Thinking of buying a property - SmartShare has thousands of properties to buy or rent across the UK
It’s good news for first time buyers as the Co-operative Bank launches a new 100% shared ownership mortgage.
A spokesperson from the Co-operative Banks says “Our shared ownership offerings reinforce our ethos of social inclusion, first-time buyer assistance, and community support.
“These schemes allow borrowers to access our normal product range and borrowers can take up to 75% of the property value from The Co-operative Bank, with the partner / housing association involved lending the remaining 25%.”
The shared ownership mortgages scheme will be available on a regional basis through a number of strategic partners.
If you are looking for an affordable home and would like more information on shared ownership mortgages please click on the link now:
Southern Housing Group has merged with two of its subsidiaries, South Wight Housing Association Limited and James Butcher Housing Association.
The amalgamation has resulted in one single housing association – Southern Housing Group Limited – managing 25,000 affordable homes between them.
Two new regions have also been created and the Group now covers; London, South and Thames Gateway, the Isle of Wight, West region encompassing the M4 corridor and part of the South coast. Each region will establish a Residential Service Panels who will be responsible for monitoring and shaping arrangements for the delivery of services to residents in their region and helping to plan improvements.
There are 37 affordable homes available for rent or shared ownership on the new Flaxhayes development in Bridport.
The development is called Dibdin View and will consist of two and three bedroom, communal and play areas and space for allotments.
The new homes are due to be completed in March 2011 and will be available through Magna Housing.
Nigel Spencer, development programme manager for Magna Housing Association, which is building the new homes, said: “People can still register their interest in the shared ownership properties – you could be eligible, even if you are currently in private, rented accommodation.
“Priority will be given to people with local connections to the town of Bridport and the parish of Allington and they need to register with both West Dorset District Council and South West Homes for the shared ownership properties and with the district council for the rented homes.”
The average price of a new home rose for the fourth consecutive month in August – up 0.9% to £219,629.
This positive news is supported by recent public statements from developers Taylor Wimpey, Redrow and Bovis Homes.
Gareth Robinson, CEO from SmartShare says ‘It is pleasing to see that the new homes sector continues to make steady progress. It is absolutely critical that new homes are continued to be built not only to meet the shared equity demand but to support the economy and creating new jobs. ”
Average new home price: £219,629
Monthly % change: +0.9%
Three monthly % change: -0.4%
Annual % change: +1.2%
Are you considering ‘rent to buy’ as an affordable housing solution? There are many schemes available throughout the UK which provides you the opportunity to become an owner-occupier of your own home.
Ironically you could actually save money each month as shared ownership typically means that you'll be paying a lower monthly rent, enabling you to save the money to potentially buy further shares in your home.
Shared ownership properties are ideal for those who do not meet the lofty demands of a high street bank or building society. Yes, you do have to find a down payment or deposit; however in most cases prospective shared ownership buyers are looking to buy a share of a property (generally between 25 and 75% of a property) which means they need to fund a substantially lower deposit and mortgage.