Award-winning affordable homes provider Plumlife is marking Shared Ownership Week (21 to 27 September, 2017) by celebrating helping 375 individuals, couples and families onto the property ladder.
Shared Ownership is a government-backed scheme which provides an affordable way to buy a new home for those who can’t afford a mortgage for the full asking price. It allows the buyer to buy a share of the new home (usually between 35 and 75 per cent) and pay a small rent on the remaining part until the buyer owns the home outright.
Lisa Westerman, group head of sales at Plumlife, said: “Shared Ownership has many benefits, but it also allows a small deposit and it gives a huge variety of people – from first time buyers to retired, single people to families – a chance to get a foothold on the property ladder. Deposits are one of the biggest challenges for buyers and Shared Ownership, along with other Help to Buy schemes, can make owning your own home more achievable.”
Halifax’s First Time Buyer Review
recently (July 2017) highlighted that the average deposit needed by a first time buyer has doubled to £32,321.
Lisa continued: “Shared Ownership isn’t just for first time buyers, however – there is eligibility criteria which covers a range of people, as long as they have a permanent job, they can’t afford to buy a home on the open market and their total household income is £80, 000 a year or less. Some Shared Ownership schemes ask for local connections, such as living, working or having family in the local area and give priority to the bereaved, the British Armed Forces or social housing tenants. If you think Shared Ownership might be right for you, come and talk to us at Plumlife
to see how we can help.”
Plumlife has plans to offer a further 650 homes on a Shared Ownership basis before 2021.