Bad Credit Mortgages we offer:

Cost’s Associated to Shared Ownership Mortgages

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Cost’s Associated to Shared Ownership Mortgages

Everyone knows that when you buy a property it can be expensive, but what costs are exactly due and when do they need to be paid?

Property Reservation Fee

When you have found a property that you want to purchase the seller will more than likely ask you to pay a reservation fee and the amount of this can vary from developments – as a guide this is typically £100 to £499.

Mortgage Deposit

When you go to purchase the share you are going to buy, more than likely you will need to put down a deposit. Depending upon your situation and lenders criteria this deposit will probably be 5%+. If you were going to buy a property worth £300,000 and you are purchasing a share of 40% (£120,000), you will need to put down a minimum deposit of 5% of the share you are buying, so this would be £6,000 in this example.

Conveyancing Fees

You will need a conveyancer to complete the required legal paperwork. This conveyancer will represent your interests in this transaction. You should always get a couple of different quotations and make sure the price you get is an ‘all in’ price, so you can easily compare companies.

When you submit your mortgage application you should also instruct the conveyancers you have chosen. It is also worth noting that not all conveyancers may be accepted by your lender, so liaise with your mortgage broker to source a suitable conveyancer.

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We Gather Information Required to Search the Market

We gather some basic information about you using our quick online form

Conduct a Whole of the Market Comparision

We will search 100’s of providers to find you the lenders who are willing to approve your mortgage

Provide full service through to completion

We will show you rates along with the monthly repayments. This will not affect your credit score. We’ll also explain any fees if you progress at this point and as long as you are happy to proceed, provide you with the full service through to completion of your mortgage being accepted

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