EXPERTS
Agony agent Readers put their property questions to our guest panel of experts: solicitors, mortgage advisers, property gurus and Help to Buy providers
THIS MONTH’S PA N E L O F E X P E R T S Sue Dance, Sales & Commercial Manager, Grand Union Housing
Simon Scott, Assistant Director of Commercial & Property Marketing, Origin Housing
Plot 5 Benedictine Close, Wellingborough, Northants – a two bedroom house due to launch summer 2022
Minnie Dando, Head of Marketing & Communications, Hyde New Homes
T E S T T H E PA N E L
We need your questions... If you have any queries, or difficulties in understanding the property buying process, our panel of experts is waiting to help. Send our team your questions on buying property, Help to Buy, legal issues, or your financial problems and we’ll find the best person from the panel to give the advice you need. Email your questions to: lynda@firsttimebuyermag.co.uk
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Help with shared ownership
Q
My partner and I have been saving for a while and were hoping to buy a shared ownership property as our first home together, to enable us to plan for a family. We’re currently renting on the outskirts of Kettering but ideally looking for a two bedroom house close to local amenities. However, we’ve just spoken to a financial adviser, hoping to get qualified for a scheme we’ve seen nearby, and unfortunately, we can’t quite afford the minimum share on offer, which is 35%. My partner works in retail as a supervisor and I run a mobile dog grooming business. With prices going up all the time we’re wondering if we’ll need to move away from this area to afford our dream home? Katy Fletcher, Kettering
A
There’s good news on the horizon for potential buyers like yourselves, as the Government has just introduced the new shared ownership product which will allow the purchase of initial shares as low as 10%. The other benefit with the new product is that you’ll be able to purchase additional shares as you can afford to do so, in as little as 1% portions instead of the current 10% minimum (this process is known
as staircasing). For full details on the new product, please take a look at sharetobuy.com which has all the latest news on the new model and will enable you to search for properties in your area. It’s worth noting though, that the old product will still be in existence for some schemes, so you will need to check with each provider which model they are offering, and this only applies to new build properties. As an example, our first Grand Union Living scheme offering the new model of shared ownership will be Benedictine Close, Wellingborough, where you could buy a 10% share of a two bedroom mid-terrace house for just £23,700 (full market value approximately £237,000, although prices will be released nearer the time). This scheme is in a great location, close to shops and schools. Speak to an independent financial adviser who specialises in shared ownership to check you can qualify. With most shared ownership properties, you could purchase more shares until you own 100%, as your careers progress and you can afford more. You pay rent on the balance you do not own, and this reduces as you buy more shares. Do go to grandunionliving.co.uk for more details. Good luck with your search! Sue Dance
First Time Buyer April/May 2022
FTB 84-85 Agony Agent April-May22.indd 84
08/03/2022 16:30
