Home buyers looking for a more affordable route into home ownership are being given a last chance to purchase a home at Castleward in Derby using shared ownership, the part-buy, part-rent scheme.
Just two three-bedroom homes remain for sale with the scheme, which is available through Riverside Home Ownership and allows buyers to purchase a 25% to 75% share of their home, while paying rent on the remaining share.
As shared ownership requires a smaller deposit and smaller mortgage, it’s ideal for those looking to take their first steps onto the property ladder.
Catherine Corkish, Sales and New Business Negotiator at Riverside Home Ownership, comments: “Shared ownership is designed to give home buyers a helping hand onto the property ladder by providing an opportunity to buy a share of a property, rather than purchasing it outright.
“This means buyers can own a home at Castleward from as little as £41,250, making home ownership accessible to those who may be struggling to save a deposit or secure a mortgage for other properties.
“Buyers choosing to use shared ownership do not have to compromise on space, location or specification, as these homes feature the same attention to detail and high specification featured in all homes at Castleward.
“In order to be eligible for shared ownership you will need to be either a first-time buyer or purchasing following the breakdown of a relationship and have a household income of less than £60,000 a year.
“You will also need enough savings to cover legal costs and the monthly cost of the new home will need to be less than 45% of your monthly income after tax.”
The homes, which are being built by Compendium Living, the developer behind the £100 million Castleward project, feature a high specification, including a modern fully fitted kitchen and stylish bathroom, and sit just a short walk from the city centre.
Catherine adds: “Shared ownership makes owning a home more manageable and offers an opportunity for buyers to purchase the remaining share of their home at a later date.
“For further information on how the scheme works or to find out if you are eligible, visit the Castleward marketing suite, where we will be happy to answer any questions you may have.
“As we now only have two homes available with shared ownership, we’re encouraging potential buyers to come and find out more.”
Three-bedroom homes are priced from £41,250 for a 25% share.
Phase one of Castleward features 164 new homes, including two, three and four-bedroom homes and two-bedroom apartments, and approximately 16,500 sq ft of commercial space, a boulevard and a park.
For more information on shared ownership visit the Castleward marketing suite or call 01332 426156.