Innovative and forward-thinking, Green Shoots is the brainchild of some of the leading experts in the property industry, whose business genius is in thinking outside the box. Taking this recession by the horns, they are set to transform the property market for first time buyers.
They know that you need to get a foot on the property ladder and a space of your own. And they know that in this day and age, it is not easy.
And so Green Shoots have solved this conundrum with imaginative financial solutions that make the impossible possible; Buy-to-Let packages and affordable options are all part of the deal, providing solid answers to the current market difficulties.
Finance Option 1: Residential Purchase Mortgage
Typically, you will need at least a 15% deposit to buy a New Build Flat.
Greene & Company Financial Services (GFS) & HCF Partnership (HCF) specialise in arranging mortgages tailored to each individual person. They are constantly in touch with the major High Street Banks and Building Societies as well as other specialist Lenders who are not available directly to the public, which means as well as having access to exclusive products they can offer very competitive mortgage products. Exclusively for purchasers of Silkstream, we can introduce you to Solicitors who can act for you at a negotiated discounted cost starting from just £395 (plus VAT) which represents a substantial saving against standard legal costs. GFS or HCF will assist you in the completion of your mortgage paperwork and actively follow through your mortgage with the Lender to formal issue offer in the quickest possible time - then on to Exchange and Completion. This frees you up from the headache of having to source your mortgage, liaise with the Lenders call centres etc... GFS or HCF will do the whole thing for you. In addition, our financial service teams can tailor your related Protection Products (if required) such as Life Assurance, Income, Protection or Redundancy Cover from the open market via internal sourcing systems rather than being tied in to the Lenders own products. This ensures the very best combination of financial products individually tailored to your personal requirements.
What are the benefits of a straight forward mortgage over other shared equity options available?
You own the property outright from day one - no further commitment to anyone apart from your mortgage company. You own 100% of the property at today's price.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Finance Option 2: Buy-to-Let Finance Option
Green Shoots have arranged for all of the apartments at Silkstream to be individually valued for rental purposes and prospective rental estimates and are available on request.
How much deposit will I need?
We currently have lenders available who can consider lending up to 70% of the purchase price of the property. You will therefore need a 30% deposit to purchase an apartment in Silkstream.
Better interest rates can be available with a larger deposit. Quite often a deposit of 30% or 40% can improve the underlying interest rate quite dramatically.
How much rent is required?
As a guide, typically mortgage lenders will want to see that the rent covers the mortgage by 125% utilising the mortgage product interest rate. The interest rates available change regularly – do feel free to call Greene Financial Services or HCF Partnership for details.
Using Plot 1 of Silkstream as an example;
Purchase price is £185,000. The expected rental income is £850 per month. If a deposit of 40% is committed then a mortgage of £111,000 would be required. If the mortgage was secured at say 4.99% (The overall cost for comparison is 5.2%
APR) then the mortgage payment on interest only would be £462 per month. This comfortably sits within the 125% requirement based on the quoted rate.
Who Will Check the Rental Estimate Provided By Green Shoots?
The Mortgage lender will send an Independent Surveyor to the development. The property will be valued against both its agreed purchase price and expected rental income.
Am I Eligible for a Buy-to- Let Mortgage?
Buy to let mortgages are available to first time Landlords as well as seasoned Investors and Professional Landlords looking to expand their portfolio.
Can I purchase more than one apartment?
Yes
Your home may be repossessed if you do not keep up repayments on your mortgage.
Finally we recommend you two options for financial services...
Greene & Co Financial Services and HCF Partnership are Independent Financial Services Companies specialising in providing mortgage advice. Please call for a professional, non-pushy, no obligation chat about your new mortgage.
Greene Financial Services
Neil Scott
020 7328 3280
neil@greenefs.co.uk
www.greenefs.co.uk
HCF Partnership
Kevin Simmonds
020 8731 5151
Kevin.Simmonds@hcf.co.uk
www.hcfpartnership.co.uk
Greene & Company Financial Services and HCF Partnership are authorised and regulated by the Financial Services Authority. The Financial Services Authority does not regulate some forms of buy to let mortgages.
Greene & Company Financial Services is the trading name of Prudell Ltd. Registered in London.
Prudell Limited No. 2012093. Registered Office: 21 Bedford Square, London, WC1B 3HH
