Northumberland · Shared Ownership New Build
Share percentage 50%, full price £250,000
Northumberland · Shared Ownership New Build
Share percentage 50%, full price £199,950
Shared Ownership is an affordable home ownership scheme which makes it easier for eligible purchasers to get on the property ladder. Buyers get a mortgage for the share they can afford, and pay rent on the remaining share.
No – this is a common misconception but the ‘shared’ aspect of the scheme simply means you’re sharing ownership of your home with a housing association.
If you decide to buy a Shared Ownership home in Newcastle-upon-Tyne, you’re effectively purchasing a portion of your property. Your initial share will usually be between 25% to 75%, paying a mortgage on the part that you own and a below market value rent on the remaining share.
Yes – Shared Owners can choose to buy additional shares in their property by ‘staircasing’.
When buying a Shared Ownership home, you will initially purchase a minimum percentage somewhere between 25% to 75%. Down the line, if you find that your financial circumstances have changed, buyers will have the option to buy more shares.
If you choose to buy a higher percentage, your mortgage repayments will increase while the rent you pay will decrease. In the majority of cases there aren’t any restrictions and you can buy 100% of your home – in this instance, you would become the outright owner.
As a home-buying product aimed at helping those who can’t afford to purchase a property on the open market, there are certain requirements that buyers will need to meet to be considered eligible for Shared Ownership.
For example, there are caps on household income which means that you must earn less than £80,000 to be eligible for the scheme – or less than £90,000 if you would like to buy a home in London. The criteria also states that buyers must be at least 18 years of age and do not own another property either in the UK or abroad.
Shared Ownership properties enable you to put down a smaller deposit compared to those required on the open market – buyers will usually need to put down 5% to 10% of the share that they’re buying, rather than the full market value of the home.
On a monthly basis, buyers will be required to pay their mortgage, a subsidised rent and service charge on their home, however, these repayments often work out cheaper than or equal to renting privately in the same area. Other costs to consider when buying a home include solicitor and mortgage broker fees – you can find out more about these costs on Share to Buy.
Share to Buy lists thousands of Shared Ownership homes all across Newcastle-upon-Tyne and beyond – including new build properties and those available through resale.
Shared Ownership is available on a variety of homes including cosy studios, stylish apartments and traditional family homes. Check out our property search tool to start looking for your new home today!
The major providers of Shared Ownership, Help to Buy and other affordable ways to buy a home in Newcastle-upon-Tyne and nationwide have their homes listed on Share to Buy.
Share to Buy is the leading online portal for Shared Ownership properties. Established in 2004 as the UK’s first specialist online mortgage broker for affordable home ownership products, the site has since developed into a one stop shop for first time buyers, offering the country’s largest listing of Shared Ownership homes from many of the UK’s biggest housing providers.
Share to Buy is the nation’s biggest and best established affordable home ownership property portal, making it the ideal website for first time buyers looking to take that first step onto the property ladder.
Using our property search tool, you can search for homes that suit your needs via filters such as location, number of bedrooms, monthly outgoings and deposit amount. You can also set up alert preferences so you’ll be notified when new properties that meet your search are announced by email.
Acting as a one stop shop for first time buyers, Share to Buy also offers handy FAQs and guides, interactive mortgage tools, mortgage broker and conveyancing panels, and live events to help potential purchasers on their home-buying journey.
If you are a housing association or developer selling properties through Shared Ownership, Help to Buy and other affordable home ownership schemes, we can list your new build and resale homes on the Share to Buy property portal.
As well as working alongside Registered Providers, we also partner with private sellers who are looking to sell their current Shared Ownership home.
Find out more about advertising your Shared Ownership property on Share to Buy.
“The deposit for buying a Shared Ownership property was much lower than I was expecting - there’s definitely no way that I would have been able to buy without the Shared Ownership scheme. With staircasing, I could buy more shares in the property, eventually amounting to 100%. At that point the flat would fully be mine and I wouldn’t have to pay any rent!”
“A friend at work had just signed up on the Share to Buy website and said I should register too. I didn’t know much about Shared Ownership so the Share to Buy website was really helpful, giving me all the information that I needed about the scheme. It turned out that there were a few properties in my area, so I registered for all of them!”
“I think with home ownership, it is easy to become disheartened but once you seek advice and look at all the options, it’s not as daunting or as stressful as it can be portrayed. I bought my Shared Ownership home with just a £6,000 deposit and now my monthly payments including bills is just £1,060, which I never thought would be possible!”
Many people think that home ownership is out of their reach but with Shared Ownership homes in Newcastle-upon-Tyne, that doesn’t have to be the case! Help to Buy homes in Newcastle-upon-Tyne can also help potential buyers find their footing on the property ladder.
If you want to keep on top of Shared Ownership and Help to Buy homes in Newcastle-upon-Tyne, then doing so is as simple as signing up to Share to Buy and register to let us know you want to receive alerts when new properties become available, so you’ll never miss out on a potential property again!
Newcastle is a city that has proven to be one of the greatest success stories to come out of the industrial revolution. While it once played a vital role in that period of history – being a home to the industries of coal mining, engineering and manufacturing in general – it has not rested on its past glories, reinvesting itself into a modern, vibrant city.
Today in Newcastle, you can enjoy several fantastic theatres, including the historic Theatre Royal. There’s also plenty of vibrant festivals and lively gig venues, meaning that no matter what kind of music you’re into, you’re bound to find something that suits you. The city also boasts one of the finest nightlife scenes in the north, with all the bars, pubs and places to eat you could possibly want. Add great transport links and educational possibilities into the mix and you’ve got some idea of why Newcastle is one of the country’s finest places to call home.
Modern Shared Ownership apartments available in Hammersmith & Fulham Have you been dreaming about buying your own home and getting on the property ladder in London? If you’re looking to become a first time buyer in the capital but feel like your deposit could use a boost, why not think about Shared Ownership with Legal…
First time buyers secure their oasis at Heron Quarter Becci a Senior Grants and Programmes Manager at the PRS Foundation and her partner Dan have just purchased a 30% share of a two bedroom apartment at Notting Hill Genesis’ Heron Quarter at Woodberry Down development. Already renting a one bedroom flat at the Woodberry Down…
First time buyer homes available at L&Q at Huntley Wharf, Reading On Saturday 21st May, L&Q is hosting a drop in event for hopeful Shared Ownership buyers at their new development, Huntley Wharf in Reading, taking place between 10am and 4pm. Guests attending on the day will be able to take advantage of L&Q’s ‘Season…
