{"id":4916,"date":"2022-05-28T23:18:37","date_gmt":"2022-05-28T23:18:37","guid":{"rendered":"http:\/\/box5118.temp.domains\/~mercyho3\/?p=4916"},"modified":"2022-05-28T23:18:37","modified_gmt":"2022-05-28T23:18:37","slug":"first-time-buyers-guide-residential-mortgage","status":"publish","type":"post","link":"https:\/\/mercy-house.com\/?p=4916","title":{"rendered":"First Time Buyers Guide\u2013 Residential Mortgage"},"content":{"rendered":"\n<p><strong>First Time Buyers Guide\u2013\nResidential Mortgage<\/strong><\/p>\n\n\n\n<p><strong>Apartments<\/strong><\/p>\n\n\n\n<ul><li>2 bedroom apartment for sale \u00a3330k (Home buy)<\/li><li>Colindale Gardens,\nColindale Avenue, Colindale, London, NW9<\/li><\/ul>\n\n\n\n<ul><li>2 bedroom apartment for\nsale <\/li><\/ul>\n\n\n\n<ul><li>Canaletto Court, Neasden Lane, London, NW10<\/li><li>Shares from \u00a393,750 (25% share price of \u00a3375,000 for a <g class=\"gr_ gr_5 gr-alert gr_spell gr_inline_cards gr_run_anim ContextualSpelling ins-del multiReplace\" id=\"5\" data-gr-id=\"5\">two bedroom<\/g> home). (shared ownership)<\/li><\/ul>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>London Help to Buy<\/strong><\/p>\n\n\n\n<p>This is an extension of the existing Help to Buy\nequity loan scheme to help Londoners get on the property ladder.<\/p>\n\n\n\n<p><strong>Who can do it?<\/strong>&nbsp;Anyone\nwanting to buy in London with a 5% deposit.<\/p>\n\n\n\n<p><strong>House price:<\/strong>&nbsp;Properties in\nGreater London costing up to \u00a3600,000.<\/p>\n\n\n\n<p><strong>Property type:<\/strong>&nbsp;New build.<\/p>\n\n\n\n<p>Government lends you up to 20-40% of the property value <strong>(interest-free for the first five years).<\/strong> This substantially reduces the monthly costs in the first five years and would give access to cheaper mortgage, as you only need to borrow 60% of the value from the lender. <\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" src=\"http:\/\/mercy-homes.com\/\/wp-content\/uploads\/2019\/03\/image-1.png\" alt=\"\" class=\"wp-image-4919\"\/><\/figure><\/div>\n\n\n\n<p><strong>Help to Buy: Shared ownership<\/strong><\/p>\n\n\n\n<p><strong>Who can do it?<\/strong><\/p>\n\n\n\n<ul><li>Non-homeowners, including\nfirst-time buyers and those who previously owned a home, who earn \u00a380,000 a\nyear or less (thresholds are up to \u00a390,000 in London). <\/li><\/ul>\n\n\n\n<ul><li>You\u2019ll need to have enough\nsavings to cover a 10% deposit of the share you&#8217;re buying, and to cover moving\ncosts, stamp duty, solicitors&#8217; fees, etc. You&#8217;ll also need to find a mortgage\nlender that is willing to lend on shared ownership properties.<\/li><\/ul>\n\n\n\n<p><strong>House price:<\/strong>\u00a0Any.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"\" alt=\"Image result for shared ownership\"\/><\/figure>\n\n\n\n<p><strong>Options to Buy\nproperty<\/strong><\/p>\n\n\n\n<ol><li><strong>Shared ownership<\/strong><\/li><\/ol>\n\n\n\n<p><strong>Property <\/strong>\u00a3200,000, <\/p>\n\n\n\n<p><strong>Buy:<\/strong> a 25% share (75%\nowned by a housing association). That works out as:<\/p>\n\n\n\n<p>Housing association share = \u00a3150,000<\/p>\n\n\n\n<p>Your share = \u00a350,000<\/p>\n\n\n\n<p>Your deposit = \u00a35,000 (10% of the value of your share)<\/p>\n\n\n\n<p>Mortgage required = \u00a345,000<\/p>\n\n\n\n<p>You pay subsidised rent (and usually a service charge) on the share you\ndon&#8217;t own, which will be less than the market value. If subsidised rent on the\nproperty is \u00a3100\/week, but you own a 25% share, you&#8217;d pay \u00a375\/week.<\/p>\n\n\n\n<p><strong>Mortgage fees include:<\/strong><\/p>\n\n\n\n<p>Stamp duty, insurance, service charge. mortgage broker fees,\nadviser fees, valuation fees, arrangement fees and more.<\/p>\n\n\n\n<ul><li><strong>1<sup>ST<\/sup> Time Buyer regular outright purchase<\/strong><\/li><\/ul>\n\n\n\n<p><strong>Property<\/strong>: \u00a3350,000<\/p>\n\n\n\n<p><strong>Deposit<\/strong>: 40k<\/p>\n\n\n\n<p><strong>Mortgage<\/strong>: 25yrs<\/p>\n\n\n\n<p><strong>Interest<\/strong>: 3%<\/p>\n\n\n\n<p><strong>Monthly payment<\/strong>: \u00a31.5K to \u00a32K<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" src=\"http:\/\/mercy-homes.com\/\/wp-content\/uploads\/2019\/03\/image.png\" alt=\"This image has an empty alt attribute; its file name is image.png\"\/><\/figure><\/div>\n\n\n\n<p><strong>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Help\nto Buy Equity loans<\/strong><\/p>\n\n\n\n<p><strong>Deposit:<\/strong> 5% of the sale price <\/p>\n\n\n\n<p>The\ngovernment lends you up to 20% of the sale price.<\/p>\n\n\n\n<p>You borrow\nthe rest (up to 75%) from a mortgage lender, on a repayment basis<\/p>\n","protected":false},"excerpt":{"rendered":"<p>First Time Buyers Guide\u2013 Residential Mortgage Apartments 2 bedroom apartment for sale \u00a3330k (Home buy) Colindale Gardens, Colindale Avenue, Colindale, London, NW9 2 bedroom apartment for sale Canaletto Court, Neasden Lane, London, NW10 Shares from \u00a393,750 (25% share price of \u00a3375,000 for a two bedroom home). (shared ownership) London Help to Buy This is an [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4915,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[12],"tags":[],"_links":{"self":[{"href":"https:\/\/mercy-house.com\/index.php?rest_route=\/wp\/v2\/posts\/4916"}],"collection":[{"href":"https:\/\/mercy-house.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mercy-house.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mercy-house.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mercy-house.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4916"}],"version-history":[{"count":0,"href":"https:\/\/mercy-house.com\/index.php?rest_route=\/wp\/v2\/posts\/4916\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mercy-house.com\/index.php?rest_route=\/"}],"wp:attachment":[{"href":"https:\/\/mercy-house.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4916"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mercy-house.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4916"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mercy-house.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4916"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}