You will require access to £3,500 savings to pay the costs of the purchase and will then need to furnish your new home.

What are the initial costs?
You will need money for:
Survey/valuation – you may wish to pay for an independent survey. In addition, you will have to pay your mortgage lender for a surveyor to value the property you are purchasing.
Legal fees – you will need a solicitor or conveyancer to undertake the work.
Deposit – if required.
Stamp Duty Land Tax (SDLT) – this is a tax on the transfer of the property. If you are buying from an existing shared owner you will pay tax on the value of the share you are buying. If you buy a new property from Broomleigh you have a choice of paying duty on the full share or just on the share (plus rent) that you purchase.
Removal costs
Furnishing costs

What are the running costs?
Mortgage repayments – these will vary according to the lender and interest rate. Please note that we do not accept 'interest only' mortgages.
Rent – monthly rent will be payable on the share of the property you do not own.
Council tax and utility bills – you are responsible for paying your own bills
Service charges & Repairs – if your property is a house, you will be responsible for all repairs and redecoration's both internally and externally. If you are purchasing an apartment, you will be responsible for all repairs and redecoration internally and your landlord will undertake to keep the building which houses your apartment in good repair and will maintain communal areas. You will pay a share of the costs. (This is called a service charge).
Insurance – your landlord will insure the structure of your home (buildings insurance) but you will need to arrange your own contents insurance.
Fittings and furniture – you are responsible for purchasing this and protecting them with contents insurance.

Your home may be repossessed if you do not keep up with repayments on a mortgage or other debt secured on it. Property prices can go down as well as up.