Shared Ownership Week - Drop-in Event – Thursday 21st March - 11.00am -6.30pm - Peterborough
Published by Clare Baskott for Orbit HomeBuy Agents in Housing
Rachel and Cameron
This month, home owners across the country celebrated the fourth anniversary of the low interest rate and industry experts have predicted that mortgage rates will remain low for the foreseeable future. For first time buyers looking to get on the property ladder, now’s the perfect time to open the door to home ownership through HomeBuy – the government’s affordable housing scheme - and by securing one of the competitive mortgage products on the market.
Next, Thursday, 21st March, as part of National Shared Ownership Week, aspiring home owners in Peterborough, can find out more about the government’s Shared Ownership Scheme at the Serpentine Green Shopping Centre. Orbit HomeBuy Agents, Accent Nene and Cross Keys Homes, an independent financial adviser and a solicitor will be on-hand to provide information and advice between 11.00 am and 6.30 pm.
Shared ownershipoffers aspiring home owners who can’t afford to buy on the open market the chance to purchase a share in a home. Housing associations offer shares for sale of between 25% and 75% of the property and charge a subsidised rent on the remaining share.
For young Peterborough couple, Rachel Shaw (20) and partner, Cameron McKinnon (21), shared ownership turned out to be the ideal way for them to climb the first rung of the property ladder.
With the average age of the first time buyer now at almost 40, Rachel and Cameron, thought it’d be years before they’d be able to get a place of their own.
The couple were renting a two-bed flat in the Hampton area of Peterborough, but both longed for a place of their own.
“We’d often see signs for ‘shared ownership’ homes around Peterborough, but didn’t know much about it; so we decided to go along and find out more.
Rachel and Cameron went to the Cardea development in Peterborough, where the couple were bowled over by the new homes for shared ownership on the development and wanted to see if they could make one of them their home.
“Hayley Roan from Cross Keys Home was brilliant, she helped us to fill in the forms and sent them off to Orbit HomeBuy Agents to check if we were eligible. Hayley worked out that we would be able to afford a 45% share, which meant that we needed a much lower deposit and mortgage than buying the conventional way, which we were easily able to manage.
Rachel says both she and Cameron were worried that buying their own home would be really stressful, but it actually turned out to be really straight forward.
“Within days Orbit HomeBuy Agents wrote to let us know we were eligible for shared ownership. It was all so simple, before we knew it, we were moving in!
“It felt brilliant the day we were given the keys. It’s a lovely feeling knowing that it’s our home and brilliant that we’ve been able to do it so young. We’re only paying £10 a month more than we when we were renting, and now have the security of our own home. And we love the fact we’ve got a garden, we really missed that when we were in a flat.”
Drop in and meet our friendly staff at the Serpentine Green Shopping Centre, on Thursday, 21st March. Representatives from Orbit HomeBuy Agents, Accent Nene, Cross Keys Homes, an independent financial adviser and a solicitor will be on-hand to provide information and advice between 11.00 am and 6.30 pm.