Struggling to get on the property ladder? Shared ownership could be the answer
- Credit: Archant
Are you hoping to get on to the property ladder now or in the near future but struggling to get a large enough deposit together? Shared ownership could help you take your first step up and allow you to buy a new home that you would have otherwise been unable to afford.
settle, established in 2003 and previously known as North Hertfordshire Homes is known for building high quality, affordable homes including shared ownership. They're currently offering brand new one bedroom apartments and two bedroom houses at the Meridian Gate development in Royston, available to move into from February 2020.
We caught up with Khuram Kaur, head of sales and marketing at settle, to find out more about their shared ownership properties at Meridian Gate.
Luxury, modern properties in a fantastic location
At Meridian Gate, settle have nine one-bedroom apartments and two-bedroom houses, each with its own parking. Both the apartments and houses would make the ideal first home, and Khuram was clearly excited that these homes offer so much: "With integrated appliances, and flooring fitted throughout, we're making the process of moving so much easier. These homes will also suit those who have previously owned a home, and have some equity available, but not quite enough to get back onto the housing ladder."
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Royston has a lot to offer, including a good range of amenities such as high street brands and independent shops, banks, a post office and a pharmacy. With peaceful, green, open spaces nearby and convenient links to Bedford, Hertford and London for commuters, Royston offers the best of both worlds.
Khuram believes this is what makes it ideal for the local commuter: "Meridian Gate is an excellent location. It's only a 40 minute train journey to London and just 15 minutes from Cambridge."
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settle's shared ownership homes at Meridian Gate are now available to reserve off plan, and will be ready to move into in the New Year. Khuram explained that settle are currently offering initial shares of between 40-75pc on all new shared ownership homes at Meridian Gate. There is also the opportunity to eventually buy 100% of the home through staircasing, which allows you to buy additional shares.
An example of a shared ownership at Meridian Gate:
Full market value: £205,000
40% share: £82,000
Deposit needed: £4,100
Service charge: £45
Total monthly cost: £698
*Mortgage payment is based on a 30 year mortgage term at a rate of 3.99% with a 5% deposit.
For under £700 per month you can own 40pc equity in your property, safe in the knowledge that the home is yours until you wish to sell. If you choose to purchase more shares, your mortgage will increase and your rent will decrease, until you own 100pc of the property and aren't required to pay rent.
Your rent is subject to annual increases based on RPI. Service charges are estimated for the first year and you will require a minimum of £2000 to cover moving costs, legal fees and mortgage fees.
Open evening at Meridian Gate
Would you like to find out more about the shared ownership homes at Meridian Gate? settle is holding an open evening in the Linden Homes sales marketing suite on November 14 from 4pm-7pm. You can find the marketing suite at Meridian Gate, Royston SG8 7LU.
Khuram said: "The open event is a chance for you to find out more about shared ownership and this particular development, such as seeing detailed floor layouts and samples of the specification. A financial advisor will be available on the evening to offer free advice on mortgage availability and options for purchasing one of these homes through shared ownership."
For further information visit settlegroup.org.uk/meridian-gate-royston, call 01462 534369 or email firstname.lastname@example.org.