Spotlight on shared ownership

  • 1st October 2024
  • News

Spotlight on shared ownership

As Shared Ownership Week 2024 draws to a close we share Sammy’s journey into homeownership.

 

Background: Sammy, an NHS worker from Newcastle, embarked on her shared ownership journey with Castles & Coasts Housing Association (CCHA) last year. As a single buyer, she saw shared ownership as the only feasible option.

 

Decision to choose shared ownership: Sammy decided on shared ownership because it was the only way she could afford to buy her own home. The scheme meant she could buy an initial 25% share and pay rent on the remainder, making home ownership more accessible and achievable.

 

The buying process: The process involved filling in forms and keeping in touch with colleagues at Castles & Coasts. Despite the paperwork, Sammy found the process to be pretty straightforward and felt supported throughout. The only significant issue she had was with her solicitors, but overall, she described her experience as smooth.

 

Sammy said: “it’s amazing to have my own home, I’m on cloud nine!”.  

 

Choosing the property: Sammy’s dad found the home online, and it was the first one she went to view. She fell in love with it straight away as it ticked all her boxes. Initially, she was concerned about moving further away from family, but the estate seemed nice and safe. Being so close to the coast and only a 20-minute drive to work were added benefits. Although Sammy wasn’t initially looking for a bungalow, she found the layout spacious and well-thought-out, and it had a big garden.

 

Advice for prospective buyers: Sammy advises anyone considering buying a shared ownership home to do their research and keep track of all the steps in the process. Writing everything down can help ensure nothing is missed.

 

Future plans: Sammy plans to buy 100% of her property over time and can see herself living here for the rest of her life. She’s very happy with her decision and the home she chose.

 

David Brown, Head of Development at CCHA, said: Sammy’s journey to home ownership with Castles & Coasts showcases the potential of this scheme to make home ownership accessible and fulfilling. Despite initial concerns about the type of home and the location, she found a home that exceeded her expectations and gives her a sense of security and happiness. We wish Sammy many happy years in her new home and look forward to helping her staircase to 100% ownership.”

 

 

More about shared ownership: discover your new home with Castles & Coasts

Are you dreaming of owning your own home but finding it challenging to navigate the current housing market? Look no further! Shared ownership at Castles & Coasts makes homeownership more accessible and affordable for everyone.

What is Shared Ownership?

Shared Ownership is a fantastic way to step onto the property ladder. It lets you buy a share of a home, typically between 25% and 75% (minimum 10%), and pay rent on the remaining share. Over time, you can buy more shares in your home, a process known as “staircasing” until you own 100% of the property!

Why choose Shared Ownership?

Affordability: With Shared Ownership, you only need a mortgage for the share you  are buying, making it easier to secure a loan and reduce your monthly mortgage payments.

Flexibility: Start with a smaller share and increase your ownership as your financial situation improves.

Security: Enjoy the stability of owning your home with the support of a highly rated housing association.

Community: Be part of a vibrant, supportive community with access to local amenities and services.

How to apply

Here’s how you can get started:

  • Please check you are eligible by visiting the gov.uk website here. Generally you need to be a first-time buyer or someone who used to own a home but can’t afford to buy one now.
  • Visit our website here to see what homes are available. 
  • Contact the relevant agent to register your interest in a property.
  • Together, Castles and Coasts and the estate agent will guide you through the process.

 

Our development plans

We're committed to the delivery of more than 600 homes across Cumbria and the North East over the next five years. As a housing association with a strong social conscience, we are focused on tackling the housing crisis, improving lives, harnessing our financial strength to meet the needs of our local communities.

Our Development Strategy focuses on the areas of South and North Lakes, Penrith, Carlisle, the Tyne Valley and South Northumberland. We would also consider opportunities toward the Cumbrian coast, on Tyneside and Wearside and the adjacent areas, where we have existing homes.

We welcome the opportunity to talk with landowners, and their agents, particularly about the potential of planning exception sites and the delivery of affordable housing. We’re also keen to work with housebuilders and developers on joint ventures, partnerships and Section 106 obligations.

We are very experienced and well placed to develop in both urban and rural areas with considerable expertise in developments within National Parks.

We’re proud of our record in delivering high quality affordable homes across our areas of operation. We aim to build on this by providing homes for rent, shared ownership, rent to buy and outright sale.

For a selection of new and re-sale properties, including shared ownership options, see our website here.

 

Loading...