Leading Developer lends a Helping Hand to Buckinghamshire Buyers with Jargon Buster

An aerial shot of Barratt Homes development Brooklands

Buying a house can be daunting when you’re a first time buyer and even second steppers can find it hard to keep up with the ever changing terminology when looking to purchase a house, so this new tool should keep Buckinghamshire buyers in the loop.

Chanda Chileshe, Senior Sales Manager at Barratt and David Wilson Homes Northampton, said: “Buying a home is a very exciting process, but it can also be overwhelming as buying a property is one of the biggest decisions that individuals will make in their lifetime.

“Our glossary is a fantastic resource for anyone who is struggling to get their head around the terminology when buying a new home. We hope that our jargon buster will help make the path a little bit clearer to buying a dream home.”

Barratt and David Wilson Homes top jargon busters include:

 

Bridging Loan

Only applicable for second steppers, this is a load to ‘bridge the gap’ between the sale of your present property and the purchase of your new home, when the dates don’t coincide.

 

APR (annual percentage rate)

The total cost of a mortgage loan including all costs which is then shown as a percentage rate so that it can be compared with any other rates.

 

Completion Date

The point in the process where the buyer owns their new home. All funds have been transferred, paperwork completed and keys handed over.

 

Equity

The difference between the mortgage owed on your home and the value of the property.

 

Fixtures and Fittings

A description referring to non-structural items that are included in a sale such as carpets and curtains.

 

Conveyancing

The legal transfer of a property from one owner to another.

 

Freehold

The full ownership of both the property and the land on which it stands.

 

Maintenance or Service Charge

The charge for the upkeep of a property and its surroundings.

 

National House Building Council (NHBC)

A non-profit body whose role is to both protect the home buyer and help the industry to construct good quality new homes.

 

Stamp Duty

A government tax on the purchase price of a property. Your solicitor will automatically handle payment on your behalf.

 

Whether it’s something simple or a little more complicated, don’t be afraid to ask any friendly Barratt or David Wilson Homes Sales Advisers for help. The five star developer is there to guide homebuyers to all of the information that they need to get them moving.

The team at Barratt and David Wilson Homes aim to make your move as simple and convenient as possible, helping homebuyers make their new home work for them.

To find out more, visit www.barratthomes.co.uk/the-buying-process/glossary  www.dwh.co.uk/the-buying-process/glossary or to book an appointment with a Sales Adviser call 033 3355 8481 or 033 3355 8482.