Please send us your questions, comments and suggestions concerning property, or the articles in First Time Buyer magazine.
WHAT IS APRC?
I have come across the term APRC when looking for mortgages and I am not sure what it stands for or what it means?
Ben James
FTB says: APRC stands for Annual Percentage Rate of Charge. It is a measure used in mortgages (and other types of loans) to express the total cost of borrowing on an annual basis. The APRC includes not only the interest rate but also any additional fees or costs that are part of the mortgage, such as arrangement fees, valuation costs or insurance. The APRC is designed to give borrowers a clearer understanding of the true cost of a mortgage over a year, allowing for easier comparison between different mortgage offers, even if the interest rates or fees vary. It is expressed as a percentage of the total loan amount, and it helps to provide a more complete picture of what the mortgage will actually cost in the long run.
Moving Day
The big day is nearly here! I will be moving into my first home in about six weeks time and was wondering if you had any tips that will help moving day go as smoothly as possible?
Sarah Gollingsworth
FTB says: Moving can be stressful, but a little planning can make the process smoother. Label your boxes with the room they are to go in and a brief description of the contents on both the top and side. Store screws and bolts in freezer bags and tape them to the relevant furniture. Protect your floors with flattened cardboard boxes, and keep cleaning supplies, bin bags and old towels handy for last-minute cleaning or bad weather. Move large furniture first to avoid rearranging boxes later, and check that the lightbulbs work to avoid an inconvenient trip to the store. Don’t forget to take meter readings for gas, electricity and water at both your old and new home and take photos for extra peace of mind. Though it may seem like extra work, these steps will make unpacking much easier.
RICS Surveyor
I am in the process of buying my first home and I keep hearing the term RICS surveyor, but I am unsure what this is?
Harry Wyatt
FTB says: A RICS surveyor is a professional who is accredited by the Royal Institution of Chartered Surveyors (RICS), a global organisation that sets standards for surveying and property-related professions. RICS surveyors are experts in various aspects of land, property and construction, providing advice, valuations and surveys related to real estate and construction projects. There are several types of RICS surveyors, including building surveyors who focus on the condition and structure of buildings; quantity surveyors who specialise in cost-management and budgeting for construction projects; valuation surveyors who provide property valuations; and land surveyors who measure and map land. To become a RICS surveyor, individuals must complete accredited education and training, followed by professional exams to gain chartered status, ensuring they uphold high standards of professionalism and ethics in their work.
Change of Address Checklist
I’m aware that I will need to change my address on a number of different things when I finally move house and buy my first home. Do you have a checklist of things to include?
Tatiana Lowe
FTB says: When moving home, it’s important to update your address with various organisations. Start by arranging for your post to be forwarded by Royal Mail, and make sure you update your bank, credit card companies and financial institutions. Don’t forget to inform utility providers such as gas, electricity, water and internet services and update your address with insurance companies for home, car, health and life insurance. Notify the tax authorities, your employer, and healthcare providers such as your doctor and dentist. Also, update subscriptions, deliveries and Government services like the electoral roll and social security. Let friends, family and schools or childcare providers know your new address, and update memberships for clubs or gyms. Make sure to revise your address with online shopping and delivery services, and update your vehicle registration and driving licence. Taking care of these steps will ensure a smooth transition.
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lynda@firsttimebuyermag.co.uk
First Time Buyer is an exciting bi-monthly glossy which takes a stylish and comprehensive look at all the options available, setting them out in an entertaining and informative way, and helping potential customers navigate their way through what is often a daunting and complex process. We dispel the myths, reinforce the facts and arm the reader with the tools necessary to make their homeownership dreams a reality.
