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Discount Full Ownership

Discount full ownership is currently only provided by Pocket.  Pocket is a private developer (not a housing association) working with local councils to build developments of 15-50 one-bedroom apartments on small urban sites.  Pocket homes sell for at least 20% below local market prices. With Pocket, you can purchase 100% of your home; there is no shared-ownership, no equity retained, no rent to pay, no ‘staircasing’. It’s all yours.

You will need to arrange a mortgage, which will typically require a deposit of 20% of the sale price.  The amount of deposit required will depend on the mortgage provider you choose, the terms of the mortgage and your credit rating. You will also need to cover the cost of the mortgage valuation or survey, legal fees, and stamp duty (if applicable), which typically comes to approximately £4,000.  Finally, in addition to your mortgage repayments, when you move in you will also need to pay a reasonable service charge to Pocket for maintenance and upkeep of communal areas and the grounds of your building – this varies from building to building.

Help to Buy

The Help to Buy scheme is designed to help overcome the deposit gap for new home buyers. It is aimed at first-time buyers who only have funds for a 5%-10% deposit on the home they wish to buy in England. The lenders participating in the scheme will provide a 90%-95% loan-to-value mortgage for buyers meeting their qualifying criteria.

For more details and to find out if you qualify for the scheme visit helptobuy.gov.uk

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