News

Housing group opens the door to affordable homeownership in Latchford

March 23rd 2017

Torus chief exec Rob Young and head of sales, Helen Reddington with Warrington Mayor Faisal Rashid

Housing group, Torus, is giving home buyers an opportunity to snap up a spacious two or three bedroom home in Warrington through their affordable shared ownership product – part rent, part buy.

Earlier this week, Mayor Faisal Rashid, joined group chief executive Rob Young and head of sales, Helen Reddington at Ash Acre Meadows in Latchford, to formally open the stylish new show home.

Helen commented: “There’s been a lot of interest in our homes at Ash Acre Meadows. A number of people have already reserved ‘off plan’ and many more are keen to get inside and take a look.

“Visitors to our show homes are always surprised by the generous sizes of our properties and impressed by all that’s included in our standard specification. These really are family friendly homes that will appeal to a range of buyers, including those looking for their first home, expanding families and mature households looking to downsize to a smaller, easy to manage home.”

The hub of our 3 bedroom ‘Birch’ show home is a generous open plan kitchen, dining area with patio doors that open out to the back garden. A separate lounge at the front of the house is perfect for quiet and relaxation. Downstairs also benefits from a large WC cloakroom. The first floor has two good sized double bedrooms and a large single bedroom, along with contemporary family bathroom.

Prices at Ash acre Meadows start from as little as £64,000 thanks to Shared Ownership (based on a 50% share of a 2 bedroom ‘Ash’ house type with an open market value of £128,000).

So, how exactly does Shared Ownership work? Helen explains: “Rising house prices in Warrington have made it difficult for many people to buy a home on the open market. We specialise in affordable new homes for people at every point of the property ladder from first time buyers to downsizers. Shared ownership enables you to buy a share of the property that you can afford, typically between 50% and 75%, and pay a low rent on the rest. This means that purchasers need a smaller deposit and mortgage and it can be cheaper than renting.”

Shared ownership is available for households with annual incomes of less than £80,000. It enables people to buy a new home without over-stretching themselves financially then buy more shares in the property as and when they are able, eventually owning 100% of the property if they wish.

For example, a typical purchaser with a 5% deposit who wished to buy a 50% share of a 2 bedroom house with a market value of £128,000, would require a deposit of £3,200 and a mortgage of £60,800.”

The Government backed Help to Buy equity loan product is also available on selected new homes at Ash Acre Meadows, enabling purchasers to buy a home with just a 5% deposit.

Show home viewings at Ash Acre Meadows now available to book on 01925 634410. Alternatively email: newhomes@wearetorus.co.uk