New initiative offers shared ownership homes in Ramsey

Bovis Homes has released a selection of new homes for sale under a shared ownership scheme at its Cromwell Abbey location in Ramsey.

A choice of houses – including the three-bedroom Cypress and four-bedroom Aspen properties – are available through the new Home Stepper initiative at the development, off Wagstaffe Close.

Bovis Homes has teamed up with Sage Homes, England’s largest provider of new-build affordable homes, to launch Home Stepper. The scheme has been set up to assist house-hunters who cannot afford to purchase a property outright by offering homes on a part-buy, part-rent basis.

Buyers can purchase a share of between 10 per cent and 75 per cent of their new home while paying rent on the rest. There is also the option to increase their share of the property over time, up to 100 per cent.

Weronika Maslak, sales manager at Bovis Homes, said: “What this means is that a 50 per cent share in a three-bedroom Cypress at Cromwell Abbey can be purchased for as little as £180,000, while a half share in a four-bedroom Aspen house is available from just £212,500.

“This represents a fantastic chance for people either to get onto the property ladder much quicker than they thought possible or to secure a home with the space they need, which they otherwise thought would be beyond their means.

“The impressive four-bedroom Aspen offers flexible design with four spacious bedrooms upstairs. Downstairs there’s an open-plan kitchen/dining room, a separate living room and a study which could be used as a teenage games room or a home office.

“Meanwhile, the three-bedroom Cypress is perfect for a young family or couple who need more space, whether that’s for working from home or to keep an extra room for friends and family when they stay over.”

The Home Stepper initiative allows housebuilders to address the specific requirements of the local housing market by turning a selection of open-market homes into properties that can be purchased on a part-buy, part-rent basis.

Under the scheme, homebuyers purchase a share of the property and pay rent on the remaining share. To be eligible, their annual household income must not exceed £80,000, they must have a deposit of five per cent of the share they are buying, and they need to undergo affordability checks.

Bovis Homes is building 100 new homes at Cromwell Abbey, which will feature a mix of two, three and four-bedroom properties.

Bovis Homes is part of Vistry Group, which also includes Linden Homes and Countryside Homes.

To find out more about the properties available under the Home Stepper scheme at Cromwell Abbey, visit bovishomes.co.uk.