going to be a good one.
So, it’s officially 2024 and you’ve decided that this is the year you’re going to begin your homeownership journey. It may be tempting to hop straight on to Zoopla and start browsing homes, but unfortunately you’ve got a little way to go before that step, first you’ll need to save for your mortgage deposit.
In this blog, we’re uncovering the most practical and effective ways to save money in 2024 – NOT including sacrificing your social life or keeping your wallet under lock and key.
Set Financial Goals
Your first port of call is to set your financial goals. You’ll need to fully understand your budget in order know what exactly you’re aiming towards and how you’ll save for your mortgage deposit.
Understand your budget: Begin by evaluating your monthly income and spending. Differentiate between essential spending, like bills and food shops, and non-essential spending. This will help you allocate funds wisely whilst creating your budget.
Create a savings timeline: A well planned timeline will keep you on track and motivated during your savings journey. Make sure you set achievable goals and stick to them!
Potential costs and expenses: It’s important to be aware of costs that might creep up on you. Make sure you have an emergency pot with enough money to tie you over should you have any surprise expenses, like car trouble (or a last minute birthday present for your Mum).
Budgeting Tips
It’s one thing to understand your budget, now it’s time to implement those saving strategies.
Cut down on unnecessary expenses: Identify non-essentials, like unused subscriptions or impulse buys, and wave goodbye. Redirect those funds into your first home fund. It’s about creating space for what really matters.
Utilise budgeting apps for tracking: Budgeting apps such as Snoop and Emma will help you to stay on tracks and enable you too see all of your spending and upcoming payments in one place. Some will highlight wasteful subscriptions, and some give you ways to save based on where you spend.
Spending Habits
It’ll be tricky to save for your mortgage deposit if you’re still splashing your cash willy-nilly. Here are a couple ways you can rein it in.
Make informed purchasing decisions: It’s time to adjust your mindset to make every penny count. Instead of impulse buys, try digging into reviews, comparing prices, and snagging deals.
Explore affordable alternatives: Craving your morning latte fix from Gail’s or a fancy dinner out? Explore affordable alternatives! Opt for homemade coffee or a cosy night in with friends. Small changes add up, leaving more cash for your first home fund.
Income Boosting Strategies
As well as saving, it’s worth thinking about ways that you can boost your income to reach your mortgage deposit.
Exploring additional income streams: Consider exploring side hustles. Whether it’s freelancing, tutoring, or turning a hobby into cash, these additional income streams can fast-track your journey to homeownership.
Remember, saving for your mortgage deposit isn’t about skipping the fun stuff – it’s about making savvy choices that align with your goals. From budgeting to exploring side gigs, every step counts toward your dream home. So, sip your homemade coffee and know that each penny saved gets you closer to that front door key. Here’s to getting one step closer to saying “home sweet home”!
Visit pocketliving.com and get started on your homeownership journey today. By creating your My Pocket account, you can explore the range of 20% discount, 100% ownership homes tailored for you.
