The Cost of Buying

You will need a loan

Unless you have the cash to buy your home straight away you need a loan, called a mortgage. You repay this loan with interest over a fixed length of time.

The amount you need to borrow depends on the value of your home, less the discount and any cash you can put towards buying the property.

You can get a mortgage from a building society or a bank. You can no longer get a mortgage from us. The amount of mortgage granted is normally based on your annual salary. A mortgage can be a big financial responsibility and interest rates can go up very quickly over a short period of time.

Think carefully before you get a mortgage

If you can't keep up the payments because you are ill or unemployed, you may ask your lender to increase the loan period and reduce your monthly payments. If you still can't make the payments the lender can take you to court to get the property back from you.

Your family's right to buy

You can buy the property with anyone in your family who is a joint tenant. You can buy the property with up to 3 members of your family who are not joint tenants if the property is their main home. Anyone (except your husband or wife) who is buying the property must have lived with you for 12 months before you apply to buy.