When I last wrote for your newsletter I provided information about the affordable rented homes that will be built at the development site at Mackenzie Place, Cockfield. This month I would like to provide you with information on the properties that will be sold as shared ownership.
We have six two-bedroom houses that will be built in the first phase of the development, due to start early in the New Year and expected to be available for occupation late 2020/early 2021.
So, you may be wondering what is shared ownership? Well it’s not sharing with other people or only living in part of a house, but it is another way to buy your own home. You buy a percentage and pay rent on the rest. The housing association, Orwell Housing, owns part of it — but you’re living there, you decorate it, and you decide when to sell. Buying a percentage means a smaller deposit and smaller mortgage. It’s a sooner first step on the ladder for lots of people and you have the option to carry on buying shares, to own it 100%.
There are some eligibility criteria, for example you need to have a combined household income of less than £90,000 and you can’t own another home. Also, for this site, applicants who meet specific criteria called ‘Local Lettings Criteria’ will be given priority. These are people who have lived in Cockfield for at least two years, or have a close family member who has lived in Cockfield for at least two years, or people who work in Cockfield and have for at least two years.
If you are already interested in becoming a shared owner at the new development in Cockfield please contact Orwell’s Sales Team on 01473 228604 and my colleagues will be able to take your details and talk to you further about how shared ownership works.
We are intending to hold an information event in the village, in partnership with the Parish Council, to provide you with the opportunity to come and talk to us and other organisations who are involved in the allocation of all the types of properties in phase 1. We would like to hold this in early Spring 2020 and we will provide further details closer to the time.
Look out for next month’s update where I will provide information on self-build homes.
Orwell Housing Association