Shared Ownership

Which Home Buying Schemes Are Available?

Key in the door of a new home

Are you looking to buy a new home and don't know where to start? Don't worry, we've got you covered! Here at Home Focus we've made things easy for you. Check out all the home buying schemes below that could be avaliable to you! 

Help to Buy Equity Loan

You own 100% of your property, but only have to cover a percentage of the initial cost with your mortgage and deposit. You can defer the rest for a while as it’s covered by an equity loan. There’s nothing to pay on the equity loan for a few years, and the scheme you choose will determine whether you pay any interest after this and when you have to pay the loan back.

Shared ownership

Busting The Myths Of Shared Ownership

Couple holding house keys after buying shared ownership home

People have got all sorts of strange ideas about shared ownership. From having fears that you will be forced to live with a complete stranger, to having little or no say on which property you buy, there are lots of things people tend to worry about.

However, Homefocus is here to separate the myths from the facts to help you find out more about how shared ownership could work for you.

SHARED OWNERSHIP HOMES ARE JUST TINY STARTER FLATS

Some of them may be starter homes, but they’re not tiny... You can expect the same standards of space, storage and eco-efficiency as in any typical new-build, so you’re not going to lose out.
IT MUST BE CHEAPER TO RENT THAN BUY!

High specification Shared Ownership apartments

Inside a high specification Shared Ownership apartment

High specification Shared Ownership apartments along the Northern Line at Whetstone and Finchley 

With excellent public transport links both north and south and buzzing high streets, it’s no wonder that Whetstone and Finchley are sought after places to live. 

Catalyst currently has two high specification Shared Ownership developments, which are both just moments from the Northern line and are a great choice for first time buyers and growing families. 

There has never been a better time to get on the property ladder at ARRO 

ARRO bedroom interior

According to recent figures, 2018 saw the number of first time buyers reach a 12 year high with 370,000[1]new first time buyer mortgages completed, a 1.9% increase on 2017. 

With interest rates still at an all-time low and schemes such as Shared Ownership and Help to Buy readily available, there has never been a better time to get on the property ladder. 

One such development which is ideal for those looking to own their first home is ARRO, Catalyst’ latest exclusive development of contemporary homes set on the banks of the historic Grand Union Canal, in the bustling heart of vibrant Southall. 

Staircasing explained: moving up to 100% ownership of  your home

staircasing on shared ownership - wooden stairs

Victoria Galligan, Editor of Homefocus magazine, explains the term staircasing and how it means you can own ALL of your own home via shared ownership…

It’s understandable that the term “shared ownership” can make people wary at first – if you don’t own 100% of your property, it’s natural to wonder about the possibilities and have questions about what happens if your situation changes. 

Shared Ownership offers buyers the opportunity to purchase a percentage share of a property (between 25% and 75% of the home’s full market value) paying a subsidised rent on the remaining share. 

15-minute mortgage finder set to prove popular with first time buyers

Hoppy mortgage finder can help families find a new home

Hoppy, the UK’s leading home management website, has announced its partnership with Mojo Mortgages, offering its customers a personal mortgage recommendation in only 15 minutes.

The first offering of its kind in the UK, Hoppy customer’s will have direct access to a fully-featured mortgage solution that provides a 24 hour, seven days a week service which gives the best possible deal without having to have a face to face appointment.

The addition of the mortgage service will further build on the Hoppy mission to help consumers take the hassle out of running their home. While the average UK broker free is £400, Mojo is a fee free online mortgage broker, which covers the whole market to offer over 20,000 mortgage deals with over 90 lenders.

Vote for Homefocus in the First Time Buyer Awards!

Homefocus has been nominated for an award

Homefocus has been nominated for the Best First Time Buyer Media Coverage award – and we want your votes to help us take the crown!

The awards, run by First Time Buyer magazine, recognise the property industry’s efforts to help buyers get onto the housing ladder.

The Homefocus team are proud to be nominated for their contribution to the media coverage of shared ownership opportunities.

Our articles explain shared ownership options, from Help to Buy to Older Person's shared ownership, with expert advice on finances, looking for a property and more. 

Editor Victoria Galligan said: “We are delighted to be nominated for this award, and to be part of such a prestigious event in the property industry.

Help to Buy homes developed by Plan C

Plac C - Brownlow Road Help to Buy property

Plan C is a family-run building and design company based in Muswell Hill, North London. At the helm are twin brothers – Pierre and Christian Carboni – who decided to sign up their latest development of three new builds in Bounds Green London N11 to the Equity Loan Scheme under the Help to Buy umbrella.  

The London scheme reflects the current local property prices and offers 20% - 40% for buyers in all boroughs. You can put down as little as 5% deposit on a newly built home and then get a Government Equity Loan for up to 40% of the purchase price. In addition, you are not charged loan fees on the 40% loan for the first five years of owning your home. 

How to get the best mortgage

Applying for a mortgage - front doors

Ruban Selvanayagam and James Durr are founders of Property Solvers, a quick house buying company and express estate agency operating across the UK. Here, they offer advice on honing your mortgage application skills… 

How do you know if the mortgage you're about to secure is the cheapest available? 

With 100's lenders to choose from, all with different rates and terms, trying to find the best mortgage can sometimes feel like looking for a needle in a haystack. 

Below are some quick tips on finding a good deal as a first-time buyer...

Shared Ownership launches at L&Q’s The Rushgroves​

The Rushgroves by L&Q

New development The Rushgroves by L&Q is set to launch its first Shared Ownership properties on Saturday 27th October in Hendon, North London.

A collection of 51 properties ranging from studios to two-bedroom apartments will be released in the first phase of Shared Ownership, with prices starting from £73,125 for a 25% share.

Further Shared Ownership homes, also incorporating larger three-bedroom apartments, are anticipated to be released during later phases of development.

How LPG is helping to build affordable housing 

Flogas laying LPG takes underground for affordable housing

With an ongoing governmental drive to significantly boost housing development and the precarious nature of Brexit delivering industrywide uncertainty regarding labour and costs, providing affordable housing in the UK is an issue that appears to be consistently debated and discussed. 

Positive initiatives and efficient processes are needed to help the sector deliver the number of homes that Brits can pay for — which is where LPG energy is proving an attractive asset. Here, we’ll explore how LPG is assisting in the provision of affordable housing for UK buyers and why it’s vital that the sector and government gets behind it if they want to hit targets and meet housing demands. 

The shared ownership options are open for over 55s

Older Persons Shared Ownership - couple jumping for joy on a bed

Editor Victoria Galligan looks at spending the grey pound on a new-build property – but is shared ownership suitable if you’re heading towards retirement? And what should over 55s look for in a property?

 

So you’re over 55 and looking into shared ownership – and why not? Many people are working into their 70s nowadays and whether it’s a change in circumstances, moving out of a rental property or a move to be closer to family, there are a plethora of reasons why you may be looking for your next home.

Help to Buy South

Help to Buy South home

Help to Buy South is the Government appointed agent for Help to Buy Schemes in Hampshire and Isle of Wight, Berkshire, Oxfordshire, Gloucestershire, Wiltshire, Bristol, North Somerset and Mendip. Help to Buy South are the point of contact for first-time & next-time buyers wanting to move home in an affordable way. 

The schemes include Shared Ownership and Help to Buy Equity Loan. 

The Help to Buy Equity Loan scheme enables you to buy a new build property with a 5% deposit and borrow up to 20% of the value of the home in the form of an interest free* equity loan from the government. You will then need to raise a 75% mortgage to cover the remaining cost of the home.

'Government and the housing sector fall short on educating shared ownership buyers'

A typical shared ownership property for sale

A new YouGov survey, commissioned by housing association Aster Group, found that the government is falling short at educating people about shared ownership.

The study of more than 200 shared ownership homeowners in the UK discovered that only 14% had received information from the UK government website on the scheme.

Consequently, the report discovered a lack of awareness and understanding among respondents about how it works and the options available.

More than half (52%) didn’t know that they could move from their existing home into another shared ownership property. Only 10% had successfully grown their equity stakes and just over a quarter (27%) knew they could move into another shared ownership property – yet didn’t know the process for doing this. 

It's love at first sight for home buyers

Anna and Nathan, with their baby, went on many a house viewing  but fell in love at first sight with a Countryside home

With one in two UK homeowners partaking in just one house viewing before making an offer, home builder Countryside has teamed up with relationship expert, John Donlon, to uncover just what makes us lead with our hearts when it comes to buying a new home.

According to a recent survey by Countryside, it took just one house viewing for 53%* of homeowners before purchasing their home, describing the experience as ‘love at first sight’. An additional 25% stated that only a second house viewing was needed before making a final decision. 

Kingsbrook Development Proving Popular With A Range Of Homebuyers

Kingsbrook Development

The first village at Kingsbrook, Oakfield Village, follows garden village principles and homebuyers are encouraged to reserve their home quickly as Barratt Homes is now 90% sold and David Wilson Homes has sold 60% of its properties on the first village,

Glenn Copper, Sales Director at David Wilson Homes North Thames, said: “We are delighted to see so many Buckinghamshire house hunters already purchasing their dream home at Kingsbrook. This is a fantastic development and an amazing community is being formed between residents already.

“We have homes to suit the needs of a range of buyers, particularly large and growing families and with moving schemes such as Movemaker and Help to Buy available, it’s no wonder so many people are choosing to move home with us.”

Last chance to snap up a downsizer bargain in the UK’s most coveted retirement hotspot, Christchurch

Monterey Christchurch

Picturesque Christchurch in Dorset, long a favourite downsizer hotspot for older people, has been crowned the most expensive destination in the South West per square foot*.

A sum of £227,000 – equivalent to the average UK property value – buys only 687 sq. ft. of space in the coastal town, making it pricier than the prestigious historic town of Bath and only a little less costly than Bristol**.

Retirement provider Platinum Skies’ Monterey development has aimed to make living in Christchurch more affordable for retirees. However, only four of Monterey’s 35 apartments now remain.

Find The Solution At Centurion Place

Find The Solution At Centurion Place

Barratt Homes North Thames is offering a range of moving solutions at its Centurion Place development in Milton Keynes to help potential homebuyers move into their dream home.

Moving home can be a stressful time for many but with the variety of initiatives available, Barratt Homes can assist homebuyers with a smooth move. 

Glenn Copper, Sales Director at Barratt Homes North Thames, said, “As a five-star housebuilder, we want to make moving home as easy as possible for our customers. That is why we offer such a selection of moving solutions that will help ease the stress often associated with moving.

Step Forward Homes reports rising demand for affordable homes from veterans and 999 workers 

Step Forward Homes support shared ownership for NHS workers

The NHS pay rise that unions agreed earlier this year catapulted the issue of affordable housing for emergency workers into the spotlight once more. The rise of at least 6.5% over three years is unlikely to keep up with inflation, meaning that nurses, porters and paramedics will continue to face issues when it comes to affording property.

Why you should take that first step onto the property ladder...

Mark Homer of Progressive Property on when to get on the property ladder

Mark Homer, co-founder of Progressive Property, explains why people thinking of stepping onto the property ladder should try to get there sooner rather than later…

Why is Help To Buy a good option for first-time buyers who want to get onto the property ladder?

Help To Buy is a great option for many first time buyers as it allows them to purchase a house or a flat, often new and with a warranty. The homes are usually complete with flooring and almost everything needed to move in (bar furniture) and you can get this in some cases with a 5% deposit. This usually means that first-time buyers need to save for much less time, therefore getting on the housing market earlier and allowing them to build equity.

Demand is flying high at Rutherford Fields

Rutherford Fields

Since its initial launch at the end of February, the homes at Rutherford Fields have been proving to be a real hit for first time buyers, young professionals and families alike.

So far 80% of the first phase has been reserved with first time buyers from the local area snapping up a number of the Shared Ownership properties on offer.

Rutherford Fields, on the base of the former RAF Stanbridge, near Leighton Buzzard, Bedfordshire offers something for everyone, from one and two bedroom apartments to houses with two, three and four bedrooms. With a range of properties available through Private Sale, affordable rent and Shared Ownership, there is something to suit every lifestyle. 

Gen Z In The Market For New Build Homes

Gen Z In The Market For New Build Homes

Generation Z is putting homes above holidays with two thirds of renters under 24 already saving to secure their first home, according to a recent survey* by home builder Countryside.

Last month, Countryside surveyed the nation’s house hunters and found 92% of 18 to 24 year-olds want to use Help to Buy ahead of the 2021 deadline, with 66% already saving for a home deposit.

When asked who they intended on buying a property with, one third of Generation Z savers revealed that they hoped to one day secure a mortgage as a single buyer.

NU living - New Homes In East London

NU living - New Homes In East London

NU Living, a leading developer part of the Swan Association, specialises in offering accessible homes off-plan through private sale in the East of London. They offer a selection of off-plan developments that might be of interest to you for a property/homes interest news feature.

The Paragon, Ilford

The Paragon is an example of contemporary city living in Ilford, with the local area set to benefit from generous funding for regeneration. Situated on the Central line, residents will have quick access to central London and beyond. The high spec development which consists of 105 1 and 2 bedroom shared ownership apartments that will open-plan living spaces with a variety benefits including large windows, high ceilings and stunning views across London.

New show home opens at So Resi Wokingham

Resi

Growing families looking for a spacious new house in Wokingham, available to buy with shared ownership, should make a beeline for So Resi Wokingham where So Resi – Thames Valley Housing’s shared ownership brand - has recently opened a superb four-bedroom show home.

The show home highlights the impressive quality of these three and four-bedroom semi-detached houses, which offer exceptional value; prices for a four-bedroom house start from just £148,125 for a 25% per cent share (full market value £592,500).

Esaiyas Mollallegn, head of marketing at Thames Valley Housing, comments:

How Shared Ownership is Full of Possibilities

How Shared Ownership is Full of Possibilities

Owning a Zone 2 Home by The Age of 25, How Shared Ownership is Full of Possibilities. The rapid increase of house prices and stagnating wages have meant that UK millennials have struggled to get on onto the property ladder. According to a recent study conducted by HSBC, only 31 per cent of young people surveyed said there were able to purchase a home[1]. There are however a number of alternatives open to First Time Buyers, such as the Shared Ownership scheme, meaning that, more young adults are able to consider buying a property. Such a case is Events Manager, Ellie Wyburd, who purchased a new build two-bedroom flat at Woods Road, Peckham, a Shared Ownership development by Hyde New Homes.