ANY QUESTIONS?

What is a 100% mortgage?

It’s a loan to cover the entire price of your property – which means that you don’t need to put down any deposit. However you can pay a deposit if you wish and you can also combine it with an equity loan of up to 30%.

What is a repayment mortgage?

A repayment mortgage is one where you pay back both interest and capital. In the early years of the mortgage you will mostly be paying back interest and in the later years you will pay back mostly capital.

What types of mortgage do you offer?

Two kinds – a fixed rate mortgage that reverts to a tracker after 2 years and a lifetime tracker.

What is a fixed rate mortgage?

This means that your monthly repayments are fixed at the same rate each month for an agreed amount of time.

What is a tracker mortgage?

The rate that you pay each month is a fixed percentage rate above the Bank of England Base Rate. The rate you pay changes on the 1st of the month in which the Bank of England Base Rate changes.

How many people can have the mortgage?

A maximum of 2 borrowers is permitted. So you can take out a mortgage on your own or as a joint mortgage with one other person.

Can I pay my mortgage off early?

Yes, you can. With our repayment mortgage, you can pay off your mortgage in full, whenever you wish – and there is no penalty for doing so, simply a modest admin fee.

Do I need a valuation?

Our application process does not include a valuation as our sales prices are fixed. However, if you would like a second opinion you can get a valuation at your own expense.

What is the three year Buy Back Guarantee?

If you decide to sell your home within the first 3 years, and the price of your home has gone down, this means you face what’s called negative equity, and you would get less money for your property than you originally paid. If this did happen Places for People will guarantee to buy back your property for the price you paid when you bought it. This would be subject to the property being in a good state of repair.

When do I pay the interest?

Each month. We calculate the interest daily and apply it to your account monthly.

Are there any fees to pay when I take out a mortgage?

Just a £750 fee up front. It is added to your first monthly repayment. It can’t be added to your mortgage.

Can I make overpayments or underpayments?

Yes – either. Our repayment mortgage is very flexible, and you can make underpayments or overpayments if you wish to, with prior agreement, without penalty. You can discuss this at the time of taking out the mortgage.

What is a payment holiday?

If, due to some unforeseen circumstances, you need to miss your monthly payments for a short period of time we can arrange this. However, it must be prearranged with us.

Who can apply?

Anyone who wants to buy their own home from Places for People.

How long is the mortgage for?

Any period between 5 and 25 years.

What kind of property can I purchase with your 100% mortgage?

Places for People’s 100% mortgages are available on selected outright sale and shared ownership properties.

How do I apply?

Just ask one of our helpful staff on site. They will explain what you need to do – including seeing an independent financial advisor – and give you a simple form to complete.

Who are Places for People?

Places for People is a group of companies that operates as an ethical business. We manage more than 60,000 homes across the UK, and we have a considerable landbank, which we are developing in order to create new communities. We are committed to the long-term management of these new communities, and any profits we make are put back into the business.

We aim to create environments where people and their families can prosper, in a way that doesn’t damage the environment. We do this by building new homes and improving existing neighbourhoods to a very high standard. We also offer care and support to individuals, childcare, training, job opportunities and personal loans.