Shared ownership proves popular with first time buyers
New research from Lloyds TSB indicates that almost half of first time buyers are looking at shared equity or shared ownership schemes to enable them to get a foot on the housing ladder and a quarter of those said it was their only chance of buying a home.
One in four said the main reason for choosing these schemes was that it would make their mortgage payments more affordable, while another quarter said they would be able to buy in an area which they otherwise couldn’t afford.
Shared ownership may be the perfect solution for first time buyers in London, with estate agents, Savills, predicting that London house prices will rise by 25% over the next five years, well ahead of the rest of the country.
Lauren Nicholson, Head of Marketing at Family Mosaic, comments: “Contrary to popular belief shared ownership is not just for key workers but is available to anyone who does not already own a property and is unable to buy a home on the open market.”
Lauren continues: “With Savills forecasting that house prices in London will continue to rise, this could be the perfect time to buy your first home. Whether you are looking for a one bedroom apartment or something bigger to suit a family, we have something for everyone at our developments at Central Park, Lewisham, Harper Square, SE1 and New Festival Quarter, E14.”
With Family Mosaic, buying your first home in manageable, affordable stages is simple. You choose an apartment at one of its developments and buy the share you can afford. You can start by purchasing as little as 35% and increase your share at any time all the way to 100% and outright ownership. You will pay a Government subsidised rent on the remaining share of the property.
It’s a great alternative to renting as often the combined monthly mortgage payments and government subsidised rent is lower than for private, rented accommodation. This can be a very attractive option, with rental costs in London at more than twice the national average.
To qualify for the shared ownership scheme, your total household income must be less than £64,300 per annum for a one or two bedroom apartment or £77,200 for a three bedroom apartment. Ideally you should also have savings of around £3,500 to cover moving and legal costs.
For further information, visit familymosaicsales.co.uk.
