We offer brand new spacious, warm and beautifully designed homes with a range of shared ownership and rent-to-buy options across the North West and Lancashire.
Shared Ownership is an alternative home ownership scheme which provides first time buyers, or those who do not currently own a home, an opportunity to purchase a share in one of our superb, new-build properties.
The Benefits of Snugbug Shared Ownership
Shared Ownership gives purchasers the opportunity to buy a share in one of our new homes – usually between 25% and 75%.
Purchasers pay a mortgage on the share of the property, together with a below-market-value rent on the remainder, along with any service charge and ground rent.
As the purchaser only needs a mortgage for the share of the property they are buying, the amount of money required for a deposit is generally much lower than would be required if the purchaser was buying the property outright.
Some of the benefits of Shared Ownership are that:
- Shared Ownership can enable people to get on the property ladder as owner-occupiers, without the need to overstretch themselves financially.
- Deposits are generally much lower than buying on the open market.
- Shared Ownership makes mortgages more accessible, even if purchasers have lower incomes.
- Monthly repayments tend to work out much cheaper than for an outright mortgage. Monthly payments are often lower than in the private rented market.
- Purchasers have the option to buy more ‘shares’ of their homes in the future, as their circumstances change, via a process known as ‘staircasing’. In most cases, purchasers can staircase all the way up to 100%, thus owning their home outright.
- Purchasers can sell the shares they do own at any time.
- It is not normally necessary to pay Stamp Duty Land Tax on the initial purchase.
- Unlike private renting, purchasers have greater security of tenure and long-term stability. So long as the rent is paid and mortgage repayments are made, purchasers can live in the property for as long as they wish. • Whilst properties are generally leasehold only, some homes can become freehold after ‘staircasing’ up to the 100% level.
- Though there are some restrictions on the extent of structural alterations and home improvements purchasers can make, purchasers are free to decorate their homes exactly as they wish.
Sometimes we offer ‘Rent to Buy’
Rent to Buy is a government designed scheme which is intended to ease the transition from renting to buying a property, by providing subsidised rents. It is sometimes known as ‘Rent to Save’, ‘Rent to Own’ or ‘Intermediate Rent’.
Please check our ‘Rent to Buy’ page for more information.
Have You Thought About Rightsizing?
What is Rightsizing?
Rightsizing is the process of understanding how you live in your home, uncluttering your life, and then moving to a new space (often smaller than your previous one) in which you can fully utilise each room, reduce your monthly outgoings, improve your health and wellbeing and increase social connections.
While household sizes have been shrinking over the past several decades, the space we occupy has been increasing. Surprisingly, only about 30 percent of a home’s space is used 90 percent of the time. The majority of time people spend in their homes is in one of three rooms: the kitchen, the living room or the bedroom
The Benefits of Rightsizing
The benefits of rightsizing reach far beyond clearing years of clutter out of your home and life. Many people choose to rightsize for retirement when they’re no longer working a full-time job and have the energy to unclutter their lives. In addition to the benefits above, rightsizing your home and moving to a smaller space can save you money.
Many homes in the UK were built in the pre and postwar years and require real investment to make them energy efficient and accessible if mobility becomes an issue. But with a UK Housing Crisis, these homes are suitable for young families and could unlock the housing market. Rightsizing could actually be helping your own family members to get on the housing ladder.