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Mortgage advice is available from Censeo, our preferred providers. Visit them at:
Finance
In order to buy your home you must have savings or access to sufficient funds to cover the following (we estimate this amount to be approximately £3,500).
- The bank or building society survey. The amount you have to pay varies.
- Legal fees. We can supply a list of reputable solicitors who are familiar with shared ownership. It is advisable to ask for an estimate before engaging your representative as fees vary.
- Stamp duty. Depending upon the value of the property and the size of share you are purchasing, you may not have to pay stamp duty when you initially take ownership of your home under current government legislation. For further details, please contact us.
- Deposit - In the current market you will need a 20% deposit on the percentage share of your property. Therefore for an 25% share on an average purchase price from Genesis Homes, the deposit you will need will be between £12,000 to £20,000 depending on the current market value of your apartment.
- £250 reservation fee. This money will then be subtracted from the amount payable upon completion of sale.
- Removal costs (if any)
In addition, you will normally have to take out a mortgage for the share of the property you wish to purchase. There are many financial advisers who can help you make a decision regarding your mortgage. We recommend Censeo who provide a whole of market, non-charging service tailored to Genesishomes customers.
Censeo have specialist knowledge of the shared home ownership sector and give you tailored advice, detailed information and a recommendation on the most suitable type of mortgage, how best to repay it and protect it, so that you can make an informed decision on what is best for you.
To find out more about Censeo call 0845 050 7911 or click here to visit their website.