SHARED ownership could be the solution that enables buyers to secure a new home in Ross on Wye.
The Edenstone Group is working with Heylo to offer selected new homes at St Mary’s Garden Village through the HomeReach shared ownership scheme.
Edenstone Group sales director Adele McCoy explained: “With the rising cost of living, some people may be reconsidering how they could own their own home. We are encouraging buyers to look at all of the options available as they could find buying a new build home in Ross on Wye is easier to afford than they realised.
“The HomeReach scheme isn’t just for first time buyers. If you can’t afford to meet the full cost of the home on the open market, HomeReach offers the opportunity to purchase up to 80% of the property alongside a 125-year lease on the remaining share. The purchasers can live in the property as if they’ve bought it outright. For those taking out a mortgage for the share they buy, the larger the deposit the lower the mortgage repayments are likely to be.”
Buyers will pay rent of 2.75% of the unsold value, paid monthly via direct debit. They can purchase more shares in the future until they own the whole property and stop paying rent altogether.
Homes available to purchase in this way include the two-bedroom Ashmore. A 50% share of this style of home can be purchased for £123,750.
The ground floor of the Ashmore is almost entirely open plan with a combined kitchen and living room helping to make the most of the space available. There’s also a convenient cloakroom.
Upstairs, both bedrooms are a good size, with the bathroom between them.
St Mary’s Garden Village will eventually feature 348 homes, including two, three and four-bedroom family properties and bungalows.
St Mary’s Garden Village is a vibrant new neighbourhood offering a range of community facilities including play area, wetlands, allotments, formal garden, with a community hub with bike hire and gym opening soon.