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 pay off the loan for 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 full market value. 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 the rate of inflation plus 1% of the initial 1.75% (£1,750 pa). This loan is for up to 25 years and can be repaid in full after you have occupied the property for at least one 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 a London Borough
– Not a current homeowner
The below criteria will qualify you as a Priority Applicant:
– On Newham’s Local Authority Waiting List
– Current living in a Newham Council property
– Working as a Social Worker or Teacher in Newham
– Living or Working in the London Borough of Newham
In order to be eligible for the scheme and to view a property, you will be required to have an initial telephone assessment with our recommended Independent Financial Advisers. 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, identification, etc.