Shared ownership can be a fantastic option for first-time buyers and those who can’t afford to buy outright. Let’s face it, purchasing a home is expensive; shared ownership is a way to make your dream property a reality. There are just five shared ownership homes left available at our regeneration development in leafy Ealing, Central Square, take a look at our helpful guide to find out more about the scheme and why it could be the home ownership solution you’ve been looking for…
What is shared ownership?
With shared ownership, you buy a share of a property which can be as little as 25 per cent and usually no more than 75 per cent of its full value. Deposits at Central Square are from just five per cent, dependent upon your individual circumstances, of the share you purchase – you then take out a mortgage to cover the rest of your share and pay rent on the remaining share directly to Broadway Living, as well as a service charge.
Are there any requirements to be eligible for shared ownership?
You need to have a joint household income of below £90,000 to be eligible in London or below £80,000 for buying outside of London.
Can you increase the share that you own over time?
Yes! Through staircasing, you can gradually increase the share that you own over time to reflect your financial situation. For example, if you initially purchased a 25% share, you could purchase an additional 25% after a few years, meaning you own 50% of the property in total. There is also the option to continue buying shares until you own 100% of the property.
What homes at Central Square are available with shared ownership?
Every home left to buy at Central Square is available with shared ownership. Just five, contemporary apartments remain, so buyers are advised to act quickly.
The modern, open-plan apartments feature floor-to-ceiling windows that flood the space with light. The kitchens are fully fitted with a suite of Zanussi appliances, all of the main bedrooms feature fitted wardrobes while most two-bedroom apartments provide an en suite shower room to the main bedroom, all included in the purchase price.
Providing respite from the busy city, buyers have access to plenty of outdoor space; each apartment has its own private balcony and there are communal landscaped gardens for residents to enjoy. There is also a playground, community hub and a local shop for the day-to-day essentials.
Homes are priced from £435,000 for a two-bedroom apartment, which means a five per cent deposit of just £5,437.50 is required for a 25 per cent share. Click here to find out more and enquire today!