First-time buyers: finding your dream home at a price you can afford
13th Feb 2023
As a first-time buyer, getting your own home can be an exciting, yet daunting prospect. There are different buying options to purchase your first home, from buying the traditional way to more affordable options like rent to buy and shared ownership – so how do you know which is right for you?
At Viola Homes we believe in dreaming big and offer a range of buying options to help make your dreams of owning your ideal home a reality. We pride ourselves on providing affordable home ownership options on our developments to help first time buyers and renters get that first step on the property ladder.
Our shared ownership and rent to buy schemes give first-time buyers the opportunity to move into your dream new-build home. Homes are also available to purchase outright on some of our developments.
To help you learn more about the schemes we offer, and decide which one is right for you, we’ve put together this handy guide.
Shared ownership
Shared ownership allows prospective homeowners to buy a share in the property, requiring a much smaller deposit and mortgage. You can then move into your new home, paying affordable rent payments on the share of the home you do not own. The initial share is usually between 25% and 75% of the property and the shared ownership agreement can be tailored to suit your financial needs.
Lower initial shares from as little as 10% are available on some homes, offering a significant opportunity for first-time buyers to get on the ladder for a lower price. Once you own your first share, it’s possible to purchase additional shares (a process known as staircasing) until you own 100% of your home.
You can currently purchase from a fantastic new collection of two and four-bedroom homes through shared ownership at the Church Lane North development in Eston, Redcar and Cleveland. Less than a five minute drive to the amenities of Eston High Street, and a short car or bus journey into Middlesbrough Town Centre, Church Lane North is conveniently located for all of the necessities of modern life. Redcar Esplanade is a short 15 minute drive away, so you can easily enjoy strolls along the beach. Less than three miles away you’ll find Flatts Lane Country Park, offering excellent routes for walking and cycling.
Rent to buy
Rent to buy gives first time buyers the opportunity to move into a newly built home straight away, paying a reduced rent to allow extra time and money to save towards a mortgage deposit. Whilst renting the property for up to five years, your rent will be at a reduced rate of just 80% of the full market value, and after five years you’ll have the option to purchase your home outright.
Church Lane North is a brand new collection of two and four-bedroom homes in the Grangetown area of Greater Eston in Redcar and Cleveland. The existing estate is undergoing a £16 million regeneration and first-time buyers can take advantage of low cost home ownership, shared ownership and rent to buy schemes.
Kirkleatham Green is a contemporary development of two and three-bedroom homes, just half a mile from the stunning Redcar and Cleveland coastline. With excellent transport links and close proximity to local schools and amenities, this modern development of 375 homes is the perfect place for families and professionals to call home. Both the shared ownership and rent to buy schemes are subject to eligibility criteria, which can be found on our website and our expert sales team will be happy to explain in detail.
Outright purchase
The most popular way to own a home is to buy it outright. If you already have a deposit saved and a mortgage agreement secured, Viola Homes offer a collection of two, three, four or five-bedroom homes available to buy. You’ll have a dedicated sales consultant to guide you through each step of purchasing your new home, from reservation to completion.
Homes are available for outright purchase at the final phase of our Mill Meadows development, a beautifully-designed development of 300 homes perfectly situated in Filey, North Yorkshire. Mill Meadows has a range of spacious styles of home available with plenty of choice for you and your loved ones to find your dream home.
Our sales team on hand to help make your dreams of owning your ideal home a reality. Find out more about our developments across the North East and North Yorkshire or call 0345 060 5555.