Shared Ownership Helps Diana To Buy A New Home-yo te amo

Home-and-Family At the age of 59, some ten years after stepping off the property ladder, Diana LeClerc found herself able to make a fresh start with homeownership thanks to a shared ownership arrangement with Orbit Homes. With the Government-backed HomeBuy Shared Ownership scheme, Diana now owns a 30 per cent share of a brand new two-bedroom apartment at Compass House, the company’s development of affordable new homes in East Sussex. Living in Hastings and working as a care assistant, Diana did not have the earning power to be able to afford to purchase a suitable property on the open market and had resigned herself to renting. However, a friend told her about the shared ownership deals offered by Orbit Homes and she approached them to find out whether she was eligible. Discovering she was, it wasn’t long before she found an ideal property at Compass House in Bexhill-on-Sea. "The opportunity to purchase a property through HomeBuy has allowed me to make an investment which I didn’t think was going to be possible at my age," she says. Her two-bedroom/two-bathroom apartment cost £145,000 and has given Diana the security of owning a stake in her own home, as well as the pleasure of living in a new-build home built to a very high standard and the space to have friends and family over to visit. She moved in to her new property in August 2011. "It is just lovely!" she enthuses. "Everything is new and the neutral decoration suits me perfectly. I am so excited and I can’t wait to have friends to have come and stay." The shared ownership arrangement means that while she owns her 30 per cent share, financing it with a mortgage that she can afford, Diana also pays a subsidised rent on the 70% balance. She will also be able to buy more shares in her home at a later date if she wants to, as and when she can afford to do so, a process known as "staircasing". Shared Ownership in a nutshell: • You own part of the property and pay rent to a co-owner usually a local council or housing association in addition to your mortgage payments • Brand new and refurbished properties available • You can start owning as little as 24% of the property and buying more know as staircasing. • The deposit and mortgage requirement sill be lower as you are only buying part of the property • You still need 10% deposit but just of the share you are buying • Service charges can bump up monthly costs About the Author: 相关的主题文章: