It was good news to hear the Government’s plans to put an end to stamp duty for first-time buyers of shared ownership homes, which announced in the latest budget statement.
In last Autumn’s Budget, stamp duty for first-time buyers on homes worth up to £300,000 was abolished but the policy didn’t apply to shared ownership homes.
As an example, we currently have three-bedroom homes on offer in Wadhurst valued at £400,000. We are offering a 40% equity share at £160,000, which would leave the new owner paying rent on the remaining 60 per cent.
“A lot of people who would struggle to get a mortgage on a £400,000 home will find it much easier to borrow £160,000,” explained Golding Places’ Head of New Business Anne Chapman.
“As their circumstances change, they’ll be able to buy an extra share – known as staircasing – and reduce the amount they pay in rent. It’s quite possible to end up with 100 per cent equity after a few years.”
Find out more
If you’re interested in the shared ownership scheme, you can register on the Help To Buy website to see if you are eligible. Then you can start searching for your new home.
Our new Coming Soon page on this website highlights shared ownership opportunities due to be released over the next 12 months.