ways to buy
Here at Myriad Homes, we appreciate purchasing a new home can be a daunting experience, no matter how many times you’ve been through the process. However, for a first-time buyer, it can be particularly overwhelming. We understand how stressful it can be, and are to help guide you through the sales journey, elevating your stress and worries so you can move into your ideal home.
Before you begin your search, you should ensure you can afford a property. There are many different fees involved in a house purchase, from mortgages and deposits, to survey fees, removal costs and legal charges. It’s recommended you sit down and work out exactly how much you’ll need, so you can work out what you can afford.
You’ll need to save for a deposit before you can attain a mortgage; this should be at least 10% to 20% of the cost of the home you would like to buy. You’ll find a wider range of cheaper mortgages available the higher your deposit.
You’ll find a range of providers offering mortgages, from banks to specialist mortgage brokers. You should speak to a range of people to see what they can offer you. They will be able to work out the maximum mortgage you can afford, by looking at your income and expenditure. Borrowers with high credit scores tend to get lower interest rates on mortgages than those with low credit scores. You can check your credit score on a number of websites online.
Once you’ve received a mortgage in principle from a mortgage lender, you can begin your search and put an offer in on your dream property. After this, you’ll need to instruct a conveyancer. Conveyancing is the legal transfer of a property from one person to another. It is recommended to choose a conveyancing solicitor or a licensed conveyancer, particularly if you are getting a mortgage.
We work with a range of licensed conveyancers and mortgage lenders, and are happy to recommend you to trusted companies.
There is a range of help and advice online for all homebuyers, and you can find a range of Help to Buy schemes aimed at helping people purchase properties. Find out more here
Our sales negotiators are always on hand to guide you through the process, and will keep you regularly updated on the latest process of your purchase.
Help to Buy
The government has created several Help to Buy schemes to help people get onto the property ladder.
Help to Buy: Equity Loan
Designed to help you purchase a newly built property, the government will lend you between 10% and 20% of the cost of your new home. You'll only need a 5% cash deposit, and 75% mortgage to make up the rest.
Once you have found a suitable property with a participating, registered builder, you'll need to complete the relevant forms and apply. Your mortgage broker and building company can help guide you through this process.
To qualify for the scheme:
You can be either a first time buyer or existing home owners, as long as their existing property has sold before completing on their new property
- There is no maximum household income
- You can purchase a property with a maximum value of £600,000
- You must have at least a 5% deposit
- The maximum age is 75 years of age
You can find out more here.
Help to Buy: ISA
Designed to help you save a deposit to purchase your own home, the Help to Buy: ISA boosts your savings.
For every £200 you pay into the scheme, the government will pay an additional £50. This helps boosts your savings, to ensure you can afford a higher deposit.
To qualify for a Help to Buy: ISA you must:
- Be aged 16 or over
- Have a valid National Insurance number
- Be a UK resident
- Be a first time buyer, and not own a property anywhere in the world
- Not have another active cash ISA in the same tax year
To qualify for the government bonus, the property you are buying must:
- Be in the UK
- Have a purchase price of up to £250,000
- Be your only home where you intend to live
- Be purchased with a mortgage
You can find out more here.
For people who can't quite afford a mortgage on the full market value (100%) of a home, the Shared Ownership scheme from Help to Buy offers the chance to purchase between a 25% and 75% share of a home, and pay a subsidised rent on the remaining share.
To meet the criteria for shared ownership:
- Your household must earn less than £80,000 a year
- You must not currently own a property on the open market, unless you are a current shared owner looking to move
- You must use the property as your main and current home
You can purchase newly built or resale shared ownership properties. You'll need to take out a mortgage for the share you wish to purchase. You'll have to undergo a financial affordability check to ensure you are affordable for the mortgage payments and monthly rent before you can go ahead with the purchase.
Only military personnel will be given priority over other groups through government funded shared ownership schemes. However, you may find housing providers have their own priority groups for properties, based on local housing needs.
Shared ownership properties are always leasehold, and you can sell your share for its market value at the time if you wish to move.
You can purchase more shares of your shared ownership properties when you can afford to do so. This is called staircasing. With most properties you can eventually purchase 100% of the shares, although there are some restrictions on rural properties.
CHP Shared ownership schemes in Essex can be found by visiting the Help to Buy website at www.helptobuy.org.uk
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The mortgage calculator provided on this website is intended to be used as a general guide only. Actual mortgage, premiums, payment information, and others payable are subject to the full set of underwriting policy and standards applied by your lender/s and/or other factors and might differ from what is presented. Any information provided by this calculator is not binding. Myriad Homes provides no liability for any discrepancy between the figures generated by this calculator and actual mortgages available and/or premiums payable.
The results calculated by our mortgage calculator are computer-generated and are based on the following assumptions:
- Interest is charged on a monthly basis.
- Your interest rate stays the same over the term of your mortgage.
- If you selected 'Interest only', we assume the standard monthly payment doesn't decrease even if you pay off some of your remaining balance.