THREE RIVERS HOUSING GROUP

Home Ownership

Shared Ownership

What is New Build Home Buy (Shared Ownership) and how does it work?

This is an ideal way to get a foot on to the property ladder or to downsize to a property more suitable and manageable.

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When purchasing a shared ownership property you will usually buy 25%, 50% or 75%, with rent being paid on the remainder of the equity owned by us.

The purchase is usually financed with a mortgage, out of savings or equity from a previous sale. After an initial 12 month qualifying period, you may buy further shares, however there is no obligation to do so. You may also be liable for a monthly service charge (as well as the rent) for apartments/flats.

You will need to be able to raise a mortgage for the share you want to purchase unless you have sufficient funds to buy the share outright, and you will pay rent on the share you don’t own. Rents are set at affordable levels and are calculated on the share you don’t own, they will therefore vary depending on share and market values.

COMING SOON!
A major regeneration partnership in Fergenne, Ferryhill Station. This exciting new development is underway with a mixture of houses with garages, bungalows and apartments available for sale, rent and shared ownership. To register your interest or for more info please contact Pauline Neave by email or on 0191 384 1122.

Tees Valley Show Home
West Park, Darlington
		Prices start at £67,500 for a 50% share for a 2 bedroom apartment. [Download Brochure (pdf)]
We have only 5 two bedroom apartments remaining on a shared ownership basis of 50% plus weekly rent. Three of which are situated on the first floor and two remaining on the second floor. These new apartments are located in the centre of the new West Park Village close to the A68 in Darlington. More
These individually designed and spacious apartments are all served by lift, affording level access to each property, and therefore may be suitable for purchasers with mobility issues. These homes are subject to nominations by the local authority. Applications will initially be processed through the regions HomeBuy agent. Please apply [clicking here], this will open another browser window. Hide. For information about opening times, please contact Pauline Neave by email or on 0191 375 3729
Tyne and Wear Show Home
Moorland Square, Pallion, Sunderland
		[Download Brochure (pdf)]
This scheme of 6 three bedroom town houses will be complete in 2008. Each house will feature 3 bedrooms, Kitchen, Lounge/Diner and Study room in addition to Bathroom, ground floor cloakroom, Gas Central Heating and Double Glazing. A show house is now available for viewing, for more information and for opening times please contact Pauline Neave for further details by email or on 0191 384 1122.

COST OF OWNERSHIP Important Information
The table below helps to illustrate the approx cost of a 50% share. This is only to be used as a rough guide and it is based on 95% LTV (Loan To Value) at 5.9% over 25 years as FTB. These figures for mortgages will vary with mortgage rates, level of deposit and personal circumstances.

Purchase Price	50% Share Price	RENT PCM	MORGAGE PCM	Combined monthly payment
£100,000	£50,000	£114.58	£303.15	£417.73
£125,000	£62,500	£143.23	£378.93	£522.16
£150,000	£75,000	£171.88	£454.72	£626.59

All applications must go through our HomeBuy Agent – Nomad Homes. They will initially assess your application form and then send it on to Three Rivers for further assessment. Please see FAQ’s for further information on the process.

Apply On Line

Download Application Form (pdf)

Guide To Shared Ownership (pdf)

For more information about Shared Ownership, please see FAQ’s or contact our Affordable Housing & Sales Co-ordinator on 0191 375 3729 or email Pauline Neave.

For details of other schemes in the North East please use the following link to the regions HomeBuy Agent, Nomad Homes who retain a regional database of applicants and schemes for shared ownership. Click here or please call 0191 229 7333 for further information on the Home Ownership products and services offered by your HomeBuy Agent.

YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP RENT PAYMENTS OR PAYMENTS ON A MORTGAGE OR OTHER LOAN SECURED ON IT

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County Durham
Northumberland
Tees Valley
Tyne and Wear

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