Lichfield · Shared Ownership New Build
Share percentage 40%, full price £270,000
Lichfield · Shared Ownership New Build
Share percentage 40%, full price £270,000
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 Tamworth, 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 Tamworth 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 Tamworth 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.
Many first time buyers worry that their home ownership aspirations may be unachievable. Thankfully though, with Shared Ownership homes in Tamworth, that doesn’t have to be the case. They can help make that vital first step on the property ladder within your reach. Similarly, Help to Buy homes in Tamworth can offer affordable options for buyers hoping to lay down roots in locations they love.
Do you want to stay up to date with Shared Ownership and Help to Buy properties in Tamworth? Well, at Share to Buy, we make it easy. Simply sign up to Share to Buy and register to receive alerts when new properties become available in your desired area.
Named after the beautiful River Tame – and in all honesty, you only need to look at that stunning sight once to want to name a town or two after it – Tamworth is a gorgeous market town found in the borough of Staffordshire. With these kinds of picturesque and historical locations, people may expect them to be small and rather humble in size.
However, this isn’t the case with Tamworth, which manages to keep all the market town charm in a supersized manner. It doesn’t just retain its inviting qualities but adds to them, with more space for amazing historic sites like the incredible Tamworth Castle, as well as the glorious green spaces. These provide the backdrop to all the attractions, experiences and opportunities found in the area.
They couldn’t quite fit in a whole theme park in there though, so you’ll have to drive a short distance to get to one of the country’s biggest and best family-friendly days out at Drayton Manor. Speaking of families, Tamworth is an excellent place for those with kids, thanks to a whole host of fun attractions, open spaces and exceptional educational opportunities. And those aren’t the only opportunities you’ll find in the area.
Its diverse economy is largely known for manufacturing but has plenty more to offer people with other skillsets. Of course, if you need to go elsewhere for work, then connections to the A5, alongside Tamworth Railway Station, opens up the country for commuters. There are even two airports close by, meaning Tamworth really can take you anywhere you want to go.
All of this is without mentioning the smaller and independent businesses which really brings Tamworth together to create this welcoming community. It’s all the shops, cafes, pubs, restaurants and more which binds the town together.
Few areas can balance modern convenience with historical attractions and green spaces like Tamworth. It’s somewhere you can find a castle or a convenience store, depending on how you feel and what you need. If this blend sounds ideal for you, then Tamworth might just be your new home.
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