Stevenage: could stylish, shared ownership apartments provide the key to getting you on the property ladder?
PUBLISHED: 14:46 05 March 2020 | UPDATED: 15:28 05 March 2020
Are you finding it increasingly difficult to get on to the property ladder? Shared ownership could be the answer.
How does shared ownership work?
Through shared ownership, you buy an initial share in a home which can be as little as 25 per cent but no more than 75 per cent. You just need a deposit of between 5-10 per cent of the share you buy, which is much lower than paying a deposit on the full price. You then take out a mortgage to cover the rest of your share and pay rent on the share you do not own. It's available to first-time buyers, existing shared ownership homeowners who want to move house and people who've previously owned a home but can't afford to buy one now.
SO Resi is the brand for Metropolitan Thames Valley's shared ownership homes. It currently has modern, spacious shared ownership one and two bedroom apartments available at its latest new development; Forster Oaks in Stevenage. Esaiyas Mollallegn, head of marketing at SO Resi tells us more.
Modern apartments combining the best of town and country
SO Resi Forster Oaks is in a leafy corner of Hertfordshire, combining the best of town and country.
The new development in Stevenage consists of high-quality one and two-bedroom apartments. Every home is allocated a parking space on site and there is also storage space for bicycles. The apartments are ready to move in to and feature generously sized open-plan living spaces and kitchens and either a Juliet or full balcony on some apartments.
The bedrooms are all doubles and the two-bedroom apartments feature an en suite shower room to the main bedroom, as well as a separate bathroom, which is ideal for friends sharing or visitors staying overnight.
Esaiyas said: "The apartments are exceptional value thanks to their high quality, modern design and close proximity to London; prices start from just £63,700 for a 35 per cent share (full market price £182,000) and only a 5 per cent deposit is required."
SO Resi Forster Oaks is in an excellent location. Esaiyas said: "Trains to Kings Cross run frequently and take as little as 23 minutes. The A1(M) motorway is five minutes away, while Luton airport is less than half an hour by road." Stevenage was developed with cycling in mind, and nearly 28 miles of safe, segregated cycle track makes getting around a breeze. Residents will love how easy it is to get further afield as the station is around seven minutes by car or 13 minutes away by bike. Stevenage is ranked by the Woodland Trust as one of the best places in the country to enjoy woodlands. Residents of SO Resi Forster Oaks will be spoilt for choice with Martin's Wood just half a mile away and Pryor's Wood Nature Reserve is known for its beautiful bluebells in spring, as well as St Nicholas Park, Serpentine and Thirlmere Woods and Great Ashby District Park, which are all less than a mile away."
How to figure out if you're eligible for shared ownership at SO Resi Forster Oaks
You're eligible for a shared ownership apartment at SO Resi Forster Oaks if your annual household income is less than £80,000 and you don't already own a property. Esaiyas said: "First-time buyers can apply, as well as people who may have owned a home in the past but can't afford to buy one now, perhaps because of divorce, bereavement or financial difficulties. People may be ineligible on financial grounds; a financial assessment is carried out to make sure you can comfortably afford the mortgage and monthly payments to SO Resi, including service charges."
You can buy further shares in your home whenever you can afford to do so, until you own 100 per cent. "If you'd like to buy more shares of your home, you will need to get your home revalued, which entails a one-off fee. The additional shares you buy will be based on the property value at the time, rather than the price at the time of purchase. The minimum you can buy is an extra 10 per cent of your home's full market value and you can buy bigger shares than that in multiples of 5 per cent," said Esaiyas.
Head over to soresi.co.uk to arrange a viewing or call SO Resi on 0208 607 0550 to find out more about Forster Oaks in Stevenage.