Big help for buyers
You can rent and buy your own home when you plump for a shared equity scheme.
At Lovell's Earls Grange development, in Beaumont Leys, Leicester, the developer is offering an 85/15 shared scheme on its homes.
It allows buyers to own 100 per cent of their home, but pay 85 per cent of the purchase price up front.
Lynn Korczak, sales adviser at Earls Grange, said: "A five per cent deposit is all buyers need to reserve their home using our popular shared equity scheme, which makes it much easier to save.
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"It is ideal for first-time buyers, as there's no rent to pay on the remaining share and buyers have up to ten years to pay of the 15 per cent equity loan; ultimately, it helps to stagger the cost of buying a first home and easier to secure a mortgage."
Buyers need a 5 per cent deposit, while Lovell will step in to provide the remaining 15 per cent as an equity loan.
Buyers have a choice of The Beauford or The Earlsford-style homes at the Strasbourg Drive development.
It comes as the Royal Institute of Chartered surveyors predicting rent rises of up to 4 per cent over the next year, and a recent report from Barclays revealing the average home owner in the East Midlands can save £210,461 over 50 years by opting to buy rather than rent.
Lynn said: "It's easy for buyers to feel overwhelmed when faced with the details of schemes such as these, so I encourage anyone who wants to find out more to get in touch.
"I would be happy to talk people through exactly what the scheme entails, whether they are eligible and how they can benefit from it.
"Shared equity is really useful because it means the difference between buying a house now or waiting for your savings to mount up; we find that most of our customers who opt for this scheme find it is a faster way to buy a new home."
The two-bedroom apartments now available at Earls Grange include The Earlsford and The Beauford-style homes.
Both feature a fully fitted kitchen with integral appliances and combined living and dining room, while every home comes with a designated parking space.
Homes on the first and second floors also benefit from a balcony. Shared equity prices start from £78,625.