16.01.2008 - Buying your first home is affordable with the part rent, part buy scheme

If you would like to buy a home of your own but can't quite afford it, a part rent, part buy property, also known as shared ownership or New Build HomeBuy, may be just what you are looking for.

You could own your own home for about the same monthly amount that you currently pay in rent. By taking out a mortgage for around 40% or 50% of the value, you then pay a reduced rent on the rest. Also, because your mortgage is only on part of the property any deposit needed is that much smaller. You can then buy a larger share of your home as and when you are able to afford it. For most this means that in a few years you can own 100% of your property.

The low cost home ownership schemes have been introduced by the government to help first time buyers get their foot on the property ladder.

Charter (SW) Ltd. currently has homes at three schemes in North and Mid Devon available for part rent, part buy:

Scotts in Bampton is a development of four brand new two bedroom flats. Situated in the lovely residential development by local developer Devonshire Homes, this scheme is on the edge of the pretty village of Bampton just 6 miles from Tiverton; a footpath connects the development to the village. If you have a household income of around £20,000 you could find yourselves picking up your keys in a matter of weeks. Each flat is fully fitted with white goods including oven/hob, washer/dryer and refrigerator, and is carpeted throughout. Your monthly payment would be approximately £500 – including mortgage repayment and rent.

Broomhouse Park in Witheridge is also a Devonshire Homes development built to a high specification. There are two three bedroom houses with garages, and three two bedroom houses with allocated parking, again available under a part rent, part buy scheme. The picturesque village of Witheridge is situated between Tiverton and Barnstaple. If you have a household income of between £23,000 to £24,000 you could soon be sitting in your own home. Your monthly outgoing for your own two bedroom house would be about £570 and for three bedrooms you would pay approximately £610 per month. Both estimates include mortgage repayment and rent.

Last but not certainly not least, Plain Pond in Wiveliscombe is an outstanding development of ‘eco-homes’. There are two three bedroom houses and one two bedroom house for part rent, part buy. All have gas central heating and double glazing but also a host of ecological features including solar panels, increased insulation and low energy lighting which all go towards lowering running costs considerably. A household income of around £20,000 you could well be able to finally get your foot on the property ladder. A two bedroom house would cost you approximately £550 per month and a three bedroom house would cost in the region of £625 per month, including mortgage repayments and rent.

So why not take the next step give us a call on 0844 463 8031 or visit www.chartersw.co.uk to find out more and make an appointment and to view one of these fantastic homes.

Charter (SW) Ltd. is the development company of Magna Housing Group. Their core area of operation covers Devon, Dorset and Somerset.

In addition to the traditional, affordable, rented housing they offer additional options to local communities in fulfilling housing needs, including: shared ownership, shared equity opportunities and sub-market renting.