To find out more about life at The Arbour, Beaulieu, and to register your interest in upcoming homes, you can visit our website here.
Answering Your Questions on Shared Ownership
Shared Ownership is a great route onto the property ladder for first-time buyers – especially those who feel priced out of the open market.
Our sales team at The Arbour have shared their guidance and expert knowledge on the benefits of Shared Ownership as well as details about the homes we offer at our popular Chelmsford neighbourhood.
Read on to find out more about this pathway to homeownership…
Q. What does Shared Ownership mean?
A. Karen, Sales Associate at The Arbour, explains –
“The Shared Ownership scheme enables you to buy a share in a property, whilst paying a subsidised rent on the portion of the home you don’t own. This means that you can purchase shares in a property that might otherwise be unaffordable. Usually, a buyer will purchase anywhere between 25% and 75% of the property initially. One great thing about the scheme is that often the buyer needs a far lower deposit, as this is based on the share bought, rather than the full market value of the home. It’s a really fantastic opportunity for those who feel priced out of the open market.”
Q. So, eventually I can own all of my home?
A. Karen –
“Yes, through a process called Staircasing! As you save money and your financial situation improves you can buy a larger share in your home until you own it outright and no longer pay rent.”
Q. How much would my deposit be?
A. Deanne, Sales Associate at The Arbour, says –
“Whilst this would depend on the home you are buying, the deposit is usually 10% of the share you are purchasing. This makes Shared Ownership a great, affordable option for first-time buyers who have a small amount of savings.”
Q. So, Shared Ownership could be a much more affordable route onto the property ladder? What about any initial costs?
A. Karen –
“Definitely. You often only need a small deposit and enough to cover the reservation fee and mortgage valuation fee to secure your property. As noted by leading online property portal Share to Buy, when you buy through Shared Ownership, your monthly repayments can often work out cheaper than if you had an outright mortgage. The monthly payments are also generally lower than if you were to rent privately!”**
Q. Am I eligible for Shared Ownership?
A. Deanne –
“To buy a home through Shared Ownership you should have a combined annual household income of less than £80,000, or £90,000 if you’re looking to buy in London. Also, you can’t already own a property or part of a property and you must be over 18 years old. You’ll need a good credit history too. We always recommend speaking to an independent financial advisor with specialist Shared Ownership knowledge such as Censeo.
Q. Do you have Shared Ownership Homes at The Arbour?
A. Karen –
“Yes, The Arbour is solely a Shared Ownership development. With frequent releases throughout the year, homes at The Arbour vary from one- and two-bedroom apartments to two- and three-bedroom houses, which means we’re able to cater to a wide range of buyers.”
Q. What steps do I need to take before I can request an appointment at a launch weekend?
A. Deanne –
“The first step in the Shared Ownership process is to complete our Shared Ownership eligibility form, which you can do through our website. Once your application has been approved, you will receive a LQSO number which you can use to register your interest in The Arbour. You will receive an email to inform you of our next release, where you will find further information on how to request a viewing at our launch weekend.”
Shared Ownership is a great option for first-time buyers looking to take their first step onto the property ladder. If our Q&A session with the lovely sales team at The Arbour has piqued your interest, head over to our dedicated webpage on Shared Ownership, where you’ll find further information.