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Buying Process

A step-by-step guide to buying your home

This step-by-step guide takes you through the process of buying your home so you know what to expect as you move closer to moving day. From calculating how much you will need to borrow from your mortgage lender, to considering buying schemes including Help to Buy and Home Reach, and saving for a deposit, there’s a lot to think about when preparing to buy your new home.

Help To Buy Scheme

What is the help to buy scheme

The Help to Buy: Equity Loan is a Government-funded scheme that’s helping people onto the property ladder for the first time. The scheme, which will run until 2020 with an extension to 2023 for first-time buyers, means you can buy your new home with just a 5% cash deposit and a 75% mortgage from a commercial lender to make up the rest. 

Home Reach

Buy a 50 - 75% share of your new home with Home Reach

With the Home Reach shared ownership scheme, you buy a 50-75% share of your new home now, and rent the remaining percentage until you are in a position to own the full 100%. You can purchase your share with cash, or by borrowing from a mortgage lender with just a 5% deposit. The rent you will pay is 2.75% of the value of the unowned share, which will be paid monthly by direct debit to Heylo.

Deposit Calculator

What is a deposit calculator?

Whether you're just beginning to save your deposit, or have some money set aside already, a deposit calculator will help you to determine how much more you need to save to buy your new home. A deposit calculator allows you to see all the figures relating to your mortgage in one place. It can give you an idea of what your mortgage repayments will be, based on various factors such as the term of your loan and its interest rate. 

Mortgage Calculator

Using a mortgage calculator

Determining your monthly mortgage repayments can help you to decide whether you can afford your dream home, and if you need any help from schemes such as Help to Buy or Home Reach. A mortgage calculator could be a useful tool if you’re unsure how much your monthly mortgage repayments will be when you move into your new home. By inputting key figures such as mortgage term and interest rate, you can calculate your monthly mortgage repayments, giving you a better idea of whether you can afford your dream home.

Mortgage Types

Understanding mortgages

Most people will take our a mortgage to buy their new home. You’ll need to consider which product works for you, consifering everything from the length of the term to whether you want to take out an interest only or repayment mortgage. Here we explain everything you need to know about mortgages and answer some of the questions you might have as you take steps towards moving into a jhome of your own.
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We’re happy to help
If you’d like more information on any aspect of the buying process, our finance experts are happy to help.

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We will take you through the options available to help buy your new home

1.How much deposit do I need?

Having a strong deposit is a good way to increase your chances of being accepted for a mortgage. Unless you are using Help to Buy, you will usually need to have saved up at least 10% of your home’s value before you can make an application.

The amount you need to save will depend on a number of factors, with the main one being the price of the home you want to buy. Take a look at our mortgage calculator to see for yourself how the size of your deposit can affect how much you’re paying for your mortgage each month.

2.What is a deposit calculator?

Whether you’re just starting to build your deposit, or you’ve already got money set aside, using a deposit calculator can help you see how much further you’ve got to go.

It can be useful to see all the figures relating to your mortgage in one place – which is what a deposit calculator enables you to do. The calculator can give you an idea of what your mortgage repayments will be, based on various factors such as the term of your loan and its interest rate. 


3.What is the Help to Buy scheme?

With the Help to Buy scheme, you will only need a 5% deposit to secure your new home. 

The government will lend you up to 20% of the value of your new home, meaning you will only need a 75% mortgage. You won’t be charged any fees over the first five years of your loan, so you can use this time to save more for the future.

4.Do I need a mortgage in principle?

When you are buying a brand new home, it might take longer than six months for it to be completed. If this is the case, it can be a good idea to apply for a mortgage in principle.

However, even if you are given a mortgage in principle, it doesn’t guarantee your mortgage will be approved when you make your formal application. Your lender will look at your financial situation in more detail and make their decision based on the latest information they have.

5.What is a mortgage in principle?

Some people apply for a mortgage in principle before buying a new home. This is when a lender will say that, if all your financial and personal information is accurate, they would be willing to lend you the money you need to buy a new home.

A mortgage in principle can be reassuring, especially if your new home might not be completed for several months. A formal mortgage offer might have expired by the time your home is ready.

A mortgage in principle can usually be drawn up in 24 hours and will generally last between three and six months. You will need to check with your lender exactly how long yours will be valid for.

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