Some of our tips and tricks!
When it comes to buying a new build property in the UK, there are some important things you need to consider. The first and most important thing is the location. Make sure that you research the local area thoroughly before making any decisions. You should also look into future development plans and consider how they might affect your investment in the long term.
Another factor to consider when purchasing a new build property is the associated costs. On top of the purchase price, you might have numerous additional fees like stamp duty, any shared ownership charges or service charges, legal fees and so on. Research all these extra costs before committing to buy.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Have you considered Shared Ownership?
When you buy a home through a shared ownership scheme you can buy a share of the property and pay rent on the remaining share of the property.
The share you can initially buy is typically between 25% and 75%. You can buy a 10% share on some homes.
Eligibility Criteria:
You can buy a home through shared ownership if both of the following apply:
• Your household earns £80,000 a year or less (£90,000 a year or less in London)
• You cannot afford all of the deposit and mortgage payments for a home that meets your needs
One of the following must also be true:
• You’re a first-time buyer
• You used to own a home, but cannot afford to buy one now
• You own a home and want to move but cannot afford a new home suitable for your needs
• You’re forming a new household – for example, after a relationship breakdown
• You’re an existing shared owner and want to move
Some shared ownership homes in a ‘designated protected area’ are only available to buy if you have a connection to the area. If you buy one of these homes, you:
• May only be able to buy a share of up to 80%
• Must sell it back to the landlord or a buyer nominated by the landlord – you cannot sell your home on the open market
If you are looking to purchase a new build property or use the shared ownership scheme to get on the property ladder, talk to us today to discuss your options!