Shared Ownership in Norwich
Norwich is one of the UK’s most popular cities, thanks to its great location in picturesque Norfolk, and its illustrious history. Currently, it has around 213,000 residents, with many more wanting to make the city their home, but rising prices have been causing issues for some people, particularly first-time buyers.
Shared ownership schemes are on offer to support your purchase, helping you to get on the property ladder without any financial struggle. Norwich council offers a shared ownership scheme, which is an ideal solution for those looking to buy a new-build home in the area.
What is a Shared Ownership Scheme?
A shared ownership scheme gives buyers the chance to invest in part of a property, with the remainder being owned by the local council or housing association. The homebuyer then pays the council an agreed sum of rent until they are ready to purchase the property outright, or buy the rest in incremental stages.
You can buy your percentage of the property using a mortgage or your own savings, just like a conventional house purchase. In order to apply for the shared ownership scheme, you’ll need to meet certain criteria. You can find out more about eligibility on the government website.
Latest Shared Ownership Developments near Norwich
£57,500 - £265,000
Criteria for Shared Ownership
To apply for the shared ownership scheme in Norwich, your gross household income must be below £80,000. Likewise, you must not own any existing property, and you must be able to prove that you’re unable to afford a house that meets your requirements.
Sometimes, you may also be asked to provide a budget plan, detailing how you intend to afford the purchase, though this requirement may vary from case to case. More information can be found on the Norwich Home Options site.
New-Builds in Norwich
New homes are often sought after, thanks to their reduced maintenance costs and excellent locations. New-builds often come with six to twelve month guarantees in place too, which offers extra peace of mind when making the purchase.
To purchase a home in Norwich using the shared ownership scheme, you’ll need to get in touch with an advisor at Norwich Home Options by visiting the customer centre at City Hall. Your advisor will talk you through your options, then ask to see documents to verify your circumstances.