Opportunities in shared ownership

Apr 22 2008 by Evening Gazette

WITH the looming credit crunch and abandonment of 100% mortgages, first time buyers are struggling more than ever to get that essential first step on the property ladder. But thanks to a scheme by NomadE5 in Thornaby there is hope.

NomadE5, part of the Isos Group, is offering a shared ownership scheme known as New Build Homebuy, at a number of its developments across the North-east, including Mandale Park in Thornaby.

Designed to enable budding homeowners to ease the burden of their monthly outgoings as well as reaping the benefits of owning their own home, New Build Homebuy is a government sponsored scheme, funded through the Housing Corporation, to help people who struggle to afford a property on the open market to buy a quality property without the full weight of home-ownership.

Through the shared ownership initiative newly built homes are purchased through NomadE5 on a part sale/part rent basis. Initially purchasers can buy up to 75% of the full value of the property and the remaining portion is subsidised through rent, which can dramatically reduce the monthly costs.

If the homeowner wishes to gradually take full ownership of the property; in most cases further shares can be bought at market price, until the property is owned outright. However, the scheme does not make it compulsory to purchase the remaining share.

The shared ownership scheme is primarily designed for first time buyers but existing homeowners may qualify under certain circumstances.

Construction is currently ongoing at Mandale Park, a thriving development of 800 homes comprising a mix of rented and private housing. Isos has worked in close partnership with Stockton Council, Tristar Homes, Barratt Homes, Haslam Homes and, most importantly, the local people of the estate, to regenerate the former Mandale estate.

Upon completion, Mandale Park will also include a new £1m park with high quality landscaping.

To find out more on the available properties, or about other Homebuy products offered by NomadE5 contact 0191 229 7333. Alternatively you can email customerservices@nomade5.co.uk or visit: www.nomadE5.co.uk.