Legal and General
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Latest property news
Santander and Legal & General bosses appear to disagree over challenges faced by first time buyers
The mortgage arm of Santander has claimed today that owning a home is cheaper than renting in all areas of the UK and that first time buyers shouldn’t be put off by the challenges of saving up a deposit because of the costs gap of owning rather than renting a property. Santander reckons first time buyers in the UK can on average save £2,250 a year by owning a property, and £3,648 in London. “Many first time buyers understandably focus on the challenge of saving for a deposit and wonder how they will afford a property,” Miguel Sard (right), Managing Director of mortgages at Santander UK says. “However, it is often assumed that when you purchase a property you will be under greater financial pressure and our research shows the reverse is true.” But Kevin Roberts of Legal & General Mortgage Club (below) has been quick to point out today that the almost impossible task faced by many first time buyers to save up a deposit means many are unable to access the annual ‘savings’ to be made from owning versus renting that Santander is so keen to tout. “For many aspiring homeowners, saving for this initial deposit is easier said…
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Latest property news
L&G lays into agents as its first build-to-rent development opens
Legal and General (L&G) has opened its first build-to-rent (BTR) scheme in the UK at a site overlooking the River Irwell in Salford, Manchester (pictured, right) where tenants will pay no moving in fees and a significantly-reduced deposit compared to traditional lets. The insurer, which is one of the UK’s best-known financial firms, set itself directly in competition with traditional letting agents and property managers at the launch. “For too long renters have found themselves at the mercy of expensive moving fees, unresponsive managers, and private landlords who often want to minimise upkeep costs and maximise rents,” says Dan Batterton, BTR Fund Manager at LGIM Real Assets (pictured, left). The Salford BTR development, called the Slate Yard, officially opened today and the first tenants are due to move in later this week, where L&G claims they will enjoy a lifestyle that many home owners would struggle to achieve. Build-to-rent As well as a fee-free move into the property and a low deposit, the building is served by a 24-7 on-site maintenance and management team, has free WIFI and free membership of a car club. L&G says these benefits will save tenants approximately £150 a month. Electricity and heating for the building…
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