News & Events

House prices are always increasing, making it harder for first-time buyers to get on the property ladder. Our homeownership brand, nuviva, was launched in 2020 to help provide information and get local residents onto the property ladder through affordable home ownership. We spoke to Lauren from Red Loft, our sales consultants, to find out how you can get on the property ladder with limited funds or salary.

Q. How do Red Loft and nuviva work together?

A. Red Loft are the sales consultants for ccha and nuviva. We support ccha in marketing new developments, taking potential buyers from the viewing and buying process to the end when they move in.

Q. What affordable options are there for residents wanting to get on the property ladder?

A. Affordable options include London Living Rent, Shared Ownership and Help to Buy, which all offer alternatives when your deposit and/or income is lower than required to purchase outright on the open market.

You can find out more about each option on the nuviva information page.

Q. Can you tell us a bit more about London Living Rent? How does that work?

A. London Living Rent homes are for households who currently rent and want to build up savings to buy a home in the future. This can be either through shared ownership or outright purchase. The homes will be offered on tenancies of a minimum of three years but can be extended to a maximum of ten years. Residents will be supported to save and given the option to buy their home on a shared ownership basis during their tenancy. They will also be given extra priority for other shared ownership homes across London.

Q. And, how about Shared Ownership?

A. Shared Ownership is an affordable home ownership scheme which makes it easier for first-time buyers to get on the property ladder. Buyers purchase a share of a property, anything between 25%-75%, and pay a subsidised rent on the remaining share. As your circumstances change, you can purchase more shares in the property (known as staircasing) or sell your share and move on to a new home. Shared Ownership has helped thousands of first-time buyers onto the property ladder throughout England for over 40 years.

Q. If our residents have a deposit saved up and aren’t eligible for London Living Rent or Shared Ownership, what other options do they have?

A. Help to Buy is an alternative to Shared Ownership. Help to Buy is a Government scheme designed to make buying a home more affordable for first-time buyers. With a Help to Buy: Equity Loan, the Government will lend first-time buyers in London up to 40% of the price of the property they want to purchase. There is no interest to pay on the loan for the first five years.

Q. And who do residents speak to if they need advice on mortgages or their buying options?

A. If you want to learn more about your buying options, the benefits of Shared Ownership, or are interested in purchasing a home, Red Loft are more than happy to help. Red Loft can recommend an independent financial advisor who can talk through your mortgage options and determine what is affordable for you. You can call Red Loft on 0207 539 3745 or email [email protected].

Q. What do prospective buyers need to consider when house shopping? Are there any extra costs involved?

A. When buying a Shared Ownership home, you will need to put down a deposit. This is the amount you pay towards the cost of the share you are buying at the time of purchase. The amount required for a deposit will vary from property to property, but the typical Shared Ownership deposit is 5% or 10% of the share you are purchasing. We also recommend having between £3,000 and £5,000 available to cover all the moving fees and costs, including the solicitors and broker fees.

Q. Thanks, Lauren. Any other tips for our residents?

A. To help the mortgage process go as quickly as possible, getting your supporting documentation ready in advance of your application is a good idea.

If you’d like to find out more, please visit our Information Page, where you can read more about each scheme and your eligibility.

Share this article