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Helping you to buy

Helping you to buy

Brick By Brick Shop

Our shop is currently closed, due to the situation with Covid-19.  However, our sales team are still working remotely, and we are offering video viewings during this period.

Please check the Covid-19 tab below for further information.

Sales team

Our sales team, Shaun and Nez, are based in the Brick By Brick shop on George St in Central Croydon.  They can work with you to find a new home that suits your circumstances – in the right location, and for the right price.  Shaun and Nez have lots of experience with Help to Buy and Shared Ownership, so they can also advise on different ways to buy.  We also have a mortgage adviser based in the shop who can help you pick a product that meets your needs.

Covid-19

We are currently not able to offer face-to-face viewings, and our shop on George Street is closed, due to Covid-19. However, our sales team are still available via phone and email during normal working hours to assist you in your search for your new home.

To support our customers during this time we are offering video viewings, which are either pre-recorded, or can be booked for a live viewing via WhatsApp, subject to availability. You can find out more about your viewing options here. Also, follow us on social media for news of InstaLive viewings, and register your interest so we can contact you with the options available.

Before we can arrange a viewing (including a virtual or video viewing) or accept a reservation, we need to know a bit more about your circumstances so we can offer you the best advice on purchasing options and the different homes we have available. Simply contact our appointed financial advisor, Censeo*, on 020 7090 7290, or fill in this form to answer a few basic questions about your financial circumstances. Censeo will then confirm your affordability with us, and one of our sales consultants will be in touch to discuss further.

*Censeo Mortgage Advisors are required to carry out the initial financial assessment, however, you are not required to use their financial services, it is just to provide a guide for our sales team.

Help to Buy - London

First time buyers and home movers are both eligible for a Help to Buy Equity Loan, where the government will lend you up to 40% of the cost of your new build home. You put in the minimum 5% cash deposit upfront.

This means you will have an overall 45% deposit against the purchase price of the new home. You won’t pay loan fees on the 40% loan in the first five year.  From year six, a fee (linked to inflation) starts to be charged.  This is currently 1.75% of the loan’s value.  The fee will increase every year after this in line with inflation. The annual increase in the fee is calculated using the Retail Price Index (RPI) plus 1%.

These fees do not go towards paying off the government loan, which must be repaid in full by year 25. You can do this purchasing extra shares in the home over this period.

An independent financial advisor will work with you to determine the amount you can borrow from the government based on your household income, deposit and any regular monthly outgoings you may have and this in turn will inform the value of the property you can buy.  With Help to Buy, you can only buy a home up to the value of £600,000.

Shared Ownership

Shared Ownership is a government backed scheme to help people to get onto the property ladder. You purchase a share in the property, ranging between 25% to 75% of the market value, and pay a subsidised rent on the share that you do not own.

You need a minimum deposit of 5% of the share you are purchasing – the rest of the share is borrowed in the form of a mortgage from a commercial mortgage lender.

The monthly rent of the share that you don’t own is generally set at around 2.75% of the value and will increase on 1st April every year by the Retail Price Index (RPI) plus 0.5%.

You can increase your ownership share as and when you can afford to do so, until your own your property outright.

Eligibility

You can purchase a home through Shared Ownership in London if:

Your household income is £90,000 a year or less

You’re a first time buyer, or you previously owned a home but can’t afford to buy one now

You’re an existing shared owner looking to move

The cost of the home is always based on market value and is dependant on the type, size and location of the property.  We can put you in touch with an independent financial advisor at the start of the process who will work with you to determine the % of shares you are able to afford to buy initially, based on your household income, deposit and taking into account any regular monthly outgoings you may have.

Our experienced sales team will guide you through the process, helping you to decide which route best meets your needs, and showing you examples of the homes you could purchase through either route.

Mortgage calculator