Chipping Norton Times - Issue 26 - November 2012 (PDF)

Shared Ownership offers first-time buyers an opportunity to
buy in the Cotswolds
Many home buyers are finding property prices in the Cotswolds unaffordable, with figures from the Land Registry indicating the average home
last year sold for over £333,000.
However, a government initiative called
Shared Ownership is available to assist
aspiring home owners. The scheme offers
them the opportunity to purchase a share in
a new property from a housing association.
Each month mortgage repayments are
made on the purchased share, together
with a subsidised rent to the housing
association on the residual share. Then, as
finances permit, additional shares can be
bought until the home is owned outright.
Shared Ownership is accessible to first-time buyers, with a household
income of less than £60,000 a year. Many housing associations can
even put you in touch with independent financial advisors and
solicitors who have experience of the scheme. Sovereign Living, one of
the largest providers of Shared Ownership in the south of England, is
currently offering a range of stylish two and three bedroom houses at
Moreton Park - a new development in Moreton-in-Marsh. Each of
these homes is available to purchase with Shared Ownership,
providing local residents with the opportunity to acquire their first
home affordably.
“There is a whole generation that risks being locked out of the
housing market, and Shared Ownership offers a way in” said Tony
Quigley, Sovereign’s Director of Home Ownership.
“The properties at Moreton Park represent a fantastic opportunity for
people to achieve their aspirations of owning their own home. A two
bedroom house starts from just £78,000. This would provide a
purchaser with a 40 per cent share, and their deposit could be as little
as £4,000” he said.
Alan Walker and Kerry Cavanagh bought their first home with Shared
Ownership. “We would definitely recommend Shared Ownership. It’s
a lot more affordable than having to raise a large deposit and then pay
high mortgage repayments each month” said Alan.
“It was really easy. We worked with one person throughout the whole
process. Each stage was explained, what we needed to do, and how
long that would take.”
If you would like to find out more about Shared Ownership, or how
you can purchase a home at Moreton Park, contact Sovereign Living
on 0117 317 0734 or visit www.sovereignliving.org.uk.
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