The Property Magazine - New Homes - Summer 2018

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FINANCE NEWS Moving Home? Whether you’re looking for a bigger property and to borrow more, or you want to downsize and release some equity, simply sticking with your existing lender many not be the most suitable option if you want to take advantage of the special rates and deals being offered in the market. It’s a good idea to speak to a mortgage adviser who can search thousands of mortgages including many exclusives, to find the right deal that suits your individual circumstances. SELF AND CUSTOM BUILD MORTGAGES Mortgages for self and custom build differ from residential mortgages because the money is released in stages as the build progresses. There are two types of mortgage – valuation based and cost based. The valuation based mortgage releases funds in arrears, based on valuations at key stages of your project. Cost based mortgage provides peace of mind, with guaranteed stage payments based on your costs at every stage of the project. The right mortgage for you will depend on your individual project and financial circumstances so it’s vital to speak to an expert who can look at your project individually and recommend the right mortgage for you. HELP FOR FIRST TIME BUYERS Buying your first home is a great milestone in your life. If you’ve only got a small deposit you might be interested in the Help to Buy Scheme, a government initiative to help buyers with 5% deposits get onto the property ladder. The Help to Buy Scheme is a shared equity loan and if you’ve got a 5% deposit, you can apply for a loan of up to 20% of the value of a new build property (valued at up to £600,000 in England). You borrow the rest (up to 75% from a mortgage lender on a repayment basis. You won’t be charged loan fees on the 20% loan for the first five years of owning your home. For more information about Help to Buy, speak to a mortgage adviser. Renovating or Converting a Property When it comes to renovating a property, the first stage of this type of development often involves removal or repairs to the roof, windows and remedial work to the superstructure. Mortgages for renovations or conversions release funds in stages as the project progresses. Usually lenders release funds when the value of your property has increased, after each stage is completed (in arrears). With a cost based mortgage, stage payments are based on your project build costs rather than the property valuation and funds are paid to you in advance of each stage. It’s important to speak to a mortgage adviser who can recommend the right mortgage to suit your project cashflow and financial circumstances. WHEREVER YOU ARE ON THE PROPERTY LADDER Trust our expert advisers to save you time and money • First time buyers • Home Movers • Remortgaging • Self Build, Renovations & Conversions • Buy to Let • Affordable Housing Email: yourmortgageoptions@buildstore.co.uk MAB 9361 4
The Alder 3, 4, 5 AND 6 BEDROOM HOMES The Maple Only 4 miles from Woodstock, Charity Farm, a small and eclectic mix of only 37 three to six bedroom homes, is set in a beautiful edge of village location. With many of the homes now reserved or already being enjoyed by their newowners, Charity Farm is living up to the expectations well deserved of any PYE Home, having received an NHBC Pride in the Job Quality Award. The Silver Birch For further details of the varying designs or to view the brochure and site video visit us on line at: www.breckon.co.uk/charityfarm
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The Property Magazine - New Homes - Summer 2018

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