First-time Buyer at 60+ Thanks to Shared Ownership

Posted 7 May 2019 by Helen Christie

Stepping onto the property ladder with Shared Ownership and Hyde New Homes...

In a climate where the average first-time buyer is 30, it’s refreshing to see there are opportunities for the more mature home seeker.

Over 60, with no previous record of home ownership, Susan Weber, a nurse, thought the chances of her getting on the property ladder were slim. Luckily, Hyde New Homes stepped in with a Shared Ownership offering that ticked all of the boxes – a three-bedroom property at the Amlets Place in Surrey, Cranleigh.

Sue previously lived in tied cottages with her husband and when they separated, no assets were divided. Left with a bleak future renting, Susan turned to a close friend who explained Shared Ownership. Lucky enough to discover the scheme, Susan was able to purchase her first home. Using her life savings and putting down a £85,000 deposit, Susan went on to purchase a 25% share of a three-bedroom property with a full market value of £340,000. 

Susan comments: “Hyde New Homes has exceeded expectations with my new home. I now own a spacious three-bedroom end of terrace house with a wonderfully large kitchen and ample space in the garden – all at the perfect price point. If it wasn’t for Hyde New Homes, I would still be working as a nurse until I’m 70 to pay off a mortgage.”

Amlets Place has given Susan a whole new lifestyle with its the location and transport links proving beneficial for Susan’s day-to-day life. Previously familiar with the area, Susan was glad to find home in the rural outskirts of London. Susan continues: “I venture in to Guildford often to shop which only takes me 20 minutes via car. Alternatively, I know there is a good bus service to Horsham and Guildford. And on the rare occasion that I visit London, I know my train journey is quick and easy.”

Thanks to Hyde New Homes, Susan’s purchasing experience was smooth and comfortable. She comments: “I was kept in the loop throughout the whole process. Hyde were always great and informed me every step of the way. I get a lovely feeling when I walk through the door knowing it is all mine and slowly I am adding touches to my home so that it reflects my personality.”

Amlets Place has a collection of two-, three-, four- and five-bedroom homes and one- and two-bedroom bungalows. Phase 2 of Amlets Place is currently being developed, which will comprise of two one-bedroom homes and four two-bedroom homes - available through Shared Ownership, with prices to be confirmed.

For more information about Hyde New Homes and their developments, please visit hydenewhomes.co.uk or contact the sales team on 0345 606 1221.

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A Guide To Part Buy Part Rent
With Home Reach you buy a share of your chosen newly built home and pay a monthly rent on the part you don’t buy. Your budget will decide the size of the share you buy, rather than the size of your home. So, you might decide to buy a bigger share of a lower priced home or a smaller share of a more expensive home.

You are able to purchase your share in either cash savings or by taking out a mortgage. If you are taking out a mortgage to finance your share, you will need to allow for a minimum of 5% deposit. The larger your deposit (typically 10%) the lower your mortgage repayments are likely to be.

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