Plot 10

Eligibility:

• Your household income does not exceed £80,000 per
  annum (£90,000 in London)
• You have a deposit (at least 5% of the share value)
• Registered and approved for shared ownership by
  your local Help to Buy agent
• You are a first-time buyer or used to own a home but
  cannot afford to buy 100% of the property now
• You currently occupy a shared ownership property
  and are looking to move
• You have passed a financial assessment,
  demonstrating you are financially able to purchase the
  minimum share value and support the monthly costs
• You have a good credit history (no bad debts or
  County Court judgments) and can afford the regular
  payments and costs involved in buying a home
• The property will be your principle and only home at
  time of purchasing

Shared ownership:

This property is identified as part of the new shared ownership model ‘part rent part buy’.

To explain the scheme; you buy a share of your newly built home and pay a monthly rent on the part you do not buy. Your budget will decide the size of the share you buy, rather than the size of your home. So, you might decide to buy a bigger share of a lower priced home or a smaller share of a more expensive home.

You can purchase your share in either cash savings or by taking out a mortgage. If you are taking out a mortgage to finance your share, you will need to allow for a minimum of 5% deposit. The larger your deposit (typically 10%) the lower your mortgage repayments are likely to be. To start with, you can purchase up to 75% of your chosen home and the shared ownership company Home Reach will become your landlord granting you a 125-year lease. This means you will be able to live in the home as if you have bought it outright. On the share you do not purchase, you will pay rent of 2.75% of the unsold value, this will be paid monthly via direct debit. You can purchase more shares in the future until you own the whole property and stop paying rent altogether. For more information please speak to a Sales Advisor who will be able to guide you.

To find out more about this scheme, please get in touch today,