North Devon Homes offering shared equity scheme for some of the new houses being built on Forches estate in Barnstaple.

A new shared equity scheme is being offered as part of the regeneration of Forches in Barnstaple to enable low income families the opportunity to buy their own home.

North Devon Homes is introducing its first ever large scale shared ownership scheme on the estate with 13 two and three bedroom new build homes created as part of a multi-million regeneration.

Priority will be given to housing association tenants or those who would be unable to purchase a property on the open market.

The amount of equity initially bought by the purchaser is between 40- 75 percent, with opportunity to gradually buy further shares and eventually own the property outright.

The association will have a further five properties for sale when the full regeneration project is completed.

The new homes will be built to a high environmental standard with photovoltaic panels, high levels of insulation, full house gas heating, use of recycled rain water and 10 year NHBC Warranty.

Prices currently range from £120,000 to £135,000. A shared equity purchase will typically be between £48,000 (40 per cent) to £100,000 (75 per cent) of the full value.

In addition to the mortgage repayment there will be a low monthly rental charge based on the value of unsold equity at 1.5 per cent per annum.

This rental cost will vary depending on the amount of equity purchased but the association said it will typically be between £45-90 per month.

North Devon Homes will be offering full carpeting to those able and willing to confirm purchase at an early stage in the process, with first properties to be ready by November this year.

To find out more call 01271 313382 and register with South West Homes at www.southwesthomes.org.uk.