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Financial Advice
Here are some frequently asked questions regarding financing the purchase of your home.
| How do I arrange a mortgage?
In the same way that you would apply for a mortgage for an open market property. Mortgage offers will obviously be based on individual circumstances, but typically a 95% mortgage on the property should be achievable. First Step Homes has access to independent financial advisors who are experienced in placing purchasers with those lenders who best serve the individuals requirements and who are familiar with the restrictions and conditions under which the properties are sold.
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| What happens if I fall behind with my mortgage payments?
You will be at risk of loosing your home in the same way as if you had bought a house on the open market. If you believe that you are going to have difficulty in meeting your mortgage payments you should not consider buying a property. However if you did find yourself in financial difficulty you should contact your lender at the earliest opportunity
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| What other costs are involved in purchasing a property from First Step Homes?
All the costs that you would normally expect when purchasing a property. You will need a 5% deposit to exchange contracts, and then make up the balance of the purchase price at completion with savings and/or mortgage borrowings. You will also need to allow for solicitors fees and the cost of any searches, mortgage arrangement fees, stamp duty (1% of the purchase price for houses over £125,000) and the cost of moving furniture to your new home. Unlike shared equity housing, there is no rent to pay on a First Step Homes property.
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| What happens if First Step Homes go bankrupt?
In the unlikely event of this happening, you will not be affected in any way. You own your home and are protected by the title deeds.
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