How Shared Ownership can help you get on the property ladder and find your dream London home.
Lattifah Harris from Peabody Housing Association tells us more about Pontoon Reach - an exciting new development from Redrow and Peabody in the heart of London’s Royal Docks - and explains the benefits Shared Ownership can offer:
1. Affordability
Shared Ownership gives you the chance to buy a share of your home, meaning your monthly mortgage amount will be smaller than buying a property outright. You can take out a mortgage that covers the share amount you choose to purchase and pay a subsidised rent on the rest.
Shared Ownership properties are often cheaper than renting the same size home privately, so can help you to reduce your monthly outgoings and save more.
You can start by buying a 30pc share of a one, two or three-bedroom apartment at Pontoon Reach. To qualify for Shared Ownership in London, your household income must be below the £90,000 threshold.
2. It can help you move to London
Shared Ownership offers you the chance to live in a beautiful property in an area you perhaps initially thought was out of budget.
Pontoon Reach is close to Canary Wharf, making it the perfect location for young professionals or families. Everything is within easy reach, with great transport links to connect you to the whole of London by DLR, rail, boat and internationally via London City Airport.
3. Join a flourishing community
At Pontoon Reach, you’ll have access to a dynamic East London lifestyle. There’s an array of river view restaurants and bars, gorgeous gardens, cycle paths and water sports on your doorstep.
The Royal Docks is a part of a huge regeneration project. Billions of pounds are being invested into the local area to transform it into a thriving business hub. The planned investment will generate thousands of new homes and jobs over the next five years.
4. Live in a stylish apartment
The one, two and three-bedroom properties on offer at Pontoon Reach feature contemporary kitchens, spacious bedrooms and modern bathrooms. There are one and two-bedroom wheelchair adaptable apartments available with parking.
You can stroll through the communal gardens, relax on the roof garden, enjoy meeting your neighbours and becoming part of a welcoming community.
5. No need to save for a large deposit
You can pay as little as a five per cent deposit on the share of the apartment you buy, which can make it easier to save the money you need for your deposit, and for those on a lower income to gain approval on a mortgage loan.
6. Increase your shares in the property
You can continue adding to your share of the property until you own 100pc of your home. You can grow your shares by 10pc each time, and it’s up to you when you do this. Over time, your home may increase in value and your shares could be worth more if you decide to sell.
7. It’s not just for first-time buyers
Shared Ownership is available to existing shared homeowners that want to move, those that may have previously owned a home but can’t afford to buy one right now, and first-time buyers.
8. It’s your home
Many people make the mistake of comparing shared ownership to renting, but it’s not the same. Your Shared Ownership property is yours – to decorate, paint or furnish as you wish.
How can I get in touch?
You can register your interest online or call a member of our team for any help and advice.
Peabody is one of the largest housing providers in London and the South East. It’s our mission to help people make the most of their lives.
Visit pontoonreach-so.co.uk to register your interest in Pontoon Reach.
Call 0203 478 9875.
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