1. What is the Affordable Property Program?
The Affordable Property Program 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 a bad credit history or just too low income to qualify for loans.
2. How does it work?
The affordable property program allows you to purchase the property through monthly payments. Unlike the conventional way of renting a property whereby your monthly contributions only benefit the owner/agent of the property, the program assures that all the money you pay towards your contract goes towards the purchase of the property.
We purchase, we renovate. You pay, you own.
3. How much does it cost to participate in the Program?
To join the program, you will initially have to apply for a registration, which comes with a fee of £1,495. The registration fee is fully refundable to the Participant on the first month of their payment in our property.
5. Do I have to be a British resident to buy a property through this Program?
There is no requirement to be a citizen or a resident in 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 program?
Yes, you can acquire more than one property with us. Terms and conditions apply.
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 program, you have the option to pay your deposit through the instalment-payment plan, which is a more flexible option if you cannot pay the deposit in full upfront.
12. What happens if I change my mind and decide not to buy the property?
We have a cancellation policy available. Terms and conditions apply.
14. Can I still apply for a mortgage after joining the program?
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.
17. What legal protection does the program offer?
Our program 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 program'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. Any adjustments are marginal and communicated to you in advance.
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.
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