Shared Ownership in Towcester
Towcester is situated in Northamptonshire, and is popular with homebuyers of all ages, thanks to its proximity to Northampton, Milton Keynes and Oxford. Although still a relatively small town, it has an appealing range of amenities, and a buoyant property market.
Whilst houses in this area are well priced, they can prove expensive for some, particularly first-time buyers with limited savings. As a result, purchasing a property using the shared ownership scheme is a welcome option.
How Does it Work?
The shared ownership scheme effectively reduces the price of the property in question, making it more affordable for the buyer. A percentage of the house or apartment is purchased (using a mortgage or savings), then the remainder is owned by the local council or housing association, who charge rent. When the home-owner is ready, they can purchase the rest of the property outright, or buy it in incremental stages.
To apply for the shared ownership scheme, you’ll need to meet specific criteria. If you’d like to find out if you’re eligible, you can learn more on the government website.
Latest Shared Ownership Developments
Shared Ownership – Right for You?
If you’re thinking of applying for the shared ownership scheme, you’ll need to be able to prove that your annual gross income is £80,000 or under. Home buyers who own existing properties won’t be eligible, and you’ll also have to show that you’re unable to afford a house to meet your requirements (e.g. if you need a certain number of bedrooms to accommodate your family).
To find out if you’re eligible to apply, contact South Northamptonshire Council.
Why a New-Build Property?
There are a lot of advantages for buying a new home in Towcester. The latest developments are often built in sought-after areas, either close to local amenities, transport links, or both. Reputable developers usually offer six to twelve month guarantees with their properties too, which provides additional peace of mind.