The main obstacle people face when trying to buy their first home is often the amount required for a deposit to qualify for a mortgage. Shared Ownership is a great solution to this issue because you only purchase a share of the property to start with. That means you need a deposit for a lower mortgage. Here are 3 Peabody New Homes developments with low deposits.
What is the minimum I need for a low deposit home?
Depending on the value of the share you are purchasing, you might need a smaller deposit than you think.
At our Zone development, a 1-bed home can start at a full value of £540,000 but with Shared Ownership, you can buy 25% of it and become a homeowner. Since the share you are purchasing equals £135,000, the minimum deposit required for your mortgage can be as low as £6,750 for a 5% deposit. This is a great way to get started and staircase in the future.
What kind of low deposit home can I purchase?
If you think you have to give up on all your criteria to be able to afford your home, think again! Our Shared Ownership homes are all new build and meet a very high standard of design. You will be able to purchase a luxurious, ready to move into a home that will feel like a haven every time you come back from a long day at work.
Our homes are built with energy efficiency, comfort and modern design in mind. Every kitchen is equipped with mostly A-rated appliances ready to use. Handless kitchen furniture ensures your home feels spacious and clean.
When it comes to quality of living, you will not be let down. Every apartment has a mechanical ventilation system as well as double glazing. This means that you will benefit from good levels of insulation and enjoy a warm and damp-free home that is easy to maintain.
New Mansion Squares homes prove that low deposit homes can rhyme with high-quality design
Where can I find low deposit homes?
Another misconception when it comes to more affordable homes is that they can't be located near shops, bars, restaurants and amenities. This doesn't have to be the case. A lot of our London homes are located at the heart of lively communities and commercial hubs which means everything you need is literally on your doorstep.
When it comes to connectivity, we make sure to build our homes near a tube stop or a train station to ensure you can get to wherever you need in no time. For example, New Mansion Square is only a few minutes' walk from Battersea Power Station. Once you hop on the Northern line, you can get to Tottenham Court Road in 13 minutes.
Can I get a 2 or 3-bed home with a low deposit?
Depending on your family situation and needs, you might be looking to purchase a bigger home and wondering whether a low deposit will be an issue. Thankfully with Shared Ownership, you can purchase a share of a 2 or 3-bed home with a 10% deposit.
At Three Waters, our Bow Creek development, you can buy a 2-bed home with as little as £11,438 for your deposit. For a 3-bed home, the deposit required will also be 10% which can be 13,750 for 25% of a total property value of £550,000.
Find more than just a place to live
Peabody New Homes has homes available to buy through Shared Ownership across London and the Homes Counties.