Pathways by Citra Living
Your pathwayfrom renting to home ownership
We provide quality rental homes in places where people want to live and work, with a focus on new homes for families and professionals.
We also realise it can be difficult to get your foot on the property ladder and we want to help you own your home.
Our Pathways scheme lets you try before you buy. You can choose to rent for as long as it suits you, and then later you can buy your home through shared ownership. In most cases, you’ll only need a deposit of 5% of the share you’re buying.
At selected Citra Living locations, you’ll find homes on offer under our Pathways scheme. Our homes are available through our Estate Agent partners.
When you enquire, we’ll put you in touch with an independent mortgage advisor who will take you through a few questions to see that you qualify for the scheme.
Joining the Pathways scheme only has two simple requirements:
You don’t own
another property
You have the right
to live in the UK
Make it yours
Once you’ve decided that you’d like to buy your home, we’ll help you get there.
The buying process
1.
We’ll arrange for an independent mortgage advisor to contact you. They’ll do some financial checks and can help you choose a mortgage.
2.
You’ll need a solicitor to deal with the legal side. It’s best to use a company that has experience of shared ownership. We can help you find one from our solicitors’ panel if you like.
3.
Once your solicitor is holding your mortgage offer and signed contract, you’ll need to pay your deposit (usually 5% of the price of the share of your home you’re buying).
4.
The next step is exchanging contracts. This takes about a month and means that you’re committed to buying the property and we’re committed to selling it to you.
5.
The final step is completion, which should happen within ten days of contracts being exchanged.
6.
Congratulations!
You’re now a homeowner.
Shared ownership lets you buy your home in stages. You buy a share of your home with a mortgage and rent is charged on the rest.
You can buy from 25% to 75% and keep increasing that share until you own your home outright.
The costs
To give you an idea of the costs involved in buying your home through shared ownership, we’ve put together this estimate:
Cost of home
(full market value)£300,000
Your 40% share
£120,000
Mortgage required
(Based on 95% loan to value)£114,000
Your deposit
(Minimum 5%)£6,000
Moving up
Once you’ve bought your first share in your home, you can buy more equity. This is known as ‘staircasing’.
You can buy all the shares and own your home outright. This means that you won’t pay rent any more, just your mortgage payments.
When you buy the final share of your home, we’ll transfer the freehold to you. You’ll need a solicitor to request this from us, who will charge a fee.
You’ll also need to arrange your own building insurance, as this will no longer be provided by us.
If you’re buying an apartment, you’ll have to keep paying
your service charge. If building insurance is part of your service charge, this will remain the same and you won’t need to get your own cover.
As you buy more shares, your mortgage payments will go up but the rent you pay will go down.
Mortgage goes up
Rent goes down
