How to get on the property ladder

Our aim at Willo Homes is to offer high quality, beautiful homes for affordable homeownership to not only help people on the property ladder, but also to give them a sense of belonging

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Putting your foot in your new home is one of the best and most exciting steps that you can take in your life and the great news is that you don’t need a huge deposit to realise your dream of owning a brand new home.

Our aim at Willo Homes is to offer high quality, beautiful homes for affordable homeownership to not only help people on the property ladder, but also to give them a sense of belonging.

  • Help to Buy

    Your dream Willo Homes' home could be yours with just a 5% deposit thanks to the Government's Help to Buy: Equity Loan scheme.

    From April 2021, the Help to Buy scheme will only apply to first-time buyers purchasing a new-build home and will also include new maximum regional house price caps.

    Reservations using Help to Buy will now come under the new version of the scheme. You can read more about the scheme on the government's website https://www.helptobuyagent1.org.uk/

    How it works

    The Government will give you an equity loan of 20% of the value of your property to help you buy. There is no interest to pay on this loan for the first five years.

    The equity loan will be a second charge on your property and will represent a percentage of the value of your property. So when you pay back the loan, you will pay it back as a percentage of the current market value of your home.

    For example 

    Your home cost £200,000 when you bought it and you had a 20% equity loan of £40,000.

    If your home is worth £300,000 when you sell it, you will pay back 20% of £300,000 ie £60,000

    Your loan must be paid back either when you sell your property or at the end of 25 years, whichever is sooner.

    You will need a conventional mortgage from a qualified lending institution and a minimum deposit of 5% (subject to lender requirements). Don't forget that you will also need enough money to pay for your legal fees, costs of moving, and stamp duty (where applicable).

    Who can use the scheme?

    To qualify for a Help to Buy: Equity Loan, you must:

    • Sign a legal declaration to confirm that you are first-time buyers
    • Not own a home or residential land now or in the past in the UK or abroad
    • Take out a repayment mortgage that is valid for the duration of the equity loan
    • Not have had any form of Sharia mortgage or Home Purchase Plan in the past
    • Be able to afford the monthly mortgage repayments

    If you are applying to use the Help to Buy: Equity Loan scheme and you are married or in a civil partnership, you will have to apply jointly with your spouse or civil partner. All parties buying the home must meet eligibility criteria.

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  • Shared Ownership

    Shared Ownership is a popular part-buy, part-rent scheme for people who can’t afford to buy a home with a commercially-available mortgage.

    It’s backed by the government, and is a way to buy a share in a home now with the option to buy more of it in the future.

    You’ll need a minimum level of income/savings depending on the value of the home you want to buy. Depending on which lender you use, the deposit can be as little as 5% of the share value.  

    How much will it cost at the start?

    You will need to be able to pay the cost of the mortgage valuation or survey and legal fees. The minimum amount of savings you will need, will depend on the scheme you want to buy into.

    You will also need to budget for the cost of moving home, for example hiring a van or a removals company. In most cases, buying a home also involves paying a deposit.

    What are the monthly costs?

    Every month you will need to make the following payments:

    • Your rent to Salix Homes
    • Your mortgage repayment to your mortgage lender
    • A service charge and management fee for services you receive
    • Buildings insurance

    Can I buy more shares in my property?

    Yes, you can buy more shares in your home or buy outright whenever you can afford to.

    With some schemes you may have to live in your home for a year before you can buy more shares. This process is called 'staircasing'.

    The amount you pay for additional shares will be based on the value of your home at the time you staircase. When you buy more shares your rent will reduce, and if you buy outright you will no longer be required to pay rent.

    Shared 300X300
  • Rent to Buy

    Rent to Buy allows you to rent a home whilst you save for your deposit. Rent is set at 80% of the market value, allowing you space to save. This allows you to buy the property outright after the rental period.

    Please see more information about Rent to Buy further down this webpage.

  • Market Sale

    Market sale is simply where you buy a home from us outright. The majority of our properties available for outright sale can also be bought using the Government’s Help to Buy Equity Loan scheme, which offers an equity loan of up to 20% of the value of the property.

How to get on the property ladder with Rent to Buy

Owning your home is easier with Rent to Buy

Do you dream of owning your own home but are struggling to save a deposit while paying high rental prices? If so, the Salix Homes Rent to Buy scheme could be the answer.

Helping you build up the deposit you need

With Rent to Buy, you will be able to rent your new home for 80% of the market rate for up to five years. The lower rental payments then give you some breathing room to start building up a deposit. At the end of the rental period, the money that you’ve saved can then be used to help buy your property. Rent to Buy allows you to look forward to starting life in your new home as soon as your rental agreement begins, knowing that it will soon be yours to own.

Who is Rent to Buy for?

Saving for a deposit can be hard work, especially when you need to rent as you save. If you’re a first-time buyer or returning to the property market after a relationship has ended, Rent to Buy with Salix Homes could help you to become a homeowner, if you are currently working or self-employed and have a household income less than £80,000.

How to reserve a property

To reserve a Willo Homes property on the Rent to Buy scheme all you need to do is follow these five simple steps:

1. Rent to Buy Application Form – simply complete the form
and return it to us.
2. Affordability Assessment – based on your application form we will use an affordability calculator to work out the percentage of your income you will be using for housing costs. We will also assess what your savings will need to be to achieve a deposit by year five.
3. Documents – provide us with
• photographic ID
• your last three months’ payslips
• proof of savings account for a deposit
• three months’ worth of bank statements for all accounts
• proof of current address.
4. Reservation - Once our sales advisor is happy that all information has been supplied and all criteria satisfied, you can reserve the apartment by paying a holding fee of one week’s rent. We will then carry out a credit check.
5. Move in - Once we have received confirmation that your tenant referencing and credit checks are satisfactory, a sales advisor will contact you to arrange a date to start the tenancy. Prior to the tenancy signing we will require one month’s rent in advance (minus the holding fee) and one month’s rent upfront as a security deposit. This can be paid by card or BACS payment.

Please contact us and one of our friendly sales advisors will be able to help you through every step of the process.

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