We are pleased to offer a selection of apartments at The Cocoa Works on a shared ownership basis. Buyers purchase a share of the property (from a minimum of 35%) and then pay rent on the remaining share. This makes shared ownership a fantastic way for first-time buyers to reduce the amount required for a deposit.

This could save you up to £88 per month based on renting a property in York

With shared ownership (also known as part-buy, part-rent) you buy a share of a property.

You’re required to buy the maximum share size you can afford between 10-75%. Then on the remaining share you pay a subsidised rent. You can then increase your share up to 100% and outright ownership whenever suits you.

Buying a share in a property, rather than buying it outright, means you need a smaller deposit and mortgage. This makes shared ownership a really affordable route into home ownership.

Once you’ve bought, you can increase your share in your home whenever you want – all the way up to owning it 100%. And you can sell at any time making shared ownership a great way to invest in your future.

Advantages of shared ownership

• Start by buying a minimum share of just 35%.

• Deposits are usually 5-10% of the price of your share.

• You only need a mortgage to cover the price of your share.

• Increase your share bit by bit all the way to owning 100%.

• Stamp duty can generally be deferred until your share reaches 80%.

• Lower running costs of a new-build home with the latest technologies, fixtures and fittings.

• The rent on the share you don’t own is often less market rent (usually 2.75% of the full market value).

For further information, please register your interest and a team member will be in touch.

Buying with shared ownership could be the step onto the property ladder you’ve been looking for. According to Home.co.uk, the average asking rent for a 2 bedroom property in postcode YO31 is £1,616 per calendar month*. With shared ownership, your outgoings could be £1,015 a month for a two bedroom apartment at The Cocoa Works.

This example demonstrates a potential outgoings saving of £601 a month, for your first step on the property ladder.

Day-to-day costs may also be lower with new-build homes. They require less maintenance and tend to be more energy-efficient than existing homes. Your energy bills could also be lower due to more energy-efficient design features.

Monthly shared ownership example is based on the combined cost of:

Mortgage monthly payment when purchasing the minimum 25% share of a two bedroom apartment at The Cocoa Works based on a full market value of £290,000 with a 5% minimum deposit and five-year fixed rate mortgage of 5.14%. Monthly rent calculated on 2.75% annual cost of the remaining share value. Service charge estimate of £196 per month. Mortgage rates are indicative only. Mortgage arrangement fees, deposit and moving costs are not included in outgoings total.