Homeownership Westminster

First Steps Buy

Shared Ownership

you purchase a share of a property with a conventional mortgage.
you become a leaseholder and the freehold of the block or building is owned by a Housing Association.
you pay subsidised rent to the Housing Association on the share you do not own.
initially, the minimum share that can usually be purchased is 25% of the value of the property. The maximum share that you can buy is normally 75%.
the combined monthly cost of the rental payment and the mortgage is less than you would pay for an open market purchase or rental.

You have the option of buying additional shares at a later date.

Shared Ownership Re-sales

you purchase a shared ownership property which has had a previous owner.
you buy the percentage share that was owned by the previous owner.
you can also apply to buy a larger share if you can afford to.

First Steps FirstBuy

FirstBuy is a government supported equity loan product which gives you the opportunity to buy a new home with the assistance of a loan for up to 20% of the full purchase price of the property. The remaining purchase price of at least 80% will need to be funded by a mortgage (including the deposit). The equity loan will be co-funded equally by the government and the developer.

The FirstBuy equity loan has no interest applied for the first five years, with an interest charge payable from year six onwards. The equity loan will be placed as a second charge after the mortgage loan. FirstBuy is available from summer 2011 at developments across London from a range of developers building homes in the capital. More details to follow.

Arrange a face-to-face meeting to find out more and see how we can assist with your housing aspirations!