If you have any questions that are not answered here, please send them to:
enquiries@andersons-co.uk
We will endeavour to place the answers on this page as soon as possible.
1. What is the Affordable Property Programme?
The Affordable Property Programme is a property purchase solution designed for people who want to buy a residential property but were refused a standard mortgage, don't have enough money to pay a sufficient deposit required by the banks, have bad credit history or just too low income to qualify for loans.
2. How does it work?
The affordable property programme allows you to purchase a property through monthly payments. Unlike the conventional way of renting, whereby your monthly contributions only benefit the agent/landlord, the programme assures that the money you pay goes towards the the property purchase price .
We purchase, we renovate. You pay, you own.
3. How much does it cost to participate in the Programme?
To join the programme, you will initially need to go through registration, which comes with a fee of £1,495. The registration fee is fully refundable along with the first month rental payment.
5. Do I have to be a British resident to buy a property through this Programme?
You are not required to be a citizen or resident of the UK.
6. How soon can I move in?
We make it our priority to assure that we have a property ready and available within 24 months. However, should there be causes beyond our control, such as severe climate and environmental changes, we may require additional time to complete the works. We will keep you informed throughout the process.
7. Can I choose more than one property through the programme?
Yes, you can acquire more than one property with us. Terms and conditions apply.
8. How long is the Contract Sales Agreement term?
The standard contract length is 30 years, however, we are flexible and can adjust this to be across fewer years (the monthly instalments will of course correspond with this change).
9. What is Stamp Duty?
Stamp Duty Land Tax (SDLT) is a tax due if you buy a property in England or Northern Ireland over a certain price. From 1 April 2025, you’ll pay Stamp Duty on residential properties costing more than £125,000, unless you qualify for first-time buyer’s relief. Eligible first-time buyers will pay no Stamp Duty on properties costing up to £300,000, and a discounted rate on property purchases up to £500,000.
10. Do I have to pay Stamp Duty?
We offer support with Stamp Duty costs based on your financial situation. Instead of requiring an upfront payment, the Stamp Duty will be spread across your monthly instalments, making it more manageable and affordable.
11. What if I don't have enough money to pay the required 12.5% deposit?
With our programme, you have the option to pay your deposit through the instalment payment plan, which is a more flexible option if you cannot pay the full deposit upfront.
12. What happens if I change my mind and decide not to buy the property, or want to move to a different property?
If there is someone you know who would like to move into your property, you can do a mutual exchange. You may also sell the property (see question 16), or rent it out and apply for a mortgage elsewhere. Alternatively, if you choose to completely withdraw from the program, cancellation and admin fees will apply according to the Terms & Conditions.
14. Can I still apply for a mortgage after joining the programme?
Yes, once we complete an impartial valuation of your property, you may apply for a mortgage after the initial 3 year occupancy.
15. How does Andersons & Co provide energy for the property?
We integrate sustainable energy solutions into your home through a rainwater collection system, solar panels, and a small, quiet turbine to enhance energy efficiency and sustainability.
16. Can I sell the property?
Yes, you may sell the property after 3 years of occupancy. The profit will be shared according to the percentage you own already (which will be your profit) and the percentage you have not yet paid (profit for Andersons & Co.)
17. What legal protection does the programme offer?
Our programme is underpinned by a legally binding Contract Sale Agreement, providing security and clarity for all parties involved. Additionally, we are covered by a professional indemnity insurance policy through AXA, which protects against claims arising from professional errors or negligence.
18. How are the monthly instalments calculated?
Monthly instalments are based on the value of the property and include essential costs such as buildings insurance, maintenance services, stamp duty, and solicitor fees. Despite these inclusions, the total remains more affordable than average rates in the traditional rental market.
19. How is the funding secured for property acqusition and renovation?
Property purchases and renovations are financed through our network of private investors who support the programme's objectives.
20. Are the instalments fixed?
Instalments are variable and may change in line with market conditions and fluctuations in the property’s value. We adjust the monthly instalment value only when there is a significant change in the property market. Any adjustments are marginal and communicated to you in advance. If the percentage change is very low, we do not adjust the amount. Additionally, if you wish, you can make bulk overpayments of the monthly instalments to speed up the purchase of the property; there are no strict restrictions on timing and amounts.
21. What happens if I miss a payment?
If you miss a payment, we encourage you to contact us as soon as possible to discuss your financial circumstances. We are committed to working with you to find a suitable resolution.
22. Can I carry out further renovations or maintenance in the future, and am I obliged to use the services of Andersons & Co.?
Yes, you may carry out your own renovation with the approval of our architect or engineer. If you use our services for future upgrades, we would perform another impartial valuation of the property after renovation, and adjust the monthly instalments accordingly.
23. What is the eligibility criteria?
No credit checks, no income requirement checks, no age limit and you don't have to be a first-time buyer!
