Part Buy-Part Rent Launch In Longridge
Create Homes has announced that it has now released Home Reach ‘part buy-part rent’ homes at its countryside development called The Sandpipers, situated in Longridge, Ribble Valley.
There are just five of these properties for sale at the site under the Home Reach scheme which gives buyers on a modest budget who meet the eligibility criteria a chance to get on the property ladder with a much smaller deposit and mortgage than they would require if buying a home outright.
They start by purchasing a share of a new build home (usually starting at 50%) and paying a subsidised rent on the remainder, with housing provider heylo as the landlord. Buyers will need a deposit of 5% of the value of their share. Over time, owners can buy further shares as their budget allows, until they own 100%.
Prices at The Sandpipers start at £107,500 for a 50% share of a house with a full market price of £215,000. This would require a minimum 5% deposit of £5,375 and a 95% mortgage of £102,125 – considerably less than would be need if buying 100% of the home. For this price, ‘The Larches’ is a terrace home with a cloakroom off the hallway, a lounge, a kitchen/dining room with French doors to the fully turfed and fenced private back garden, along with two double bedrooms, a single bedroom and a family bathroom. It comes with a private paved parking area for two cars.
Another available through Home Reach is ‘The Ashton’. This is a four-bedroom detached property with private parking, perfect for a family who need space and flexibility. Off one side of the hallway is a dual-aspect living room and off the other is the kitchen/dining room, which has a window to the front of the home and a set of French doors to the turfed rear garden. Also downstairs is a cloakroom and a useful utility room with its own worktop and storage space. Bedroom one has an en suite, bedroom two is another double room and bedrooms three and four are singles. A family bathroom completes the first floor. A 50% share of this house is priced from £132,500 (based on a full market value from £265,000) and requires a minimum of 5% deposit from £6,625.
These energy-efficient and pet-friendly new homes come with an excellent specification including fully fitted kitchens, high-quality integrated appliances, contemporary bathroom/en suite, and built-in storage.
Find out more about The Sandpipers from Home Reach.
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