Before you buy a home through HomesHub, we will assess your application to determine whether you are eligible for the scheme, and whether you can afford it. Apply now to see if you can buy a home through HomesHub.
Buying a home is a decision which should not be taken lightly, and there are a number of costs which you should take into consideration before applying for home ownership:
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Reservation fee. You will normally be required to pay a reservation fee to secure the property you intend to buy. |
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Stamp duty. Stamp duty may also be payable, please ask your solicitor about the options for paying stamp duty. |
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Solicitors. You will need to appoint a solicitor to act on your behalf. Your solicitor will also pass on the cost of other items such as Land Registry charges and local search fees to you. There is no scale for solicitors fees and you should ask for an estimate at the outset. |
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Surveys and valuation. You will have to pay your lender to value and survey the property you are purchasing. A basic survey and valuation currently costs in the region of £200 but you should obtain a proper quote from your lender before proceeding. |
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Mortgage repayment. You will normally have to pay off your mortgage by monthly instalments to your lender. The actual amount that you will have to pay will depend on a number of factors including the amount you borrow and the type of mortgage you take out. Again detailed advice on this point should be provided by your lender. For a quick idea of how much you may be able to get a mortgage for, check the online mortgage calculator. |
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Rent. For New Build Homebuy (Shared Ownership) products there will be a rental charge on the equity the developer holds. You will need to factor this cost into your monthly payments. |
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Service charge. Some properties (mainly apartments) will require the payment of a service charge for cleaning and general maintenance of communal areas in a development, depending on what is required. It is worth checking with the seller how much the service charge is before making a commitment to buy. |
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Ground rent. Some properties require payment of a ground rent. Again it is worth asking the seller whether this applies to the property you are purchasing and if so, how much this is, before making a commitment to buying your property. |
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Insurance. You will need to obtain Buildings Insurance for your home. In apartments, this may form part of your service charge. |
