Opportunities for first-time buyers

Posted on: 21 Jul 23

Getting on the property ladder isn’t easy these days, so part of the new developments at The Woodlands and The Croppings in Lightmoor Village include 29 shared ownership properties available for first time buyers or those that do not currently own a home.

Shared ownership works by the purchaser paying a mortgage on the share they own and then paying a subsidised rent to a housing association, in this case Green Square Accord. As buyers only need a mortgage for the share they are purchasing, the deposit is usually lower than if purchasing outright.

The buyer then can increase their share via a process called ‘staircasing’ and in most cases this can go all the way to 100%, when the house will be fully owned by the buyer. Once this has happened, they will no longer pay rent, just their mortgage along with any relevant service charges and ground rent.

Homes on The Croppings are now available, for information go to www.greensquareaccord.co.uk/newhomes or email [email protected]