2 Bed House in NorthShields
This is how it works
Purchase price £89,000
Minimum starter money required of £3,500 (paid through your solicitors)
The purchase price is fixed at the beginning , the price will not change.
You pay a total of £510 per month
Of this amount -£425 goes to your rent
-£85 goes towards your deposit to buy the property in the future
End of Year 1
£89,000 less £3,500 starter money paid
-£1020 extra you have paid (£85*12 months)
At the end of Year 1 you would owe £84,480
End of Year 2
-£1020 extra you have paid (£85*12 months)
End of Year 3
-£1020 extra you have paid (£85*12 months)
End of Year 4
-£1020 extra you have paid (£85*12 months)
End of Year 5
-£1020 extra you have paid (£85*12 months)
End of Year 6
-£1020 extra you have paid (£85*12 months)
At the end of Year 6 you have saved a deposit of £9620.
The more you pay the bigger and quicker your deposit
No mortgage is required until you buy in 2015.
If you can afford bigger month payments then the quicker your deposit grows which will allow you to buy the property sooner.
£89,000 less £3,500 starter money paid
You pay a total of £575 per month
Of this amount
-£425 goes to your rent
-£150 goes towards your deposit to buy the property in the future
End of Year 1
£89,000 less £3,500 starter money paid
-£1800 extra you have paid (£150*12 months)
At the end of Year 1 you would owe £83,700
End of Year 2
-£1800 extra you have paid (£150*12 months)
End of Year 3
-£1800 extra you have paid (£150*12 months)
End of Year 4
-£1800 extra you have paid (£150*12 months)
At the end of Year 4 you have saved a deposit of £10,700.
No mortgage is required until you buy in 2013.
You can increase your payments for your deposit at any time.
The rent payment will not change during this period once it is set it will be fixed throughout the term.
If you can provide a bigger starter fund your monthly payments towards your deposit would be less.
Please remember this is a price of the property fixed for the future, prices will rise again and this is an opportunity to fix the price now.
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