Shared ownership homes are great alternatives for people who cannot afford a home at its full market value. Residents can purchase a share in a new build or resale property.
Located in the county of Cambridgeshire in the East of England, Wittering is a great place to purchase a shared ownership home. Here at Accent Housing, we have a range of affordable homes to buy, not just in Wittering but across the country.
In this Accent blog, we’ll tell you everything you need to know about shared ownership and what it’s like to live in Wittering.
What is Shared Ownership?
The shared ownership government scheme allows those who are eligible to purchase a share of the property whilst paying rent on what remains. This is why it is also known as ‘part-buy, part-rent’. The main purpose of the shared ownership scheme is to help people with smaller deposits and lower incomes get onto the property ladder.
From a housing association, a not-for-profit organisation, you can purchase a share of between 25%-75% of the property and then pay rent of up to 3% on the remaining share.
If you are an eligible buyer, you will need a minimum deposit of 5%. The amount may vary for everyone as it depends on the price of your share.
Who Is Eligible For The Shared Ownership Scheme?
Before you start looking for shared ownership homes, you should look into eligibility and make sure you’re aware of the criteria:
- If you are in a position where you can afford to buy a similar home outright, you are not
- You must have a deposit of between 5%-10% of the share you’re buying.
- Your household must earn £80,000 or less, £90,000 if you’re London-based.
- This must be your only home. That can mean that you’re a first-time buyer or that you used to own a home, no longer do, and now cannot afford a new one.
Is Wittering A Good Place To Live?
Wittering is a great area to live. In fact, in the year 2019-2020, the happiness and worthwhile life rating from residents living in Wittering, was very good.
This village in Peterborough is quite an affordable place to live with the average price of semi-detached houses coming in at £226,887.87. Wittering is roughly 3 miles from the market town, Stamford, where the train station is also located. And from there, the ever popular King’s Cross station in London is an 80-minute commute.
What Is There To Do In Wittering?
If you love the outdoors, Cambridgeshire is the perfect county to settle down in. Even if you don’t love the outdoors, it’s still a great place for you. There’s just as many indoor activities as there are outdoor activities.
For those nature lovers, there’s the Sacrewell Farm and Country Centre and Ferry Meadows Country Park in Cambridgeshire.
Is your family into winter sports? The market town of Stamford and Cambridgeshire have got you covered with Planet Ice Arena where you can enjoy ice skating, or Tallington Lakes Leisure Park – snowboarding sounds fun, right?
There’s so much to do in and around Wittering so we won’t list all of them. If you’re feeling uncertain about Wittering, why not visit the area to get a feel for it?
Does Accent Have Any Shared Ownership Homes In Wittering?
All of our available shared ownership homes are available on homemadehomes.com/our-homes. Homemade is an experience property sales team within Accent. We offer both new and resale shared ownership homes.
Over the years, we’ve helped thousands of people fulfil their ambition of being homeowners with our shared ownership properties. Our team are experienced industry experts and proud of what we do. We would love to help you find your next home so don’t hesitate to contact us.