Shared Equity initiative to help buyers
Bennett Homes has just extended its shared equity initiative to help more buyers.
Available to any purchaser, but of particular interest to first-time buyers looking to get on the property ladder, the scheme is now available on two and three bedroom houses at The Signals, Watton, in addition to two bedroom apartments at Saxon Green, Ashill.
The way the scheme works is that buyers fully own their own homes but pay only 75% of the market price, with the opportunity to purchase the remaining 25% share at a later date if they wish.
The Signals, located within the attractive Norfolk market town of Watton, has a range of high-specification properties, all traditionally-built and incorporating features that are perfect for contemporary living. The development has a spacious feel, incorporating attractive open green spaces and set around existing mature trees.
At Saxon Green, the spacious two bedroom apartments include a shared rear garden and two allocated parking spaces, as well as a range of features included in the price.
Edward Parker, Managing Director of Bennett Homes said: “We are delighted to extend this initiative which we are offering to all purchasers but we believe it will be especially helpful to first-time buyers wanting to get onto the property ladder. It is already proving popular and we hope that by offering these further opportunities, more buyers will be able to benefit.
“The advantage of our shared equity scheme is that unlike shared ownership schemes, no fees or interest is payable, neither is there a repayment deadline as there is with Help to Buy after which interest is charged.”
Prices on a 75% equity share basis: for a two bedroom apartment at Saxon Green £112,500 and for a two bedroom house at The Signals, £131,250.
No rent is payable on the 25% equity share which will be retained through a legal charge, held by a third party on an interest free basis.
Eligibility requirements will apply and the offer is limited to those on a joint income of £80,000 or less. Buyers are invited to make an application after talking to one of Bennett Homes’ Home Advisers.