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“Peabody New Homes made the process a straight-forward and easy one and I really appreciated their efficient communication. They allowed me to enjoy this monumental journey rather than feeling stressed or out of my depth.”
- Amy, Shared Ownership buyer at Limebrook Walk
Find out how Amy found her dream first home at Limebrook Walk
Buyer demand has rocketed this year standing at 16% higher than January 2021, meaning first time buyers are increasingly looking to other financial options to help them step onto the property ladder*. For Amy (24), the Shared Ownership scheme enabled her to purchase her first property at Peabody New Homes’ Limebrook Walk. Amy found everything she was searching for and more at the Maldon development and most importantly, she was able to stay in the area she had grown up in.
Limebrook Walk is perfectly positioned on the outskirts of Maldon, with the attractive Essex countryside and tranquil River Blackwater on the doorstep. Offering a stylish collection of apartments to choose from, residents enjoy access to landscaped gardens, outdoor children’s play areas, car parking and secure bicycle storage.
As a mortgage broker specialising in Shared Ownership schemes in high rise flats in London, Amy was well informed about the property market and had previously worked closely with Peabody New Homes.
Amy comments: “With the nature of my job, I was very aware of the difficulty for first time buyers to purchase a home and I also know the ins and outs of the scheme. I knew Shared Ownership was going to be invaluable in allowing me to purchase my first home so I signed up to Share to Buy and began my search.”
What is Shared Ownership?
Shared Ownership is a part buy/part rent scheme that makes it possible for first time buyers to purchase a property that otherwise would not have been affordable. Government-backed, the scheme allows you to buy an initial share of 25% to 75% of the value of a property. You’ll need to take out a mortgage to pay for your share of the home’s purchase price and you will then pay a subsidised rent on the share you don’t buy.
This flexible ownership model means a smaller mortgage topped up with reduced rental payments on the remainder, make it a perfect option for many!
Having grown up in Maldon, Amy knew and loved the area and wanted to stay close to family and friends but initially, she was unsure which type of property she wanted.
Amy comments: “I started my search looking at flats believing this was more in my price range but I re-looked at my finances and realised that with the help of the Shared Ownership scheme, a two bedroom house was within my budget.
I could not believe my luck when I found out that a Peabody New Homes development was coming to Maldon just round the corner from my family home. I was delighted when I was allocated a home as I knew the site had so much interest due to its prime location and spacious properties.”
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Shared Ownership - helping first time buyers onto the propeprty ladder
From a young age, Amy knew her dream was to own a home so she began saving as soon as she was a qualified broker by living off her basic salary and saving any commission made. Under the Shared Ownership scheme Amy was able to purchase a 30% share of her 2-bedroom semi-detached home on a 2-year fixed rate. Her monthly outgoings are £924 and she hopes to staircase in the future to own a higher proportion of her home and lower her rent.
Amy continues: “The size of each room of my home is so impressive and all the furnishings are such high quality – it makes me feel that I am getting a lot for my money.
I really like how the kitchen and living area are separate as so many homes now are completely open-plan but the partitioned layout works best for me.
The appliances in the kitchen are incredible, I have a fridge freezer, washing machine and dishwasher which allows my day-to-day to flow seamlessly. There is a wonderful large window in the kitchen which lets in so much light and the living area has large French doors, so the home is bright and airy throughout.
I also love my large garden and patio and I cannot wait to have BBQs and summer parties with my friends and family in the warmer months.”
Shared Ownership means not compromising on great locations
As a well-established Maldon local, Amy knew she wanted to remain in the area. She comments: “Maldon has everything! One of my favourite parts of the area is the promenade where I can go on long walks and get fresh air. There are so many amenities such as essential shops, leisure facilities and wonderful eateries. I love the local Italian restaurant, Luigis and also the Oakhouse bar and cafe which is perfect for a glass of wine in front of the fire with friends.”
Although Amy had lots of knowledge on the property industry, it was vital to have a helpful and patient sales team on hand to offer advice and support. Amy comments: “Peabody New Homes made the process a straight-forward and easy one and I really appreciated their efficient communication. They allowed me to enjoy this monumental journey rather than feeling stressed or out of my depth.”
Find more than just a place to live
Peabody New Homes has a number of homes available to buy through Shared Ownership across London and the Homes Counties. Search to find your next home.