Guide to buying a shared ownership apartment in Welwyn Garden City

PUBLISHED: 14:41 30 June 2020 | UPDATED: 15:02 30 June 2020

Shared ownership offers you the chance to buy a share of your home if you are not able to afford the mortgage on 100pc of it. Picture: Stu Thomas.com

Shared ownership offers you the chance to buy a share of your home if you are not able to afford the mortgage on 100pc of it. Picture: Stu Thomas.com

www.stuthomas.com

SO Resi is the brand for Metropolitan Thames Valley’s shared ownership homes. It currently has modern, spacious shared ownership apartments available at Times Square in Welwyn Garden City. Esaiyas Mollallegn, head of marketing at SO Resi explains everything you need to know about shared ownership.

SO Resi Times Square is close to the centre of Welwyn Garden City in Hertfordshire and consists of high-quality studio and one and two-bedroom apartments. Picture: www.stuthomas.comSO Resi Times Square is close to the centre of Welwyn Garden City in Hertfordshire and consists of high-quality studio and one and two-bedroom apartments. Picture: www.stuthomas.com

What is shared ownership?

If you can’t quite afford the mortgage on 100 per cent of a home, shared ownership offers you the chance to buy a share of your home - between 25 per cent and 75 per cent of the home’s value - and pay rent on the remaining share. That means your monthly mortgage and deposit are smaller than they would be if you bought your home outright. You can buy a bigger share of your home in the future, and even own 100 per cent. Later on, you could buy bigger shares when you can afford to.

How does shared ownership work?

You buy shared ownership property in a way that suits your own budget. You pay as little as 5% deposit on the value of your share, so the amount you need to save is much lower than it would be if you bought the whole property. Then you make monthly payments, which combine the mortgage on your share and a payment to SO Resi on the rest. You also pay a service charge and all other usual costs of running a home. You can add to your share at any time. If you do this, your SO Resi monthly payment will go down.

How do I qualify for shared ownership?

You’re eligible for a shared ownership apartment at SO Resi Times Square if your annual household income is less than £80,000 and you don’t already own a property.

You are eligible for a shared ownership apartment at SO Resi Times Square if your annual household income is less than £80,000 and you do not already own a property. Picture: SO ResiYou are eligible for a shared ownership apartment at SO Resi Times Square if your annual household income is less than £80,000 and you do not already own a property. Picture: SO Resi

Esaiyas said: “First-time buyers can apply, as well as people who may have owned a home in the past but can’t afford to buy one now, perhaps because of divorce, bereavement or financial difficulties. People may be ineligible on financial grounds; a financial assessment is carried out to make sure you can comfortably afford the mortgage and monthly payments to SO Resi, including service charges.”

How do I apply for a shared ownership property?

Speak to one of the team at SO Resi, find out more here.

What are the costs of a shared ownership apartment?

SO Resi example:

An example of the cost of a SO Resi shared ownership property. The actual costs depend on your individual circumstances. Image: SO ResiAn example of the cost of a SO Resi shared ownership property. The actual costs depend on your individual circumstances. Image: SO Resi

Modern apartments surrounded by countryside

SO Resi Times Square is close to the centre of Welwyn Garden City in Hertfordshire and consists of high-quality studio and one and two-bedroom apartments. Every home is allocated a parking space on site and there is also storage space for bicycles. The apartments are ready to move in to and feature generously sized open-plan living spaces and kitchens. The bedrooms are all doubles and the two-bedroom apartments feature an en suite shower room to the main bedroom, as well as a separate bathroom, which is ideal for friends sharing or visitors staying overnight.

Esaiyas said: “The apartments are exceptional value thanks to their high quality, modern design and close proximity to London; prices start from just £75,250 for a 35 per cent share (full market price £215,000) and only a ten per cent deposit is required.”

Head over to soresi.co.uk to arrange a viewing or call SO Resi on 0208 607 0550 to find out more about Times Square.


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