Peterborough's top housing associations staged a special event to explain how shared ownership schemes can help people get onto the housing ladder without having to sign up to a huge mortgage

Shared Ownership Event in Peterborough - to help potential buyers get onto the housing ladder

Peterborough's top housing associations staged a special event to explain how shared ownership schemes can help people get onto the housing ladder without having to sign up to a huge mortgage.

Led by locally-based Accent Nene, the event was held to explain how shared ownership works. It also highlighted current and forthcoming shared ownership schemes in and around Peterborough, including a special shared ownership option for older people. As an added bonus everyone who visited during the day were entered into a free prize draw for £250 of shopping vouchers.

The event took place at the Bull Hotel's conference centre in Westgate, Peterborough - next door to the hotel itself on 6 October.

As well as staff from Accent Nene there were representatives from housing associations Cross Keys Homes, Minster and Axiom. Leading shared ownership lawyers and financial experts were also invited to come along to advise potential buyers. The event was sponsored by estate agent, Sharman Quinney who are currently responsible for selling a number of shared ownership homes in the area.

Meg Lewis of Accent Nene said: "Rising house prices and higher mortgage interest rates are making it almost impossible for people on average incomes to buy a home.

"Shared ownership allows first-time buyers or people struggling to get back into home ownership to get a foot on the property ladder by purchasing an initial share in their home, typically 50 per cent. Further shares can be bought at a later date when individual circumstances improve.

"A rent, and sometimes a service charge, is also payable on the share of the property which the buyer does not own but the total cost usually equates to no more than 75 per cent of a full mortgage.

"Shared ownership is a great idea and in today's housing market it is becoming a much more common way for people to buy their home."