Newham NewShare enables you to buy 50% or more of a home using a deposit and a mortgage. Newham Borough Council then fund an Equity Loan for the remainder of the purchase price, charging a low annual fee, to keep the product affordable for you. You can then purchase the remainder of your home as and when your circumstances allow.
For example, if you purchase a home at full market value of £200,000 at a 50% share, you will pay £100,000 through your deposit and mortgage. You will require a minimum deposit of 5% of the 50% share being purchased dependent on the property for sale. Newham Borough Council will then loan you the remaining 50% (£100,000) and charge an annual fee of 1.75% (£1,750 pa). This annual fee paid back to Newham will increase yearly with rate of inflation plus 1%. This loan is for up to 25 years and can be repaid in full after you have occupied the property for a year or when you come to sell your home (whichever is sooner).*
There are a range of 1, 2 and 3 bedroom homes available through NewShare, with new properties being offered all of the time.
CGI imagery representative of the Newham NewShare new build developments
All homes available have undergone a comprehensive and high standard refurbishment to ensure that they are ready to move in to. The refurbishment includes refitted kitchens, with brand new appliances, refitted bathrooms, new carpets and redecoration in a neutral colour scheme throughout.
If you meet the following criteria, you could qualify for the scheme:
– Living or Working in the London Borough of Newham
– Working as a Social Worker or Teacher in Newham
– On Newham’s Local Authority Waiting List
– Current living in a Newham Council property
In order to be eligible for the scheme and to view a property and you will be required to have an initial telephone assessment with our recommended IFA. This is to assess your affordability, should you be allocated a property you will be asked to attend a face to face financial interview where you will need to provide proof of deposit, residency and identity etc.
Please speak to our designated NewShare Team for more details.
0208 502 5758