Shared Ownership Homes in Desborough
Desborough is a popular location for professionals and families alike, with a population of just over 10,000 residents (1), and easy access to Market Harborough and Kettering. Due to demand, there are several new build developments in the area, offering spacious, high quality accommodation for residents.
However, some people feel priced out of the market, thanks to rising prices. Shared ownership schemes offer buyers the ideal opportunity to afford a home, without breaking the bank.
What is a Shared Ownership Scheme?
A shared ownership scheme enables buyers to own part of their home outright, whilst paying rent on the other percentage, which is owned by the local council or housing association. To be eligible, your gross annual income must be £80,000 or less, and you must be able to prove that you can’t afford to own a home. You can check your eligibility online here.
Buyers can fund the purchase using a mortgage or their own savings, in exactly the same way as a standard property purchase. If you choose, you can also buy more of your property in incremental stages, at a pace that suits you. This video details how it works, (with a useful example to illustrate the process) or alternatively, Kettering council have further information on their website.
Latest Shared Ownership Developments near Desborough
How to Apply
Desborough is covered by the Help to Buy Midlands team, so you’ll need to speak to them to find out if you’re eligible for the scheme. It’s also a good idea to get in touch with mortgage providers, to see whether they’re happy to offer a mortgage for a shared ownership scheme.
It’s likely that your housing association will want to see evidence that you can afford the property purchase, including costs involved with moving, insuring and maintaining the house, so be prepared to draft up a budget plan, detailing your finances.
To start the application process, click here.
New Build Shared Ownership Scheme
Buying a new build using the shared ownership scheme offers one major advantage – the builder will probably cover costs of any repairs for the first six to twelve months. Additionally, you’re likely to experience fewer issues with a new property, which means less expenditure in the short to medium term.Desborough has several new build developments, offering comfortable, spacious living for home-buyers. To see what’s available, click here. Alternatively, to find out more about the shared ownership scheme in Desborough, call Help to Buy Midlands on 03458 50 20 50 (select option two), or get in touch via email – firstname.lastname@example.org.