London Home Show Sponsors: Meet Peabody New Homes
Step on the property ladder with Shared Ownership
It’s exciting isn’t it? Deciding to take that first step onto the property ladder is an exhilarating experience – after all, you only get your first home once.
But with increasing living costs, soaring rental prices and growing uncertainty, it can remain to be a very daunting time for many first time buyers looking to make their home ownership dreams a reality.
And that’s where Shared Ownership could be the answer.
The “part-buy part-rent” scheme has helped many people own their first home by buying a share of the full market value with a lesser deposit, and paying rent on the remainder.
But what are the other things to know about Shared Ownership? Well, below is just a few useful pieces of information explained by Peabody New Homes that could help you on your journey to buying a new home through Shared Ownership.
As you only have to put down a deposit based on the share value you buy, deposits for Shared Ownership homes are often significantly less than if you were to buy on the open market. For example, you can own a Shared Ownership property at Southmere, SE2 from just £5,188 with a 5% deposit of the 25% share value.*
2. Independent Mortgage Advisors (IMAs) are your new “best friends”
With access to a range of lenders in the market, IMAs are incredibly useful to understand your affordability and what you can realistically buy within your price range. Many buyers are often surprised that they can afford more than they originally expected after speaking with a mortgage advisor so it’s definitely worth talking to a mortgage expert – especially those with experience of Shared Ownership.
3. Rent within reach
With Shared Ownership, you pay a subsidised rent on the share you don’t buy which can often lead to monthly out-goings being less than renting alone. Take Peabody New Homes’ development at New Mansion Square, SW8 where you can save over £850 per month when you buy a home compared to renting in the area.*
4. Buy more later
As your savings grow over time, you can buy a larger share in your home and pay even less rent; until eventually you own 100%.
But remember, there are additional costs when buying an apartment including service charge, so be sure to look through your finances to make sure you can still comfortably afford to enjoy your brand-new home.
5. Homes that you can make your mark on
The perfect home should be a reflection of you. While renting a property often means sticking with your landlord’s design choices or decorating restriction, Shared Ownership homes are the ideal blank canvas for you to make your own and let your creativity flourish. If you want to get inspired, why don’t you check out Peabody New Homes Interior Design Challenge mini-series.
What’s more, Peabody New Homes Shared Ownership properties are designed with modern fittings and sought-after integrated appliances as standard. So no need to spend extra money on fixtures (unless you wanted to!).
With Peabody New Homes, discover new homes that are more than just a place to live in London and Home Counties at a price you can afford. Visit them at stand 6 in Britten Room at the London Home Show on September 23rd 2023 or visit their website.
Shared Ownership not for you? That’s ok – they also have a selection of homes available for private sale. Discover them and more at peabodynewhomes.co.uk
Peabody New Homes. More than just a place to live.
*5% deposit of a two bedroom apartment at Southmere available for £103,75, 25% share of (full market value: £415,000). | A one bedroom apartment at New Mansion Square has an average monthly cost of £2,051, compared to £2,930 renting a similar property in the local area. Information correct at August 25th 2023.
Attend the London Home Show
Tickets for the London Home Show are free, but visitors must register in advance to attend. For more information, or to reserve your place at the capital’s no.1 first time buyer event, please visit the Eventbrite page.
Share to Buy is a one stop shop for affordable homes. On our website, you can search for properties, compare mortgages and find out all you need to know about alternative home-buying schemes such as Shared Ownership and Help to Buy via our FAQs and guides.