For many of us, the high deposit often needed to buy a home can be a real obstacle – the latest data from Halifax shows the average buyer needs a £62,500 deposit to get onto the ladder (*January 2023).
These high costs can leave house-hunters wondering if they’ll ever be able to buy their own home.
Previously, the Government gave buyers a helping hand via Help to Buy – its major home ownership scheme which allowed purchasers to buy a new build home with a 5% deposit. This scheme comes to an end in March 2023, meaning many are wondering if their chances of buying a home are more limited than ever before.
But this is where Shared Ownership – another buying scheme – can help, and it’s available at Heyford Park.
Shared Ownership gives first time buyers and those that do not currently own a home the opportunity to purchase a share in a new build property, whilst paying rent on the remaining part of the house that they don’t own.
Because the purchaser only needs a mortgage for the share they are purchasing, the amount of money required for a deposit is usually lower when compared to the amount that would be required when purchasing outright.
And if you want to gradually buy a bigger share of your home, perhaps as you save money over time, you have the option to increase your share during your time in the property, via a process known as ‘staircasing’. If you choose to staircase to 100% – and effectively own all of your home outright and you no longer pay any rent.
Resident Laura McLean purchased her home at Heyford Park using Shared Ownership and said ‘Buying on my own was really hard, and I really struggled to find something which had the design and quality which I wanted. I searched and searched and was worried I wouldn’t find something perfect for me. Having Shared Ownership as an option made my dream of owning my home a reality. The sales team at Heyford Park made my journey so easy and really took the stress away. The helped me through the entire process, they recommended the right mortgage brokers and solicitors and answered any questions I had.’
Heyford Park currently has a variety of 1–3-bedroom Shared Ownership homes available, with prices starting at £98,000* (*price shows a 40% share). So, if you’re considering buying a new home and would like to know more about Shared Ownership at Heyford Park, give our sales team a call on 01869 238238 or come and visit us.