01:25PM, Tuesday 08 December 2020
As higher loan to value mortgage deals continue to be removed from the market, aspiring buyers are looking for alternative routes to homeownership – and shared ownership uptake is increasing. SO Resi, the dedicated shared ownership brand of leading housing association Metropolitan Thames Valley Housing, is on hand to explain how buyers can use shared ownership to buy a brand new home in Maidenhead.
Accessible route to homeownership
Shared ownership allows buyers to purchase a minimum share of 25%, with just a five per cent deposit required. Buyers will then have the option to gradually increase their share in the future through a process known as staircasing.
There is currently a temporary stamp duty holiday on homes up to the value of £500,000 until 31st March 2021 – meaning further savings can be made. Buyers are also encouraged to take advantage of additional schemes and savings incentives. If you are a first time buyer, putting your cash into a Lifetime ISA will mean that for every £100 you save, the Government will boost this by £25.
To qualify for shared ownership, buyers need to have a total income of £80,000 or below. The product is open to first time buyers and those looking to get back onto the property ladder – although if you currently own a home, you will be excluded from the scheme. Priority is typically given to buyers who currently work or live in the local area.
Speak to the experts
Despite being around for over four decades, there are still a number of misconceptions surrounding shared ownership. Whatever your question, our SO Resi Sales team is always on hand to answer any queries about buying through shared ownership and will be able to recommend reputable mortgage advisers and conveyancers.
Kush Rawal, Director of Residential Investment at Metropolitan Thames Valley Housing, comments: “It’s no secret that property prices are rising, and first time buyers are finding it increasingly difficult to get onto the property ladder. Shared ownership offers buyers an opportunity to access a new home at an accessible cost when compared to similar properties in Maidenhead.
“We are pleased to contribute to the affordable homes market in Maidenhead, and we are passionate about delivering high-quality homes to buyers at a cost that is accessible. With a close proximity to the train station and the local shopping centre, these new homes are ideally located without the fallbacks of a premium price tag.”
What can I buy?
SO Resi recently launched 42 affordable homes at its SO Resi Maidenhead development in Kingston Close, offering a collection of one and two-bedroom apartments. Prices start from £70,000 for a 25% share in a one-bedroom apartment [full market value: £280,000].
To find out more about SO Resi Maidenhead, visit www.soresi.co.uk or call 020 8607 0550.
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