Shared Ownership Homes in Maidstone
Maidstone is one of Kent’s most attractive market towns. The proximity of the River Medway, not to mention the easy commute into London, make it a popular choice with young professionals and families – but unsurprisingly, this popularity has caused house prices to rise.
At present, average house prices are over £300,000 (1). For some people, this means that Maidstone property is unaffordable, meaning they need to look for property in other areas. The shared ownership scheme enables people to get on the property ladder, without spending more than they can afford, and in the area they want to live.
This video explains how the shared ownership scheme works in practice.
The Advantages of Shared Ownership in Maidstone
Buying a property in Maidstone with the help of the shared ownership scheme makes great financial sense. You’ll own a percentage of the property (which can be purchased using a mortgage or your own savings), and the other percentage will be owned by the local housing association, who will charge you rent.
The use of the scheme reduces the monthly mortgage repayment considerably and means you’ll be able to own a property, rather than continue renting.
Latest Shared Ownership Developments near Maidstone
Buying A Shared Ownership Home
Applying for a shared ownership scheme is relatively straightforward. In Maidstone, the scheme is run by BPHA – if you create an account, you’ll be able to check eligibility and apply online. Once your application has been approved, you’ll be able to search for suitable accommodation and start the purchasing process.
To be accepted for the scheme, your gross annual income must be below £80,000, and you mustn’t own any existing property. You’ll also be asked to provide a budget plan, detailing how you’ll be able to afford the expenses associated with buying a house, such as mortgage, insurance, maintenance and other related costs. For general information about eligibility, click here and get further info about Maidstone’s schemes on the Maidstone .Gov site.