Affordability Calculator
This calculator helps you work out how you can afford your dream home. You can amend the information using the sliders to match your personal financial situation.
Based on the information given, it will provide an example of what your monthly mortgage and rent payments could be depending on the size of your deposit and the percentage share that you are purchasing. Rent is calculated at 2.75% of the full market value of the remaining share. It also provides the minimum income that is required to purchase your shared ownership home.
Ongoing costs
Service Charges
As a leaseholder of a flat or apartment you have a responsibility to pay a share of the costs for maintaining the communal areas and services provided to your development. These services usually include items such as repairs and general maintenance to these areas. They can also include management costs by a professional managing agent who provides the services to the site. All service charges are variable, which means that Paradigm sets an estimated charge at the beginning of the financial year, and then produces a final account once the year is complete. Charges vary between schemes. Please see individual schemes for specific information. As a leaseholder of a house, you may also be required to pay a service charge for the upkeep of the surrounding shared amenities.
Council Tax
Please check with your local council for the charges that relate to the valuation band in which the property is located.
Additional Purchase Costs
Legal Costs
You will need to appoint a conveyancing solicitor to handle the legal paperwork for you. Costs include the solicitor’s fees, appropriate searches and registration fees.
Moving Costs
You can get a professional removals company to help you move and they can even pack up your belongings for you. Or you may decide to hire a van and do it yourself.
Stamp Duty
Stamp Duty Land Tax (SDLT) is a tax payable to the Government and may be applicable to you; you should seek the advice of your solicitor for further information.
https://www.gov.uk/stamp-duty-land-tax