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We
work closely with local authorities and new house builders to
provide new affordable homes for sale via an ‘equity loan’. This
is available to those who cannot afford to purchase a property
outright but who can meet the long term financial commitment of
home ownership. To check if you qualify please refer to the
Selection Criteria.
The properties
are offered for sale on a ‘shared equity’ basis which means you
purchase a percentage of the full open market value of
the property. We will contribute the balance which is retained
as a Charge on the property. Unlike your mortgage, there are no
repayments to us while you live in your home.
There are a
number of options available to you (which may vary from
development to development), for example:
·
You may purchase between a 50% to 90% equity share in a property
in the 1st instance
·
You may increase your equity share at a later date by purchasing
additional equity from us (in portions of not less than 10%)
·
You may purchase the whole amount of equity outright from us but
this is normally restricted to the first 3 years of occupation
·
You may reduce your equity share by offering a portion to us to
buy back if, for example, your circumstances change and you no
longer can sustain the existing level of mortgage
·
You may sell your property back to us and revert to a tenant
paying rent
The amount of
equity share you purchase will be based on your ability to
provide an affordable mortgage, together with any savings that
you may have.
*For
scheme specific information, please refer to our website
Find out more
This website provides detailed information on the buying options, along with help and advice on how to apply.
If you earn a single / joint salary of approximately
£15,000 - £40,000
Homes within Reach
could help you get on the housing ladder
Find a home
for sale in your
area
'Homes within Reach' is not suitable for everyone. Please read
the selection criteria information carefully to be sure you are
eligible for consideration.
All the buying
options require a purchaser to arrange a mortgage from an
approved lender. We therefore strongly advise you to seek your
own financial advice. This will provide you with a clear idea of
the costs and obligations of home ownership. See
'home buying
costs'
for more details.
Have you registered
with homeswithinreach
yet?
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