Shared ownership is another way to buy your own home. You buy a percentage, and pay rent on the rest. The housing association 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. Usually, you can also carry on buying shares, to own it 100%.
Fairways
Overview
Fairways, Morpeth is made up of 2 apartments now available on part buy - part rent.
Local area information
A collection of new 2 bedroom apartments in Morpeth.
The Fairways, in the quaint market town of Morpeth, is a sought-after place to live, for work, rest and play. The town centre is around a mile from your door, with shops, stores and a vibrant community life, while Newcastle is within easy reach for work and play.
Families with children will find Morpeth First School just over half a mile away (Ofsted ‘Outstanding’) and Newminster Middle School and the popular King Edward VI secondary school, also ‘Outstanding’, under two miles from The Fairways.
Morpeth Leisure Centre (1 mile) has a gym, sports hall and swimming pool. The Golf Club is across the road, and walking or cycling in the beautiful surrounding countryside is always a pleasure.
Plot availability
FAQ's
Min share price from: £80,000 for a 50% share
Full price from: £160,000
Minimum deposit from: £3,850
Bedrooms: 2
Bathrooms: 1
There is only one available priced at £80,000 for a 50% share.
It’s the same as buying on the open-market but you’re buying a share of a property, so therefore pay a mortgage on the part you own.
An independent mortgage advisor can help suggest which type of mortgage might be best for you, based on your situation.
Leasehold, which is essentially the contract for the share you've bought.
It means you've got the right to keep your home for a certain number of years (usually at least 125), but the land belongs to someone else. Your lease also sets out how much you need to pay each month, your responsibilities while living there and all the details of your agreement with the housing association. Make sure you go through it and ask lots of questions.
Your solicitor can help you with this.
Housing Provider
