Shared Ownership in Daventry
Daventry is popular with homebuyers, particularly those looking for high quality new homes for sale. Situated in Northamptonshire, it’s just 13.9 miles outside of Northampton, not to mention 76 miles from London, which is welcome news for commuters.
For first-time buyers, getting on the property ladder in Daventry may be a challenge, which is where shared ownership schemes come in handy. Shared ownership lets buyers invest in a great property, without requiring so much initial financial outlay.
How Does it Work?
Buying a new-build home in Daventry using the shared ownership scheme is relatively straightforward, though you’ll need to be able to prove that you’re eligible. If you’ve got savings, you can put them towards the purchase, or you can use a mortgage to buy the property.
The scheme means you’ll own a percentage of the house, and the remainder will be owned by your local council or housing association. You’ll then pay them rent, until you’re ready to purchase the property outright, or buy the rest in stages.
Latest Shared Ownership Developments near Daventry
Shared Ownership Homes in Daventry
The scheme is designed to help those who can’t afford to buy a property that meets their requirements; for example, a three-bedroomed house to accommodate all their family.
In order to qualify, your gross household income must equal less than £80,000 a year, and you must not already own a property. Daventry Council also requires buyers to have at least £1,500 in savings to cover one-off costs associated with moving to a new house. You can find out more here.
New Builds in Daventry
There are several advantages to buying a new build property in this area. Most newly built properties are covered by guarantees for the first six to twelve months, and they’re unlikely to have any major structural or cosmetic issues, unlike their older counterparts.
Several of Daventry’s new build developments are situated in highly sought-after areas, close to transport links and local amenities, which makes them especially desirable. To purchase a new home in Daventry using the shared ownership scheme, you’ll need to apply via the Help to Buy Midlands website. Applicants usually find out if their application has been successful within four working days. If accepted, you can then start searching for your new-build home for sale.