Make your rent work for you
Start your home ownership journey in the kind of property you want - for less than you currently pay in rent.
Why shared ownership makes sense
There's no better time to invest in your future and start your home ownership journey. Demand for rental properties is surging, by 23% between January and December 2022 alone, while the number of rental properties listed is in decline.
In this environment; why be a renter, when you could buy with shared ownership, potentially for less than you currently pay in rent?
Latimer by Clarion Housing Group has many new-build shared ownership homes available across the country including York and Manchester to London, East Anglia and the south.
Turning your rent into an investment
According to Rightmove, the Greater London average asking rent is £2,501 per calendar month*. With shared ownership, your outgoing could be £1,154 a month for a one bedroom apartment at Lampton Rise.
That's an approximate saving of £1,347 a month - based on:
A minimum 25% share of £77,500 (Full Market Value £310,000).
5% deposit of £3,875.
£73,625 mortgage value.
£441 monthly mortgage repayments at a five-year fixed rate of 5.99% on a 30-year term.
£533 a month rent calculated on 2.75% annual cost of the remaining share value.
£180 a month estimated service charge.
According to Rightmove, the national average asking rent (excluding London) is £1,172 per calendar month*. With shared ownership, your outgoing could be just £874 a month for a two bedroom house at Brindley Green.
That’s an approximate saving of £298 a month - based on:
- A minimum 40% share of £90,000 (Full Market Value £225,000).
- 5% deposit of £4,500.
- £85,500 mortgage value.
- £512 monthly mortgage repayments at a five-year fixed rate of 5.25% on a 25-year term.
- £309 a month rent calculated on 2.75% annual cost of the remaining share value.
- £52 a month estimated service charge.
Finally, I have achieved something I didn’t think I could do on my own. Not only am I a homeowner, but I’m proof that if you truly put your mind to it you can make those moments you have always dreamed about happen.
Rebecca, who bought a 30% share in a brand new home at Junction West, Southall, London.
There are more ways you can benefit
Day-to-day costs may also be lower. Brand new homes require less maintenance and tend to be more energy-efficient than existing homes. Your energy bills could also be lower due to more energy-efficient design features.
For example, occupiers of newly built homes, on average, could:
- Spend up to £1,200 less per year on energy (apartments).
- Spend up to £2,600 less per year on energy (houses).
- Save 2.2 tonne on carbon emissions per year.
Source: Home Builders Federation (October 2022 article)
For some of our shared ownership homes, Latimer can provide buying assistance and incentives such as a deposit contribution, legal fees paid, or even covering service charges for a limited time; to help even more with getting you on your way to home ownership (terms will apply).
Speak to your sales adviser if you're already in touch with us. Or, register your interest in one of our developments and we'll be in touch with more details.