A new shared ownership scheme to help potential buyers get onto the Cockermouth property ladder has been launched at Lovell Homes’ The Laureates. Fifteen properties are currently available through the Home Reach scheme which offers purchasers the opportunity to buy a share of their chosen home and pay a low monthly rent on the part they don’t purchase.
Buyers can initially purchase between 50% and 75% of their chosen home and then pay rent of 2.75% on the remaining part. A 125 year lease is granted for the rented element meaning buyers can live in their home as if they’ve bought it outright with the ability to increase the level of ownership at any time. And as part-owner, purchasers have the freedom to personalise and improve their property and benefit from any increase in value.
The 15 properties available through Home Reach at The Laureates are all 3-bedroom semi-detached family homes. Based on a 50% shared ownership price, a 3-bedroom Davenant can now be purchased for £114,975 with a deposit of just £5,749 – making home ownership at this stunning Lake District development more accessible than ever before.
Also available to purchase through Home Reach are the Jonson and Eusden house types – both of which feature spacious kitchen diners and French doors overlooking their patios and rear gardens. The Jonson also features a master bedroom with en-suite bathroom and dressing room and an integrated single garage. Based on 50% ownership, the Jonson is available for £129,975 with a deposit of £6,499 while the Eusden can be purchased for £117,475 with a deposit of £5,874. All Home Reach properties at The Laureates can be purchased with a share of up to 75%.
For illustration purposes only, for those buying a home for £250,000, they could buy a 50% share of £125,000, including a deposit of £12,500 (10%) and a mortgage of £112,500. With a 25-year repayment mortgage on a 3.5% interest rate, the monthly payments should be around £570. Rental payments on the remaining half would be £286, leaving a combined monthly outlay of around £856.
Clare Noakes, Regional Sales Director at Lovell Homes said: “House hunters who may previously have felt locked out of the property market in Cockermouth could now find the answer by taking advantage of Home Reach at The Laureates. Home Reach provides an affordable way to buy a new home, offers the security of home ownership and the flexibility to sell and move at any time. For many people this will be the home buying solution they have been waiting for and the perfect opportunity to get on the Cockermouth and Lake District property ladder.”
Buyers are eligible to purchase a Home Reach property as their principle and only home if their household income does not exceed £80,000 per annum and they have a deposit of at least 5% of the share value. It is available for first-time buyers and former home owners who cannot afford to buy outright, as well as buyers who currently occupy a shared ownership property and are looking to move.
All buyers will need to pass a financial assessment, demonstrating they are financially able to purchase the minimum share value and support the monthly costs.
The Laureates is an exclusive collection of 217 stylish 2, 3, 4 and 5 bedroom homes, set amongst extensive landscaping and featuring its very own play park on the edge of the Lake District Gem Town of Cockermouth.
To find out more visit The Laureates Marketing Suite off Low Road in Cockermouth, CA13 0HY, call 01900 358 828.