Get onto the property ladder with shared ownership

Shared ownership can make your dream of buying a home a reality. With affordable, spacious properties in good locations, now is a great opportunity for first time buyers to get on the property ladder. Shared ownership allows you to purchase a percentage of the property and pay rent on the remaining share.

Once you become the owner you can buy more shares at any time, as finances allow; this is known as ‘staircasing’. Prices will depend on house prices in your area at the time. Start with a small share and finish owning the whole property! Our modern two and three-bedroom houses in our new development; Millford Grange, are carpeted throughout saving you the expense. The homes also benefit from stylish fitted kitchens which include an integrated oven and hob, a fridge/freezer and a washing machine. Each property includes a private garden and two parking spaces. The homes are energy efficient with double glazing and great insulation, so your heating bills will be lower each winter.

The prices for a two bed house start from £92,000 with a minimum 40% share, the three-bed homes start from £92,750 with a minimum 35% share.

To purchase a shared ownership property at Millford Grange, buyers must have a minimum household income of £32,649 and a maximum of £60,000. You will also need to be able to afford rent on the remaining share and the cost of service charges, which cover buildings insurance and the upkeep of surrounding shared areas. At Saxon Weald we have a number of independent mortgage brokers and solicitors we can recommend. They are accustomed to dealing with shared ownership purchases therefore making the whole process a little easier and less daunting to a new buyer.

For more information or to find out more about the shared ownership purchase process, please contact Chris or Wendy in Saxon Weald’s Sales Team on 01403 226035.