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| Can I afford it? |
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Buying a property is expensive and feedback
from purchasers confirms that an amount of £2500
to cover the one-off costs is realistic. To proceed
with your application, you will need to have access
to at least £1500, either through savings or from
family/friends, without the need to borrow extra money
on your mortgage or to take out a personal loan.
If you think you can afford a mortgage we suggest you
seek advice from an independent mortgage advisor. It
is unlikely that if you have an annual income below
£10,000 you will be unable to afford home ownership
unless you have substantial savings. |
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| Can I buy additional shares? |
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If you buy a New Build HomeBuy property
you can increase your ownership at a later stage and
own the property outright if you wish to. This is called
“staircasing”. Many people who buy affordable
homes staircase to become full owners.
If you purchase through Open Market HomeBuy you can
also buy the remaining share at a later stage and own
the property outright. |
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| What happens if I want to sell
my home and move, after I have purchased through HomeBuy? |
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| Advice about selling and re-purchasing
a property would be available from the housing association
that dealt with the original purchase. |
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