Are you looking to buy an affordable shared ownership home in Cambridgeshire? We can help.
When you’re a first-time buyer saving up a 10% deposit for a mortgage can be extremely challenging, especially in the South of England where house prices are notoriously high.
However, with Shared Ownership, you may be able to buy your dream home in Cambridgeshire. Accent Housing is a housing authority with homes across the UK, including many in Cambridgeshire.
We have thousands of tenants renting our homes. And we are proud to say that hundreds of tenants have become homeowners through our shared ownership scheme.
Living In Cambridgeshire
Cambridgeshire is a fantastic place to live. The small bustling market towns and beautiful villages have a proud community spirit and are bursting with things to do. The area has outstanding facilities and a choice of excellent schools.
Plus, it is an easy commute from Cambridgeshire to the centre of London. So, you have the best of both worlds – a job in the big city whilst simultaneously enjoying a slower pace of life.
For nature and outdoor lovers, Cambridgeshire also has beautiful, unspoilt countryside to enjoy. The historic city of Cambridge offers lots in terms of architecture and culture, whilst the range of village pubs are a firm favourite with Cambridgeshire residents.
What Is Shared Ownership?
Shared ownership is a government scheme that allows first-time buyers to get their foot onto the property ladder.
If a couple or an individual wanted to buy a house in Cambridgeshire they could need a £350,000 mortgage (close to average), in most cases, they would need a minimum 5% deposit of £17,500 and a mortgage on the remaining £332,500.
However, unless they had an income of £80k+, they would struggle to get a bank loan for such a large amount of money. This means that those with a lower annual income (£50k-£70k) often have to rent a home instead.
But when it comes to low-cost housing association homes, demand far outweighs supply. And most people earning £50k-£70k are not eligible for a housing association home. This means they have to resort to private renting, which doesn’t offer the same level of long term security and can be costly in certain areas.
Thankfully, there is another affordable option – Shared Ownership.
Those who are struggling to get onto the property ladder and don’t like the insecurity and restrictions that come with private renting have the opportunity to buy a smaller % of a home whilst paying rent to Accent on the remaining share. The rent is usually at a reduced rate, meaning it can often more affordable to buy a shared ownership home than it is to rent from a private landlord.
The shares available can range from 25% to 75%. Additional shares in your home can be purchased at a later date through a process known as staircasing. In many cases, people can buy 100% of their home through staircasing, although the maximum amount you can purchase can vary from home to home.
Am I Eligible For Shared Ownership Homes In Cambridge?
Several factors will determine your eligibility for shared ownership. These include but are not limited to:
- Age – you must be over the age of 18 to be eligible for shared ownership.
- Income – your household income must be less than £80,000 per year to buy shares of your home (£90,000 per year if you live in London).
- Shared ownership is usually only offered to first-time buyers. But if you used to own a home and currently can’t afford one, you may be eligible. It is also eligible for existing shared owners looking to move.
- Financial status – Your credit history will be considered. You must not be in mortgage or rent arrears.
Whether you can buy your home through shared ownership also depends on the housing association. At Accent Housing, we offer shared ownership homes across the country. We have helped hundreds of people fulfil their dreams of owning their own home.
To find out if you are eligible for Shared Ownership, you speak to our team, we will be able to advise you. You will also need to apply to the Government appointed Help to Buy Agent for the area you live in.
Read our Shared Ownership FAQ’s.
Shared Ownership With Homemade
Homemade is Accent Housing’s experienced property sales team offering new and resale Shared Ownership homes across the country. Our Homemade team is dedicated to helping people become homeowners.
Homemade has a wide range of homes from Surry to Yorkshire and is always building more properties. The latest Shared Ownership homes are available to view here.
Get In Touch
If you are looking for a shared ownership home in Cambridgeshire, then please get in touch with the team at Homemade Homes.
Accent Housing is a housing association that has been providing homes and services for a diverse range of people since 1966.
Accent Housing has more than 20,000 homes across England, spread over the North, East and South. They aim to provide high-quality, affordable homes that will improve the lives of their residents.