Higham Critchley Barrows: Your Experts in Property Purchase Strategies in Banbury, Oxfordshire
At Higham Critchley Barrows, we specialise in various property purchase methods, ranging from the traditional deposit and mortgage approach to more specialised areas such as Shared Ownership, First Homes Scheme, and even assisting individuals in acquiring their council or Housing Association homes.
New Build Properties
Navigating the purchase of newly built properties, which can present unique mortgage challenges, is one of our specialties. Additionally, dealing with stringent developers can often seem overwhelming. Nevertheless, we believe that new build homes can be fantastic investments and are eager to guide you through budgeting considerations and the optimal strategies for purchasing your dream home.
Help to Buy: Equity Loan
The Help to Buy scheme is now closed to new customers, however we can help those still in the scheme with how to pay this loan off. There are many steps to take for this, and it is important they are all done at the correct stage to prevent any lost fees. Professional advice on this is crucial.
Shared Ownership, also known as ‘part buy part rent’, is another option designed to assist you in stepping onto the property ladder or moving to a property that better suits your needs. You purchase a percentage of a property (typically between 25% to 75%), while a housing association owns the remainder. Although you pay rent on the part that you don’t own, the total of the mortgage payment and the rent can sometimes be lower than if you had a mortgage on the entire property. With Shared Ownership, you only need a 5% deposit of the share you’re looking to buy, which means the deposit can be significantly less than what would be required to buy outright.
Right to Buy
The Housing Act of 1980 granted many council property tenants the right to buy the property they rent. The property is independently valued, and a discount on that value, based on the duration of your council tenancy, is offered to you. This discount can form your deposit, and in some instances, you can borrow against the property for home improvements. However, you are required to remain in the property for five years after purchasing it from the council to avoid repaying part or all of the discount received.
Trust Higham Critchley Barrows, your proficient property purchase advisers in Banbury, Oxfordshire, to help you navigate the intricate paths of property purchase strategies.
*The equity loan is interest free for the first five years, but in the 6th year of ownership, a fee of 1.75% of the equity loan based on the market value at the time you purchased is payable monthly, rising annually by the increase (if any) in the Retail Price Index (RPI) plus 1%. This is applicable if you have not paid back your equity loan by the end of year 5. An illustration will be given to you at the time of purchase. You must pay a monthly management fee of £1 per month from the start of the loan until it is repaid.
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