With the average house deposit now set at an eye-watering £33,000, buying your first home can seem like an impossible challenge.
But, if you're a first-time buyer, we are here to help.
At Bracewell Homes, we think everyone has the right to own their own property and we are committed to making it as affordable as possible for everyone in the Harrogate district.
One way is something called shared ownership.
It is a government-backed scheme designed as a way of completely owning your own home over time. It means you don't need to buy a property outright. Instead, you purchase what you can afford and when you can afford it.
Shared ownership means you pay a proportion (a share) of the cost of your home upfront and then pay rent (and service charges where applicable) for the share of the property you don't own at a reduced rate.
You start off buying a share, usually between 25 and 75 per cent of the cost on a leasehold basis. Over time, you buy more shares when you can afford it, gradually increasing the percentage you own until you own the lot. The cost of buying additional shares will vary depending on the value of your home at the time.
You qualify for shared ownership if:
- you don't currently own a home or have an interest in a home and can't afford to buy one outright
- you have at least a five per cent deposit available for the percentage of the home you'd like to purchase
- your combined household income is less that £80,000
- you can afford the monthly mortgage, rent and service charge payments
You'll usually need a 10 per cent deposit.
Under the shared ownership scheme, you can sell your house at any time. You may even benefit from any rise in its market value over the time you have lived in it.
All Bracewell Homes properties are offered as shared ownership.
To talk to us about shared ownership, please call 01423 556604. To apply for a shared ownership, visit the Help to Buy Agent for Yorkshire website.