As a prospective first time buyer they may have heard the term Shared Ownership or New Build Homebuy. Did they wonder where exactly they fit in and whether it could benefit them in any way?
Shared ownership is something that people think they would never consider because it would mean getting either a flat or a location that they wouldn't like, but it seems that first time buyers can have it all and they can afford it!
The idea is that they find the perfect property through their local housing authority and then they find a shared ownership mortgage themselves– just as they would with a standard mortgage.
The current market conditions will make the likes of shared ownership mortgages more popular. It's a more sensible way of getting in, rather than taking on a mortgage that's too big for them.
Shared ownership property schemes essentially involve buying a share in the property and renting the rest from a landlord or housing association - typically buyers purchase between a quarter and three quarters of the property themselves and rent the rest.
The government's HomeBuy scheme remains the most obvious path to shared ownership but even this is divided into two main sections - New Build HomeBuy and Open Market HomeBuy. The first option sees a buyer purchase a share of a property from a housing association and pay rent on the rest.
Open Market HomeBuy, meanwhile, extends the scheme to any property, and provides buyers with two equity loans worth roughly 12.5 per cent of their home courtesy of their mortgage lender and the government itself.
Part buy part rent in Kent is a very viable option and it has a wealth of new houses to choose from.
For more information visit: http://www.a2dominion.co.uk/or contact their editors at: 0800 432 0077.
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