Newbuild Homebuy (the new name for Shared Ownership)

If you would like to own your own home, but find the open market a bit of a stretch financially, then Newbuild Homebuy could be just what you need. But if you think you are settling for second best, then think again!

We are able to offer a range of apartments and houses, built by leading developers or our own in house development team, of equivalent or even better quality than you would buy on any modern development today. We aim to meet the highest standards, with respect for the environment and security, and all our homes offer everything you would expect in a modern build including fitted kitchens, double glazing and full heating systems.

How does it work?

Purchasers must be eligible to obtain a mortgage and financially able to sustain the costs of home ownership. You would have to take out a mortgage (or use any savings) to buy your share of the property. You pay a part rent on the share you don't own, usually equivalent to 2.75% of the unowned equity divided by 12, although this can vary occasionally. Sometimes there is a service charge as well. All of the charges will be made clear to you in full before you decide whether or not to purchase.

As your circumstances improve you can buy further shares in your home (known as 'staircasing up'). Your rent will reduce accordingly. Mostly you will be able to purchase up to 100% of the value of your home, but sometimes restrictions apply. Please ask us if you are not sure.

When you become a shared owner you will be granted a lease to live in your home; you will become a Leaseholder. You will remain a Leaseholder until you own 100% of your property at which time you can apply to have the Freehold of the property, if you live in a house, or to have the Lease transferred into your sole name if you live in a flat.

What does it cost?

The figures below are an example only and actual costs may vary depending upon the scheme you are interested in.

Open Market Value of property = £160,000
50% share = £80,000

Mortgage (repayment @ 6% over 25 years) = £515.44 percalendar month
Rent (2.75%) = £183.33 per calendar month
TOTAL £698.77 per calendar month*

* Not including service charge etc.

Full mortgage costs based on 6% repayment mortgage over 25 years would be £1038.88. This shows a saving of £340.11 buying through shared ownership.

The above figures are a guide only. We will be happy to provide you with full information if you apply for one of our homes and we always ask our purchasers to visit a fully qualified Independent Financial Advisor.

For full details about Newbuild Homebuy click here to download our booklet.

From the 'horse's mouth' - hear the view of some of our purchasers!

Miss KW, Bourne, Lincs - purchased a Newbuild Homebuy property in 2006

Miss W contacted her local Council and asked to be notified about developments in the area. With just a single income she was not able to raise enough finance for a full mortgage. Without Newbuild Homebuy she says she would have had to "remain in private rented until I won the lottery." When asked if she would recommend Newbuild Homebuy to others she responded "Absolutely. I have been promoting it ever since I moved in. It is the perfect solution for people with no equity and a single income."

Miss HH, Fenland - purchased a Newbuild Homebuy property in 2006

Miss H wanted to stay in her village to support her family. She responded to our advert and was able to buy a brand new two bedroom home just minutes from her family. When asked if she would recommend Newbuild Homebuy she responded "Yes. Due to the very high house prices I would never have been able to feel like I had my own home due to being single and having an average job, but one that I really enjoy."

If you would like to speak to someone about Newbuild Homebuy then please contact the Marketing Department.