Keepmoat.com Assets Purchasers Guide to Home Reach | Page 14

Frequently asked questions . . .
What is a Help to Buy Agent?
A Help to Buy Agent is usually an appointed Registered Provider who provide a point of contact
for people looking for shared ownership. By registering with them, you will be notified about all the
shared ownership developments available within your chosen area.
What will the upfront costs?
There is no product fee to purchase a new build shared ownership property through heylo.
However in addition to your deposit, it is suggested that you will need approximately £4,000 to cover
solicitor, legal and mortgage arrangement fees.
What will the monthly cost be?
In addition to your household bills, you will pay monthly rent on the unpurchased share and your
mortgage payments on the share you own (if you have one).
Monthly rent starts at 2.75% per annum (on the value of the share you do not own). Rent will increase
each year with inflation (RPI) + 0.5%.
As well as the rent, you may need to pay a service charge fee. Your solicitor will be able to advise you
on the exact costs.
All monthly payments to heylo will be paid by direct debit and collected by heylo.
What is the service charge for?
Service charge is payable to cover the cost of estate, ground fees and buildings insurance.
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