Over recent years it has become increasingly difficult for first-time buyers to find a house and secure a mortgage that is feasible. First-time buyers are being priced out of the property market in around the UK, where nine out of ten houses are too expensive for locals, according to reports. However with government schemes in place like Help-to-Buy, it has made it possible for younger generations to own their first home.
Help to Buy: everything you need to know
Are you trying to get onto the property ladder? You could be closer to saving your deposits than you think, move into your new home, with just a 5% deposit using Help to Buy. You no longer need a large sum of money sitting in the bank to buy a property. Keep reading for the latest initiatives and ideas to help you get on the property ladder in the UK.
Help to Buy is a popular Government encourage scheme that gives you an interest free loan, aiming to make more mortgages more accessible for those who cannot afford a large deposit. It is becoming increasingly difficult for the younger generations to get themselves onto the property ladder or even for existing property owners to move up the property ladder. But with government schemes in place like Help to Buy, can give you the right steps to owning your own home The Help to Buy ISA pays first time buyers a government bonus, which is interest free for the first 5 years, leaving you enough time to get you on your feet!
About the Help to Buy scheme
• A deposit as small as 5 % is the minimum required
• Available on most of Fortitudo developments in England up to £600,000
• Help to Buy loan is only available on new build properties
• No household annual income limit
• The government will lend you an interest free loan up with 20 % of the property value for five years. This equity loan can be repaid at any time, or on the sale of your home.
• You will only need to secure up to 75% of the mortgage
• Help to Buy also gives you direction on getting you some of the best mortgage rates at the time
How to apply?
Check your eligibly for your first home with Help to Buy
Which of our property developments are likely to have Help to Buy?
During the early 1990s Richard Carr was a regular on the front page of the Evening Echo as a result of his business ventures. In late October in 1991, he was pictured on the front page under the headline ‘Tycoon gets £163,000 rise’.
“I’m worth every penny”
Was Richard Carr’s response. Described as a flamboyant local business tycoon, the paper reported that his pay rise took his annual salary from £99,000 to £262,000.
Richard, who are the time was running his self-made business Allied Leisure, left school without a single O-level and went on to run a major public company employing over 1,000 people.
He defended his pay rise, telling the Echo: “I am very good value and worth every penny. I am not in the slightest bit embarrassed about the rise.
“Company executives in this country are grossly underpaid. I believe in paying people well and that goes for all my directors and staff.”
Richard Carr operated in the nightlife economy for a number of years, owning and running a variety of nightclubs and bars. He also created the hugely popular ‘Slinky’ brand, which saw huge events hosted across the globe with some of the world’s biggest DJs.
Carr wins Cage and Zoo battle
Richard Carr made the front page headline of the 1992, March 3rd edition of the Evening Echo after the police dropped their objections to his £2million nightspot.
He won his battle to build one of the country’s biggest nightclubs in Bournemouth despite the Police’s fears that it may lead to trouble in the streets.
However, Bournemouth magistrates gave Richard Carr the go-ahead to create the 2,000 capacity club in the town centre. Although the police had dropped their objections they told the court that if trouble ensued, they would object to the club renewing its operating licence.
Entertainment company announces 20% profit increase
Richard Carr in the Archives
Despite announcing 20% profit increases, Richard Carr explained that the rise was below expected at the time and that plans to expend the business into Germany have been shelved for the moment.
Allied Leisure, which ran a ten-pin bowling alley, nightclubs and theme pubs, including the Tower Park complex in Poole, revealed pre-tax profits of £3.1 million compared to £2.6 million the previous year, a 19% rise.
Richard Carr now operates as a commercial and residential development consultant for Jacob Carr Homes Ltd. He uses his expertise and knowledge of the industry to achieve planning permission for his employer’s clients.
Examples of his planning grants can be found on his website under the ‘Development’ page.
Richard Carr aids local firms
Carr aids local firms
In the early 1990s, Carr was Chairman of Poole based Allied Leisure, a leisure business which comprised nightclubs, bowling alleys and fast food counter restaurants.
Today on Richard Carr’s Commercial and Residential website, we take a look at an article wrote about the entrepreneur when he was aged 29, by the Alfred Lambs magazine.
Alfred Lambs feature
The full two page feature, which talks about Richard Carr’s early years in business and his powerboat career, is available to read in the ‘Press’ section of his website.
The lengthy article opens by explaining Richard’s route into the fast food outlet industry, beginning with the time he spent as a farmer during his spell in agricultural college.
Richard Carr’s feature in the Alfred Lambs feature
The feature spells out Richard’s desire to constantly better himself and become a successful businessmen. It took a number of small-time jobs before Richard eventually landed on his feet.
He worked on motor cruisers as a handy man; took a course in heavy engineering which set him as a welder for twelve months and then slowed made his way into the leisure industry working in hotels and restaurants.
Allied Restaurants Ltd
Richard Carr opened a fast food outlet in the centre of Bournemouth and for two years ran a Hamby House, with great success. His potential was recognised by fast food giants Wimby and it was his relationship with them that kick started his business career.
Speaking to the Echo Magazine’s Nick Churchill, Carr spoke about his rise to success through his Fast Food Service business, which he sold for £13m in 1990. “I come from a background of family that has always been in business on their own and my mother was a very hard-working women and that’s what has rubbed off on me. I enjoy the thrill of getting up in the morning and having the hurdles put in front of me.”