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%.
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Quarry Place, 2-3 bed homes
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Conveniently located in Blakelaw in the west end of Newcastle, Quarry Place is a collection of brand new collection of two and three bedroom homes, with 34 available through shared ownership.
Ideal for first time buyers and families, our stylish new homes have a great range of local amenities right on the doorstep, from major supermarkets to well regarded local schools, and excellent transport links to make commuting a little easier.
The full market value of these homes is from £140,000 but with shared ownership you could purchase an initial 25% shared for just £35,000 and pay a monthly rent of the remaining share. This could mean your total monthly payments could be as low as £456. If you are buying with a mortgage you would only need a deposit of 5% of the amount you borrow, meaning your deposit could be as low as £1,750.*
*This is based on an initial 25% share (£35,000) of a two bedroom house valued from £135,000 with a 5% mortgage deposit (£1,750). The estimated monthly service charge is approximately £40.
Photos and CGIs are for illustrative purposes only and may feature previous developments.
Local area information
Our homes at Quarry Place are conveniently located in a bustling local area with great transport links.
Set close to the A1 and A167, homes are ideally located for local commuting to nearby Newcastle and Gateshead, as well as traveling afield, both north and south. The area is also covered by several regular local bus services, and Kingston Park Metro station is less than three miles away.
There are several local convenience stores and major supermarkets nearby, and several homeware stores at the St James Retail Park. The area has a number of local primary and secondary schools, while those in higher education are within easy reach of the universities of Newcastle and Northumbria.
For even greater choice, Newcastle City Centre is less than four miles away, so you can easily enjoy everything the city has to offer, from great shopping and fantastic nightlife to family entertainment and leisure. You are also just five miles from Intu Metrocentre, where you’ll find major retailers and a range of eateries and entertainment.
Min share price from: £35,000 for a 25% share
Full price from: £140,000
Minimum deposit from: £1,750
Monthly rent from: £241
There are 2 available ranging from £35,000 for a 25% share to £40,000 for a 25% 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.