Buying a new home

Rowan Homes, a subsidiary of North Hertfordshire Homes, offers homes for sale through the shared ownership scheme and for open market sale.

If you are a social rent tenant buying your first home, a first time buyer needing a little extra guidance along the way, or a family looking for your next home, Rowan Homes build a variety of properties in Hertfordshire and Bedfordshire.


Shared Ownership

Shared Ownership offers new homes for sale on a part-buy/part-rent basis. The scheme is designed for first time buyers who are unable to buy a property on the open market.

How does it work?

You buy a share of a new home (minimum of 25%, maximum of 75%), and pay rent on the remaining share to Rowan Homes.

Rents are subject to an annual rent review and will increase in line with any proportionate increases in the retail price index (RPI). 


Am I eligible for Shared Ownership?

  • You are a first time buyer, or previous home owner;
  • You live or work in the same county as the property, or can demonstrate that you have a local connection;
  • You have a household income of less than £60,000 a year;
  • You are unable to buy a suitable property on the open market;
  • You have the minimum income required to purchase the property;
  • You have been in a permanent job for at least six months, or if you are self-employed, you must be able to present two years' audited accounts.


If you're applying for a Shared Ownership property, you will also need to have:

  • Savings to cover the costs of purchasing a property;
  • Income capable of supporting a mortgage for at least 25% of the property value, or savings with which to purchase the share outright. 


You must not be named on the title deeds of any other property when purchasing a Shared Ownership property.

Please note: this list is not exhaustive. Some shared ownership properties have their own list for eligibility.

Are there any priorities for assistance?

The priorities for assistance can be summarised as follows:

  • Existing social housing tenant;
  • Serving MOD personnel and the highest locally determined priority group;
  • Those that will address housing problems in local and regional housing markets as defined by the Local Authority;
  • First-time buyer unable to buy a home without assistance;
  • Previous homeowner or owner-occupier going through a relationship breakdown (where the property is being sold or transferred to a sole name).

Registered for HomeBuy?

Before we can consider you for one of our shared ownership properties, the local HomeBuy agent will need to assess your eligibility for the scheme.

HomeBuy agents we currently work with are:

Hertfordshire - Lea Valley Homes www.leavalleyhomes.co.uk


Bedfordshire - Orbit www.orbithomebuyagents.co.uk

 

 

 

Interested in Shared Ownership?

To register your interest and for further information on how you can benefit from the Shared Ownership scheme, please contact the Rowan Homes Sales team on 0800 0644 555 or email sales@rowanhomes.co.uk

For further information on the properties that we have available, please see the Rowan Homes website www.rowanhomes.co.uk