Dream of buying your own home?

With a new development of shared ownership homes being developed at Starboard Way in Lordshill, you could be moving into your very own brand new house sooner than you think!

The shared ownership scheme enables you to simply purchase a portion of the property and pay rent on the rest. It’s a great way to get your foot on the property ladder without having to save a big deposit and take out a hefty mortgage.

It means you could buy a share of a stylish new three-bedroom house in Starboard Way for just £122,000. You will own a 40% share of the property (the full market price is £305,000) and you will pay rent on the other 60%. The new properties in Starboard Way are being snapped up fast as they offer great value for money and benefit from features including great sized gardens, kitchen/diner, separate sitting room, downstairs toilet, three bedrooms and a bathroom. 

Through shared ownership, your mortgage and deposit are calculated on the share that you are buying. You can buy more shares in the future, to increase the amount of the property you own so that one day you own it outright. If you buy more shares, you’ll pay less rent. The minimum initial purchase is 40% of the full value at Starboard Way, but you could buy as much as 75% and of course, ultimately acquire the full 100%.

Remember, you will have to factor in moving costs such as surveys, stamp duty and legal fees and the rent on the part you do not own. And as a homeowner you will be responsible for all the repairs, upkeep, and maintenance of your own property.

The development at Starboard Way, which is on the site of the former Oaklands School, also includes new council homes for rent to help meet increasing demand.

In addition to the three bedroom houses, currently being marketed by Connells, a number of one and two bedroom apartments and four bedroom townhouses are due to become available soon.

Who is eligible to apply for shared ownership?

You can apply if your household income is less than £80,000 a year, and if this is your first home or if you have owned a home before but can no longer afford to buy a property. Find out more about the shared ownership scheme online.