Whilst committed to maintaining all properties to a high standard, Saffron is delighted to be providing more affordable homes throughout East Anglia. Some of our recently completed new build homes are in Long Stratton, Dickleburgh, Lowestoft and Costessey.
We have also purchased homes through the Section 106 process – S106 is the clause in the Town and Country Planning Act 1990 which determines the number of affordable homes built within a new development. Through the S106 process we receive both affordable rented and Shared Equity properties. These homes are located throughout East Anglia including Swaffham; Loddon; Hethersett; Little Plumstead; Framlingham and Aylsham.
Saffron have recently started working on a new Shared Ownership programme with a target to build 35 Shared Ownership homes by March 2021. We are currently constructing 4 new build Shared Ownership properties in Geldeston and another 3 in Wymondham, which are scheduled to complete in summer 2019. Further sites are also being investigated across East Anglia. You will find further information on our current Shared Ownership properties that are available here.
What is the difference between Shared Ownership and Shared Equity?
Shared Ownership is where you would purchase a percentage of the property. There is then an annual rent of 2.75% of the remaining equity to be paid in monthly instalments. After 12 months the purchaser would have the opportunity to staircase and purchase further shares in the property.
With Shared Equity you would purchase a percentage of the property, which is usually higher than Shared Ownership at 75%. There isn’t any rent to pay on the remaining 25% which Saffron would own but after 5 years you are then able to purchase further shares in the property.