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Cost’s Associated to Shared Ownership Mortgages

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Bad Credit Mortgages we offer:

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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Cost’s Associated to Shared Ownership Mortgages
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Product Description: Cost’s Associated to Shared Ownership Mortgages

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