AFFORDABLE HOMES
WE ARE LAURUS HOMES
Earlsbrook
We do things differently. We create neighbourhoods and communities. We build homes, not houses. We believe in creating property properly, and we have buying options that will enable first time buyers to get on the property ladder. We are Laurus Homes, where your dreams can grow.
CREATING COMMUNITIES Our profit-for-purpose communityfocused approach to every project means we make positive differences in people’s lives and act as a catalyst for regeneration. We use our resources to lend a helping hand through affordable housing and community projects. Our NW Foundation team helps identify and build relationships in the communities around our developments. This year, we’ve donated laptops to the local school near Vision, our development in Skelmersdale, and helped create a sensory garden at our local community centre near D’Urton Grange, our coming-soon development in Preston. By building homes that all kinds of people love to live in, we can help create and change communities for the better.
DEVELOPING THE FUTURE NORTH WEST Our journey began in Trafford, but our ambition is to further expand across the North West. Our commitment to first time buyers
We’re the ones who will make your first time homeowning dreams become a reality is to build new, high-quality homes and communities across the North West, giving you the choice of a quality home in the area that you desire.
SHARING THE FUTURE Property prices in the North West have grown more than 15%, faster than anywhere else in the country, and property expert Savills forecasts the region will continue to see the country’s fastest price growth at 29% over the next five years. Now is the time to start your future with Laurus Homes. We make it easier than most to buy your first home, offering a range of buying options, including a traditional outright sale, where you put down a deposit and pay the mortgage to your lender. We know saving for that first deposit is hard, and the challenges we’ve all been through over the past year has made it even harder, so we offer another option where you could lower the deposit on your dream home. Shared ownership is a Governmentbacked homeownership mortgage scheme available to first time buyers. Shared ownership allows you to buy between 25% and 75% of your home, meaning your deposit, usually between 5%
and 10%, could be lower. You then secure and pay for the mortgage on your share of the home and pay a subsidised monthly rent on the remaining share to Laurus. You have the option to increase your share amount at any time during the life of the loan, known as staircasing. You can eventually buy the remaining share of the property up to the point of 100% ownership through this process, as and when you can afford to do so. At this point, your mortgage repayments will cover the complete value of the property, and you’ll no longer have to pay rent. Not everyone will qualify for the shared ownership scheme, and there are eligibility criteria that you must meet, such as your household income not exceeding £80,000 per annum. You must have at least a 5% deposit of the share value of the home. Remember, this will be lower than an outright home purchase as you’re buying a share of the property. As with all financial investments of this size and scale, you must pass a financial assessment, proving financial capability to buy the minimum share value and your monthly payments on your new home. Now that you have all the essential financial information, you can turn your thoughts to what your dream first time home should look like.
36 First Time Buyer October/November 2021
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