Newham
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Essential maintenance this weekend to our Housing Management System and planned website maintenance work
Housing Rent Account Balances and some Online Customer Forms will be unavailable via My Newham from Friday 20 September at 5pm until Monday 23 September 2019. Customers can still make payments, but online account balances will not be updated until Monday 23 September 2019. We apologise for any inconvenience caused.​

NewShare - our shared equity scheme

If you would like to own your own home but can’t afford a large deposit or the cost of buying a home on the open market, our NewShare scheme could help you.

We are selling about 1,200 homes in Newham under this scheme. These homes are a mix of new build and existing homes. Find out more and join the NewShare mailing list.

How NewShare works

You buy your home using a deposit and a mortgage with an equity loan from us. It is 100 per cent ownership.
 
 
 
You will have to fund between 50 per cent and 70 per cent of the cost of your home from a deposit and mortgage. An equity loan from us will make up the difference. The type of property you want to buy will decide what percentage of the cost you will have to fund from a mortgage and deposit.
 
 
 

Equity loan fee

 
When you buy your home, you will pay a yearly fee of 1.75 per cent on our equity loan. This increases annually in line with the Retail Price Index plus one percentage point. Your fee will reduce as you pay off the loan.
 
 

Paying back the loan

 
When you can afford to, you can buy out our equity loan in full or in stages, but you must pay it back in full within 25 years. How much you pay is based on the market value of your home at the time you are paying back the loan.
 
 
 
For example, if the value of the home you bought was £200,000 at the time you bought it and you were helped with an equity loan of £50,000 then the loan is for 25 per cent of the value of your home.

If you want to reduce the loan to 15 per cent you would have to pay an amount that is equal to 10 per cent of your home’s value at the time you are paying, not its value when you bought it. So if the value of your home has increased to £250,000, you will have to pay us £25,000.
 
 

What is included with a NewShare property

 
NewShare properties are fully refurbished to a high standard and ready for you to move into.

Your property will be freshly painted and decorated throughout with:
  • new flooring, carpets and tiles
  • new kitchen units
  • new white goods including washing machine, fridge/freezer and cooker (hob and oven)
  • new bath/shower and WC.
 

Who can apply for NewShare

 
You can apply for a one, two or three-bedroom home if your household income is less than £90,000.

 
The scheme is open anyone, however we will give priority to applicants who are:
 
  • already on our housing waiting list for a council home
  • renting from a social housing provider in Newham (such as a housing association)
  • currently working as a teacher or social worker in Newham Council
  • living in Newham
  • working in Newham
  • a current or former member of the armed services.
 

 
To find out more about NewShare or register your interest, email NewhamNewshare@site-sales.co.uk with your full name, address and contact phone number.

You can also call 020 8502 5758.

You will then be contacted by Site Sales Marketing Ltd who will add you to their mailing list and arrange an appointment for you to meet their independent financial advisor. This is to make sure you qualify for the scheme and can afford the mortgage repayments and fees.

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