Spherical Financial Services are accredited ‘new build specialist’ mortgage brokers, meaning we can help you purchase that shiny new home you’ve got your eye on.

New build homes can be purchased in a variety of different ways:

 

Traditional Purchase

You can purchase a new-build property in traditional fashion by simply investing your deposit amount ie. 35% of the purchase price and taking a mortgage to fund the remainder of the property’s purchase price which in this example would be a 65% loan to value mortgage. Please note that the figures used in this example are purely used for illustrative purposes and we may be able to help you purchase your first home with as little as a 5% deposit.

Help to Buy

This is a scheme where the government will provide an equity loan to a first time buyer, or even a home mover to which the funding is then contributed towards their deposit on their new home. You will personally require a minimum of a 5% deposit from your own resources. The government will then be able to consider lending you up to 20% of the purchase price (outside London) or up to 40% of the purchase price (London) interest free for the first five years. After the five-year interest free period has elapsed, the interest rate payable on your equity loan will be 1.75% and this can rise annually by the increase of the Retail Price Index (RPI) + 1%. The property must be your primary home and the purchase price cannot exceed £600,000 (London). Regional price caps apply on a sliding scale from £186,100 up to £600,000, depending on where the property of interest is situated.

Shared Ownership

Shared ownership, Also known as ‘part-buy, part-rent’ is a scheme where you buy a share of a home from the landlord, who is usually the council or a housing association, and pay rent on the remaining share. You need a mortgage to pay for your share, which can be between a quarter and three-quarters of the home’s full value. You then pay a reduced rent on the share that you don’t own. Later, you can choose to buy a bigger share in the property, and ‘staircase’ up to 100% of its value.

Get in touch to find out how we can make all of the above as simple as possible, whilst ensuring you’re proceeding with the most suitable option available to you.

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YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

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