Affordability Calculator

Step 1: Before you move in

At the outset of purchasing your property you will need money to cover:

• The deposit
• A valuation survey for your mortgage
• Legal fees
• Stamp duty
• Mortgage indemnity insurance (if required)
• Removal costs

Step 2: New Build Homebuy (formerly Shared Ownership) calculator

Once you have moved in, you will need to pay mortgage and rent every month. To work out how much this is likely to be, simply enter the full market value of the property you are interested in and the share you would like to buy.

Disclaimer

This figure is for illustrative purposes only. You should seek Independent Financial advice as to the actual costs of a mortgage, as this will vary according to the loan type.

Note 1 : This illustration is based on an interest rate of 6.5% and assumes a capital and interest repayment over 25 years. APRs will vary according to how your mortgage payments are arranged. Please remember your home is at risk if you do not keep up payments of mortgage or other loans secured on it.

Note 2 : The illustrated rent is based on 2.60% on the retained equity. This will usually increase by the annual rate of RPI. Your lease will detail exact payments and increases.

Step 3: Other costs

As you would expect, you will also be responsible for paying:

• Service charge - this may cover, for example, communal cleaning, gardening, long-term maintenance, building insurance, entry-phone maintenance etc.
• Council tax - you must register for council tax, which can be paid in a lump sum or monthly.
• Insurance - you are responsible for insuring your contents. Most insurance companies will allow you to pay monthly or as a lump sum.
• Heating/lighting bills - this will vary depending on family and property size.
• Water rates - Whether your water supply is metered or not, you will have to pay for your water.
• Fixtures and fittings – our properties are unfurnished, please remember to budget for this cost.

Step 4: Total costs

To see your total costs, please use the calculator above.