Brand New Homes In Northumberland To Part Buy-Part Rent
The full market price of a new home in Northumberland can require far too much deposit and too big a mortgage for many people – but the Home Reach scheme is something that could help make a dream come true.
Buyers who meet the eligibility criteria for Home Reach have an opportunity to purchase a share of a new build home (usually, but not always, between 50% and 75%) and pay a subsidised rent on the remainder, with housing provider heylo as the landlord. The scheme is offered on selected plots at developments across England and provides all the benefits of homeownership but requires a much smaller deposit (5% of the share price) and a smaller mortgage than when purchasing outright. Over time, owners can buy further shares as their budget allows, until they own 100%.
In Morpeth is Trevelyan Grange, which isn’t far from the restaurants and cafés, shops, amenities, well-regarded schools and heritage befitting a county town. The ‘Telford’ is a great bungalow type here. The kitchen is at the front of this home, and the living room at the rear has French doors to the garden. Across the hallway are the two double bedrooms and a bathroom. A 50% share of this home can be purchased from £102,475, based on its full market value from £204,950. This would require a minimum of 5% deposit from £5,124.
Blossom Park is in Pegswood, just a couple of miles north-east of Morpeth town centre. The semi-rural location – which has its own railway station – gives residents the ‘best of both worlds’ – great countryside on the doorstep yet not very far from a host of shops and amenities. Pegswood Primary School is rated ‘Good’ by Ofsted. From £101,995 for a 50% share (based on a full market value of £203,990), the ‘Ellerton’ has a lounge at the front, kitchen/dining room at the rear, WC and understairs storage, two double bedrooms (one en suite), a single room and a bathroom. This home would require a minimum 5% deposit of £5,100.
Find out more about current Home Reach new homes across the North East of England.
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