New shared ownership homes
TWO brand new homes will soon be available to buy through a Shared Ownership scheme we've launched.
The homes – one two-bedroomed and one three-bedroomed - are part of the Keigar development on Ennerdale Lane, Scunthorpe, and are perfect as a first family or starter home.
They are the first shared ownership homes we've offered for sale.
The benefit of shared ownership is that people can buy a share of the home, and pay rent for the remainder.
This helps first time buyers or second steppers who can’t take on a substantial mortgage or save for a large deposit.
Potential buyers can buy between 25% and 75% of their home, with the chance to increase their share in time. The remaining share they will rent from Ongo. There are some criteria to qualify for the scheme, such as a household income below £60k.
Lesley Warburton, Home Ownership Manager at Ongo, said: “Shared ownership is the perfect solution for people who want to own their home but are struggling to afford it.
“The homes we have to sell are part of a really modern new development close to everything you need.
“These are our first two homes for sale but if the demand is there, we plan to offer more shared ownership opportunities in the future.”
Martin Phillips, Development Manager at Ongo, added: “We are committed to supporting the local community through the development of homes of different types and tenure. The great thing about shared ownership is that over time people can increase their share to 100%. It is a great way to help people onto the property ladder.”
The homes on Ennerdale Lane will go on sale this autumn.