HOME BUYERS INFORMATION
Are you a First Time Buyer??
Through market analysis, we have established that a First Time Buyer typically provides on average a deposit of 6.66%.
Our average Sale Price is £125.000. If you provide the average deposit (in this case it would be £8325), you would have a mortgage of £116.675.
The cost for this mortgage could be as little as £534.37 per month**.
Are you an existing Home Owner looking to move??
Market analysis shows that Home Movers typically provide a deposit on average of 17.5%.
Based on our average Sale Price of £125.000, if you provide the average deposit (in this case it would be £21.875), this would leave you having a mortgage of £103.125.
The cost for this mortgage could be as little as £493.96.
**The figures quoted are based on borrowing over a 25 year period, on a capital and repayment basis, with the repayments on an interest rate of 5.75%
To help you establish how much your new monthly mortgage repayment will be, we have provided a grid to help you with your calculations.
| Amount of Loan | Interest only Payment | Capital Repayment |
|---|---|---|
| £90.000 | £431.10 | £566.10 |
| £100.000 | £479.00 | £629.00 |
| £110.000 | £526.90 | £691.90 |
| £120.000 | £574.80 | £754.80 |
If the amount you require is not shown, and you wish to have an idea of the likely repayment, follow this simple calculation:
Determine the loan amount you will require, multiply this figure by either 4.58 (for interest only loan) or 6.14 (for repayment loan), then divide by 1000, this end figure will give you a guide as to what the monthly repayment will be.
There may be charges from the lender which will be clearly illustrated on any Key Facts Illustration produced.
** Data correct as of 26th July 2007.
** All figures are calculated using the Bank of England Base Rate (5.75%)
Your home may be repossessed if you do not keep up repayments on your mortgage.
Think carefully before securing other debts against your home. The financial services authority does not regulate commercial mortgages and some forms of buy to let mortgages, debt consolidation and loans. A typical fee for mortgage advice is £250.
Panacea Financial Services is a trading style of Ainsworth Financial Services Limited, which is authorised and regulated by the Financial Services Authority. We are entered in the FSA register under reference 192807. Registered in England - number 4000799
Legal Package
It is recommended that when you decide to purchase one of the apartments you should instruct a Solicitor to carry out the conveyancing on your behalf.
The Solicitor will check the title to the apartments and will advise on any rights and responsibilities that come with the purchase. He or she will carry out any local or other searches on your behalf, will deal with any legal work arising out of a mortgage, and will ensure that your purchase is registered at the Land Registry.
You may, of course, instruct any Solicitor you choose. To assist you, however, we have negotiated some discounted prices with two local firms of Solicitors. Barlow Rowland will charge you £495 plus VAT, and Forbes will charge you £375 plus VAT. In each case the fee will be the same irrespective of the purchase price. Also, in each case, their fee does not include disbursements such as search fees, land registry fees, and, where applicable, Stamp Duty.
If you wish to take advantage of any of these offers please speak to our Sales Administrator who will put you in contact with the Solicitors.
