What happens next?
After submitting your details we will contact you. If suitable, we will then send you information about appropriate homes.
If I miss payments, who am I in default with?
Your mortgage company.
What Salary is needed?
Each case is different and we will discuss your circumstances with you.
How soon can I move in? (or how long does the process take?)
As soon as we find you a suitable property and your mortgage is processed (typically within three months).
Am I free to make improvements?
Yes, consistent with local by-laws.
Who pays for my deposit? How does that work?
1st HOME pays your deposit and retains an equity share in the property.
Who pays for any major repairs?
You do as it is predominantly your house.
What is my legal protection from a buy out of my home?
You are the owner of the property and as long as you maintain your mortgage payments and our terms and conditions you can stay as long as you wish.
Do you use an Equity Loan Scheme?
Yes.
Will I pay any interest on the deposit loan?
No.
Am I eligible?
There are a number of factors that determine your eligibility for a mortgage including your credit history, income and outgoings.
Do I have to use your finance/legal team?
Yes, as this system is not something many solicitors have any experience with. All costs are comparable to other conveyancing companies.
What types of homes are available?
Any property that is suitable for mortgage purposes.
Can I buy more than one home using this scheme?
No, this is a scheme set up to put people on the housing ladder.
Are there reservation fees to pay?
No, once we find you a suitable property there will be a mortgage valuation fee to be paid.
How long do I have to make up my mind, change my decision?
One week, remember, the demand for no deposit homes is very high. You need to move fast and be flexible.
Who makes the deposit contribution?
1st HOME.
Who pays the stamp duty?
The buyer.
Can I sublet the property for any reason?
No, as this would breach conditions of your mortgage.
Can I rent a room privately?
Yes as long as the mortgage company allows this.
