Shared Ownership Scheme spotlighted at Nottinghamshire housing development

The Kickstart Shared Ownership scheme is now available on selected properties at David Wilson Homes’ Fernwood Village development in Fernwood near Newark.

Under the scheme, eligible buyers with a maximum household income of £80,000 and who meet the affordability criteria, can purchase up to 75% of a brand-new property and then pay rent on the remaining share.

There are three key benefits to the Kickstart Share Ownership scheme:

1. Reduced Deposit - Rather than placing a deposit on a new home based on the full market value, buyers will only put down a deposit on the share they are purchasing, which can make homeownership more affordable for those with smaller deposits.

2. Lower Mortgage Repayments – The mortgage will be calculated based on the share of the property, instead of the entire property price, making homeownership more accessible for those with a lower household income.

3. Opportunity for staircasing – After purchasing a portion of a Shared Ownership property, buyers have the opportunity to increase their share later on, in a process known as ‘staircasing’, that allows them to potentially own 100% of the property over time.

Rachael Harrison, Sales Director at David Wilson Homes East Midlands: “We are committed to helping our customers ascend on the property ladder, by offering various schemes and savings to make homeownership more affordable.

“The selection of homes under the Kickstart scheme at Fernwood Village provide a great opportunity for first time buyers looking to take the first step on the property ladder.

“We’d like to encourage anyone interested in the homes available to visit our Sales Advisers, who will be happy with starting the process of buying a first home.”

The properties under Kickstart Shared Ownership at Fernwood Village are currently a range of three and four bedroom homes with prices starting from £130,000.

Positioned in the picturesque village of Fernwood, the new community offers the best of both worlds, benefitting from a village setting, whilst having plenty of amenities within walking distance.

Its prime location offers green open space, plus great road links into Newark, Nottingham and Lincoln. The nearby Newark Northgate Station connects homeowners to London Kings Cross and London St Pancras.