Help & Advice – Lotus Homes

Help & Advice

First we build relationships, then we build homes.

Guide to Buying

Don’t be daunted by the prospect of buying a new home, our helpful 10 step guide will ensure the process is as hassle free as possible.

Mortgage Calculator

Whether you’re saving for your first home, budgeting for your next, or looking to save some money on your existing mortgage, calculators are here to help. Calculate your mortgage

Looking for further
Help to Buy?

There are several government schemes that can help you on the way to owning a new home. These include Co-Ownership, OwnCo and Help to By ISA’s.

Co-Ownership
Housing Scheme

Co-Ownership Housing is a great way for new home owners to get their foot on the property ladder. This housing scheme allows home-owners to share the load of buying their property.

So how does it work? Well, you start by buying a share of your home (between 50 and 90% of the homes value) and then you pay rent on the remaining share. You can then buy out Co-Ownership at a later stage when you are in a position to do so.

Help to Buy ISA

First-time buyers can open a Help to Buy ISA to save towards a deposit. Saving in this type of account could entitle you to a tax-free bonus payment from the government when you buy your first home.

The maximum bonus paid for each account is £3000 but you can only open one account. However if you have a partner, they can open their own account and will also be entitled to the bonus payment, meaning that a couple could get a bonus payment of £6000 to put towards the cost of their first home.

OwnCo – Rent to Own
Housing Scheme.

OwnCo, Rent to Ownscheme allows applicants to rent a new buildproperty for 3 years with the option to buy from 12 months into theirtenancy. When tenants purchase the property anywhere between 12 months and 36 months they receive a 25% rent rebate on the rent they have paid whichcan help towards a deposit contribution.

It’s a fixed-term rental commitment. You rent the property and are legally a tenant, but you get the benefits of living in the home you want now, with a plan to own it later. You choose the property, and OwnCo buy it for you. There are no extras or booking fees to pay.

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