First Time Buyer Rosie Gets On The Property Ladder
When Chichester resident Rosie Knott, 27, began looking for her first property in the city to remain close to family and friends, it seemed an unlikely prospect; despite her raising a £25,000 deposit, strict mortgage lending rules for first time buyers made it difficult for her to obtain a mortgage for the full price of a property. Luckily, she discovered Affinity Sutton’s shared ownership scheme at Graylingwell Park, perfectly located less than one mile from the city centre.
Rosie moved to the area for a new job and, before she discovered the scheme, rented a studio attic apartment of a friend’s home in order to save as large a deposit as possible. The shared ownership scheme enabled Rosie to purchase a 45% share of a one-bedroom apartment at Graylingwell Park, costing £165,500 at full market value. Rosie’s monthly outgoings in her new home are very manageable. “The mortgage is just over £220 a month and the subsidised rent is just under £325 a month, far less than the average rental price of other properties in Chichester” she said. “I’m delighted I discovered shared ownership, I was able to get far more for my money and get on the property ladder. “Owning my own property in Chichester has been an incredible opportunity and I wouldn’t have been able to do it without the shared ownership scheme” Rosie explained. “My new home is perfect for me. Located near a regularly running bus route to town and an easy drive to work means I don’t have to compromise on location – I’ve got beautiful parkland on the doorstep, quiet countryside and the beach within a short drive and I’m also near all the shops and entertainment of the city”.
Affinity Sutton gives the opportunity for many young buyers to take the important first steps onto the property ladder through equity loans and shared ownership schemes. The shared ownership scheme allows the buyer to purchase between 25-75 per cent of a property by raising a mortgage, large deposit or combination of both, leaving the remaining share to be paid by a subsidised rent. Shared ownership doesn’t just help people with smaller deposits, it can also help those with substantial savings that are struggling to raise a mortgage.
Surrounded by 85 acres of fantastic green parkland, Graylingwell Park will provide 825 new and refurbished high quality, energy-efficient homes, featuring striking architectural design and contemporary interiors once complete. Graylingwell Park is a joint venture between Affinity Sutton, Linden Homes and the Homes and Communities Agency and offers a variety of homes through shared ownership with prices starting from £43,750 for a minimum 25 per cent share of a one-bedroom apartment (full market value £175,000).
For more information contact Affinity Sutton on 0300 100 0303 or visit www.affinitysutton.com