Of course, on top of the mortgage (remember...buyers will now need to make a financial contribution to their payments each month), there are other costs associated with buying a home. Some of these approximate fees are listed below:
Valuation Fee: £250
Solicitor’s Fee: £1100 - £1300
Lender’s Mortgage Booking Fee: £350
The MySafeHome Solution Fee: £2000 (this is fully refunded if for any reason the mortgage is not completed)
£4000 approximately
Typically the building insurance policy is organised by the Housing Association. Contents insurance is recommended and is the responsibility of the homeowner. In addition to the above costs, homeowners will obviously need money to pay for furniture and furnishings once they’ve moved into the property.
Your home may be repossessed if you do not keep up repayments on your mortgage.
The overall cost for comparison is 4.9% APR. MySafeHome is authorised and regulated by the Financial Services Authority. A fee of up to £2,000 per applicant is payable for The MySafeHome Solution. This is fully refundable if for any reason the mortgage is not completed.
If you have subscribed to our newsletters you will have seen that our shared ownership scheme is now up and running again across parts of the UK.
It is with regret that we have to announce that our main lender, KRBS (now part of The One Savings Bank plc), has decided that it can no longer consider supporting the HOLD (Home Ownership for people with a Long-term Disability) scheme.
Whilst we continue to work tirelessly to launch our new shared ownership model we are still unable to announce when this might be available.
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