Shared Ownership in Northampton
Across England, the Government supports a range of schemes to support affordable home ownership. All official schemes outside London fall under the homebuy brand of government backed affordable home ownership. The most established scheme is shared ownership, otherwise known as part buy part rent but there are also shared equity schemes (e.g. Firstbuy), and rental products, including rent to buy. For more detail on the specific homebuy schemes available in Northampton click on the tabs at the bottom of the page. In addition, at sharetobuy.com there are a range of options open to people wishing to research their affordable housing options:
- To search for shared ownership properties for sale in Northampton, use the search tool on the left hand side of the page or click here to go straight to search results in Northampton. If you cannot find anything that suits your needs at this time we are constantly adding properties and you can register to receive property alerts whenever we do so.
- If you are looking for a shared ownership solicitor in Northampton, you can find solicitors on the sharetobuy.com panel with huge experience of the various homebuy schemes.
- Share to buy are also authorised mortgage brokers and you can use our mortgage tool to compare products available for part buy part rent purchases. See our shared ownership mortgages.
23rd May 2016
“There was no way I would have been able to afford a home without buying through the Shared Ownership scheme. Being in my early 20s, buying outright on my own would have been impossible and I found I was being priced out of London, even in places I could commute from. The scheme was the most reasonable and realistic option for me to get onto the housing ladder with the money I had available, and this meant that I was able to purchase a 50% share of my home.”
18th May 2016
One of the questions most often asked is ‘How much can I borrow for a mortgage?’ Our latest blog introduces the new Share to Buy Mortgage Affordability Calculator, a new tool to give you an indication of what is affordable for you to borrow.
Part buy part rent in Northampton
The longest-running affordable home ownership scheme is 'shared ownership', and this is often referred to as 'part buy part rent' because you literally buy part of a property and then pay rent on the remainder. Thus, the product can be seen as literally offering a stepping stone between renting and buying. When you part rent part buy a home, the share can start from as little as 25% and the rent on the remaining share is usually capped at an affordable amount usually in the region of 2.75%. If you consider that availability of mortgages with a 5% deposit has historically been strong in the shared ownership scheme, you can potentially put down just 5% of 25% of the purchase price and as you may often not have to pay the purchase tax known as stamp duty, it makes the total cash you need typically far lower than buying on the open market. Another strong feature of the part buy scheme in Northampton and elsewhere is that there is an established second hand market of part buy part rent homes. Although most properties are available on a new build basis, over time, these properties can be sold on to new buyers and if the owner has not yet bought 100% of the property they can offer their existing share for sale on a second hand basis in a process known as a 'resale'. Search sharetobuy.com for part buy part rent properties in Northampton and across England.
Northampton is a large town and the county town of Northamptonshire in the East Midlands region of England. The town has a population of over 210,000.
Northampton is near junctions 15, 15a and 16 of the M1 motorway which connects Northampton with London at its most southern point and Leeds at its most northern. Both the A45 and A43 link Northampton with the other major towns in Northamptonshire, and can be accessed by a partially completed ring road. The A14 is close by to the north of Northampton, providing links east and west of the town.
Northampton railway station is on the Northampton Loop of the West Coast Main Line, and has regular services southbound to London and northbound to Birmingham and Crewe provided by London Midland.
A series of regeneration schemes are currently taking place across the town. Some have been completed, including the opening of the Radlands Plaza Northampton Skatepark and the development of Becket's Park Marina just south of Northampton's town centre as well as the improvement of the town's Market Square. Current projects include the building of a new bus interchange, redevelopment of the current railway station, improvement of waterside offices and renovation of the Grovesnor Shopping Centre.
There are a number of new build developments in the city, with shared ownership and Help to Buy properties available.