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The New Build Homebuy scheme enables you to buy a brand new house or apartment direct from Fairlake for a percentage of it's market value (usually 70%).
To qualify for New Build Homebuy, purchasers must not be able to afford a suitable home outright but must be able to afford a maximum of 70% of the purchase price. The remaining cost, 30% in this case, will be met through a loan made available by Fairlake.
There are no monthly payments for you to make on the loan, all that happens is that when you sell your home you pay Fairlake 30% of the value of the home at the time you sell.
So how does it work?
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Full Market Value of House £120,000
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70% Share (your mortgage) £84,000
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30% loaned by Fairlake £36,000
Some of our brand new homes are available now, others are being built and will be ready some time in the future (see Brand New Homes Available). If you wish to apply for a new home at a specific development, please state the development name clearly on your application form.
When new homes become available we match the property details to applicants who are registered with us and mail out information.
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