Shared ownership is a fantastic way for young buyers to purchase their first home in an affordable way.
Leamington-based estate agency Hawkesford is lending a helping hand to first time buyers by bringing shared ownership properties to market through a partnership with Orbit Homes.
Specialists in affordable housing, Orbit has more than a dozen sites across Warwickshire, including Knightcote Place and Hendry Place in Bishops Itchington, and Ettington Mews in Wellesbourne.
Offering two, three and four-bedroom homes, Orbit’s shared ownership scheme allows first-time buyers to get a foot on the property ladder through purchasing a minimum 40 per cent share in the home. The remaining 60 per cent of the value is then paid through a subsidised rent.
James Hawkesford, managing director at Hawkesford, said: “Shared ownership is a fantastic way for young buyers to purchase their first home in an affordable way, so we’re thrilled to be working with Orbit Homes to bring these properties to market.
“We have already helped three people to find their perfect properties in Bishops Itchington and have a number of other interested parties – mainly young couples but also divorcees and single mothers.
“We have one graduate working for Jaguar Land Rover who would have struggled to collect the deposit for a full mortgage, but was able to secure the funds needed for a 40 per cent share.
“The combined total of monthly mortgage repayments and subsidised rent actually worked out cheaper than renting a similar private property – something which can often happen through this scheme.”
Orbit’s properties start from a full market value of £175,000; a minimum 40 per cent share of just £70,000 for a two bedroom home with lounge, kitchen diner, garden and two parking spaces.