You set up regular monthly payments to create your deposit starting from £1000 per month.
Once your deposit is raised, your self-financed mortgage will commence and there will be no more out of pocket contributions.
You can also make a single payment of the total deposit or top it up with a one-off lump at any time.
By direct debit if you have a UK bank account
or through a monthly standing order
1. Purchase Price: £112,000 GBP
Loan Amount: £89,600
Loan Term: 17 years
2. Client Reservation fee: £3,920
Ashfords Solicitors fee: £1,000
Total Reservation: £4,920
3. Followed by
Option 1
10% down payment: £11,200
10% divided into 12 monthly payments: £746 per month
Option 2
0% down payment
20% divided into 15 monthly payments: £1,493 per month
4. Completion stage
Mortgage arrangement fee of: £1,364
80% of property cost: £90,944 arranged via mortgage which is covered by rental income
5. Estimated gross monthly rental income: £700
Service charge per month: £42
Ground rent per month: £7
Tenant management fee per month: £70
6. Net monthly income available to cover mortgage: £623
7. Mortgage principle and interest
Monthly mortgage payments: £613