Shared ownership on offer at Campbell Wharf, Milton Keynes
Shared ownership can make your property dreams come true, giving people a foot on the property ladder at last
Saving for a deposit for a new home can seem like an impossible dream for many … but buying on the stylish Campbell Wharf development in Milton Keynes could be a step closer.
Domovo Homes is offering homes for sale that could make ownership on this stunning waterfront development a reality.
The site is a mix of one, two and three bed apartments and maisonettes, and all are able to buy as part of the Government’s Shared Ownership Scheme.
How does the scheme work?
Targeted mainly, but not exclusively, at first-time buyers, the scheme enables people to buy an initial share of a property, and pay a subsidised rent on the remainder, breaking home ownership down into manageable steps.
Shared ownership is a scheme offered under the Government’s Help to Buy initiative. It provides an affordable route into home ownership, offering an alternative to renting. It enables eligible applicants to buy* a share of a home, usually between 25 per cent and 75 per cent, and pay rent on the part that they do not own.
In the future, the share owned may be sold for its value at the time, or more shares may be purchased – a process known as ‘staircasing’ – increasing the percentage of ownership and reducing the percentage of rental.
Kate Palmer thought she would never be able to afford to buy a property with a mortgage on her own, until a conversation with a friend opened her eyes to shared ownership.
A little research later, and Kate had decided to buy at Campbell Wharf. She had her mortgage agreement in principle within two weeks. With help from Domovo at every step, Kate is now living in a home that she loves in a location where she wants to be – with no compromise.
Her new apartment includes a balcony with stunning views of the Grand Union Canal.
What are the benefits of shared ownership?- Monthly costs are usually lower than if renting privately.- A part of the home is owned instead of paying only rent with no return.- A lower deposit is required than when buying a home outright.- A share affordable to the homebuyer is bought*.- It may be possible to purchase up to 100 per cent after the initial purchase.- Rent payable on the percentage not owned is subsidised.
Who is eligible?
To be eligible for shared ownership, applicants will typically:- be aged 18 or over.- have a household income of less than £80,000 a year.- not currently own a home.- have no outstanding credit problems.Eligibility will be confirmed by completing an application form with the relevant Help to Buy agent – visit www.ownyourhome.gov.uk to find out more.
Discover Campbell Wharf
Residents at Campbell Wharf can enjoy the best of both worlds and take advantage of city living whilst enjoying the riverside aspect and surrounding green open spaces.
Just 10 minutes from the bustling town centre and next to the tranquil surroundings of Campbell Park, Campbell Wharf also benefits from easy access to Milton Keynes Central train station and the M1, meaning you can be in London within the hour.
Paul Murfin, marketing manager for Domovo Homes, part of forward-thinking housing group bpha, believes the development is a great opportunity for Milton Keynes residents looking to buy their first home: “With house prices at an all-time high, many people think home ownership is out of reach.At Domovo Homes, however, we are determined to make owning your own home an affordable reality.
“For anyone who hasn’t considered shared ownership before, we would urge them to book an appointment and talk to us.”
Visit domovohomes.co.uk or call 01908 088030 to book an appointment.
* A lease will be granted.