What will it cost?

It is important that from the outset you know exactly what your new home will cost you.We have listed the fees that you need to consider when you begin the process.

Starting out costs

You must have at least £4000 savings to cover the costs of buying a home (depending on the value of your home).These costs include:

  • The reservation fee

To secure your property, a reservation fee of £300 is required from the purchaser.£250 is refunded from the property price on the day of completion and £50 is retained to pay for administration costs.

  • The mortgage valuation fee

Your mortgage lender will arrange a valuation of your home to check that it is worth the price you are paying.This costs around £400 but may vary depending on the lender.

  • Mortgage arrangement fees

For fixed rate mortgages there are usually an ‘arrangement’ or ‘application’ fee.These vary from lender to lender but you should budget for around £500 to £1500.These fees are non returnable.

  • Solicitors’ fees

These tend to vary between £700 to £1000 and include Land Registry fees, local search fees and other expenses.

  • Stamp Duty Land Tax

This is a government tax on buying your home.You will need to check the stamp duty thresholds with your solicitor when buying a home as these can change.

Your mortgage payment

Each month you’ll make your payment to your mortgage lender.The mortgage payment is between you and your mortgage lender, but as we own part of your home we want to protect our investment just as much as you do.

Your service charge

Everyone who owns their home through our Shared Equity scheme pays a management and insurance charge each month, also known as your service charge.

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