We love nothing more than helping you to find your perfect new home. Whether you’re a first time buyer looking for an affordable first home or looking for a family home to accommodate your growing brood, we hope we’ll have something that suits you perfectly.
Who can buy a Shared Ownership home?
Shared Ownership is a great option for a range of buyers looking get their foot onto the property ladder but can’t afford to buy a home outright. You may have experienced a relationship breakdown, are looking to start a family, or wanting to downsize.
You’re able to buy a Shared Ownership home if:
Example:
*Some mortgage lenders may require a larger deposit and may not offer deals with 5% deposits. An eligibility and affordability assessment will be carried out. The more deposit you have saved could mean you can buy more of a share, which could bring your monthly rent payments down.
You can buy a share of a Shared Ownership home starting from as little as 25%. Shares are only available from 25% – 75% initially, but once you have moved in, if your financial position changes, you have the option to buy more shares in your home. This is what’s known as staircasing. Usually, you can staircase up to own 100% of your home.
Some of our new developments have a cap on how far you can staircase, these are usually within Designated Protected Areas. Providers are required to offer grant funded shared ownership properties with a lease and this can mean staircasing is restricted to no more than 80% ownership, this is to ensure the properties remain in the ownership of local people. On some of our other developments, there is no cap and you can staircase to full ownership and own 100% of the property and you will then have no rent to pay, only your mortgage.
If you would like to staircase, you can do it in affordable stages, but we’d suggest you wait until you can afford to buy at least an additional 5% – 10%, to make it worthwhile. Shares are calculated on your home’s current market value; therefore, your home must be valued for you to buy more shares.
The more shares you own, the less rent you pay; it also means when you come to sell, if the value of your home has increased, you could make more profit!
If you’d like to buy more shares in your home, please get in touch with a member of our team and we’ll be more than happy to go through the options with you.
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The Help to Buy Equity Loan is a government scheme for first time buyers, that makes buying a new build home on an outright sale basis, more attainable.
You will need to secure a 5% deposit, the Government will provide a loan up to 20% of the value of the home, meaning you only need a mortgage to cover 75% of the value of the home.
Help to buy can’t be used in conjunction with Shared Ownership.
Key points:
Example of how the loan works:
The deposit, repayment mortgage and equity loan will cover the cost of the purchase price.
You must repay your equity loan in full:
To be eligible for the Help to Buy Equity Loan:
You cannot get the equity loan if you:
The property must be:
All of our existing Rent to Buy homes have been allocated to customers. If any become available they will be listed on our website.
You’re able to apply for a Rent to Buy home if:
The deposit, repayment mortgage and equity loan will cover the cost of the purchase price.
Features and Benefits
Features:
Features:
Updates on available properties will appear here with the application form when we have Rent to Buy homes available.
If you think you match all the Rent to Buy criteria and would like to apply, please request an application form and a member of our team will contact you. Please note, further calculations will be made if ‘living at home’ is selected.
All of our existing Rent to Buy homes have been allocated to customers. If any become available they will be listed on our website.
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