If you’ve dreamed of buying a home of your own, but didn’t know where to begin, or whether you could afford it, now could be the perfect time to do something about it
Metropolitan have a range a new shared ownership developments across London, the Home Counties and the East Midlands available now and coming soon, which offer the opportunity to buy a home affordably through
our home ownership service.
How does it work?
With shared ownership you have a mortgage on a share of the property price that you can afford to buy, usually between 25% and 75% of the value of the home, and pay a subsidised rent on the remainder. The rental element is index-linked – which means it rises predictably in line with inflation. Depending on the property type that you buy, you may also have to pay a service charge and ground rent.
The amount you have to save for a deposit will be lower, because you only have to pay a deposit on the share that you buy rather than on the full market value. Your ongoing monthly housing costs will also be more manageable too – usually being approximately 20% less than if you were to buy the same home outright and less than if you were to rent the same home privately.
So who’s eligible?
Shared ownership is available to households (usually first time buyers) earning up to £90,000 per year in London and £80,000 per year outside of London, who can’t afford to buy a suitable home on the open market.
Buyers will need to be able to fund the deposit and costs associated with buying (such as legal fees, mortgage arrangement and removal fees) and will need to have a balanced rent account and a good credit history to be able to secure a mortgage. Local terms can apply too, but this depends on where the new homes are and how they were funded – ask the sales team for more on this.
So what’s available and where?
In Stevenage, Metropolitan are marketing over 140 apartments, including some for private sale, as part of a project transforming the former Fujitsu building, Six Hills House. As well as easy access to Stevenage’s Old Town and a speedy commute into central London (just 26 minutes from the front door to King’s Cross), the development offers great affordability to those looking to get on to the property ladder and is available to buyers from any region.
Aldgate Place in Tower Hamlets, which launches this summer, provides an opportunity to buy a stylish, modern apartment just a short walk from the City. Canary Gateway, another Tower Hamlets development located just five minutes’ walk from Westferry DLR station, will provide 17 apartments which offer great value for money for the area. Over in Gant’s Hill, Metropolitan will be offering 11 shared ownership apartments at The Point development, from early summer, as well as a small selection of new apartments at Chandos Avenue in Barnet.
Later in the year, Metropolitan’s Southwest Nine apartments launch. Just a five-minute walk from the famous O2 Academy and the buzz of central Brixton, Metropolitan are revitalising the local area with striking new apartments, providing over 80 new homes available to purchase through shared ownership.
New homes developed for Metropolitan come with a level of specification designed to give the new home owner everything they need in order to make the move into homeownership a smooth one, including fitted appliances in the kitchens, fully-fitted bathrooms, carpeting, storage space and a NHBC warranty.
To find out more about Metropolitan’s new homes, get in touch with their sales team on 0203 535 2555, by email to email@example.com, or visit mho.co.uk