Open the door to an affordable new home
At Torus Homes we understand that buying a new home is one of the biggest decisions you make in life.
With affordable purchase options, plus developments across the region, we’re here to help make your dream a reality.
What is Shared Ownership?
- Shared Ownership* is where you purchase a share in a home so you can step onto the property ladder without over stretching yourself financially
- Torus owns the remaining share and you pay a reduced rent on this share to Torus
- You can buy between 25% and 75% of the home’s value with standard model Shared Ownership
- You can buy between 10% and 75% of the home’s value with new model Shared Ownership
Read our 5 Steps to buying a Torus Home
What are the benefits?
- You need a smaller mortgage and smaller deposit
- You can buy more shares in your home when you can afford them
- You get the home you’ve always dreamed of at a price you can afford
Staircasing
- Buy more shares in the home, up to 100%**
- When you buy more shares, the rent you pay goes down
- When you own 100% of the home, you do not pay any rent
Who can apply?
You can apply for a Shared Ownership home if:
- Your household income is £80,000 a year or less
- You cannot afford all of the deposit and mortgage payments for a home that meets your needs
One of the following must also apply:
- You’re a first-time buyer
- You used to own a home, but cannot afford to buy one now
- You own a home and want to move but cannot afford a new home suitable for your needs
- You’re forming a new household – for example, after a relationship breakdown
- You’re an existing shared owner and want to move
How to apply
To apply please complete our online application:
Your successful application will be subject to an affordability assessment by one of our chosen Mortgage Brokers.
Application timeline
Register interest – before applications open register your interest in the development
Applications open – we’ll get in touch to let you know when applications will open
Complete application – fill out your shared ownership form
Next steps – we’ll get in touch with the next steps – this could take up to 5 working days*** – please wait to hear from us
Solicitor Panel The Legal Process
To speak to our Sales Team please get in touch.
*Shared Ownership is available to eligible purchasers, criteria apply. Your home may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it.
**Some developments may have restricted staircasing, please speak to our Sales Team if you’re unsure.
*** Where demand is particularly high on a development, this could take longer
Save for your first home with Rent to Buy and discover homes in our latest developments now*
What is Rent to Buy?
- Rent to Buy is a government backed initiative that allows eligible working people to rent a newly built home at 20% less than market rent whilst they save for a deposit to buy
- 5 years after the property was built, you can apply to purchase the property. If during the initial 5 year period you request to purchase the property, we can only sell it on a Shared Ownership basis.
Who is Eligible
To be eligible for Rent to Buy, you must be:
- In employment
- A first-time buyer or relationship breakdown having previously owned a home
- Able to pay your rent and save for a deposit at the same time
In addition to this, you must also be able to:
- Pay a deposit and rent in advance
- Pass an affordability assessment
- Prove that you have the Right To Rent a home in the UK
- Provide supporting information and satisfy any landlord and employment reference and credit checks
Financial Assessment
The rent advertised is 80% of market rent. You will be assessed on 100% market rent to ensure that you have enough disposable income to be able to save for a deposit to purchase a home in the future.
What are the benefits?
- Reduced rent enabling you to save for a deposit
- Rent to Buy applies to new build properties, so you can get the home of your dreams, quicker than you thought!
How to apply
To apply for Rent to Buy, please complete the appropriate application form:
Rent to Buy – Single Application
Rent to Buy – Joint Application
To find out more about Rent to Buy and available properties please read our Rent to Buy Guide or get in touch.
*Rent to Buy is available to eligible applicants and specific criteria apply. Your tenancy will be a risk if you do not keep up payments of rent.
On top of our affordable buying options, our portfolio covers a number of developments for Open Market Sale.
What is Open Market Sale?
Open Market Sale is a traditional route onto the property ladder where you purchase a home either outright as a cash buyer or through a mortgage. If you are opting for a mortgage, you are required to pay a deposit – which is usually at least 10% of the face value of the property – and pay off the rest through monthly mortgage payments.
Buying outright with Torus
As a sustainable regeneration group, Torus listen to the demands and needs of local communities across the North West and pinpoint key areas that will benefit from Open Market Sale homes.
By building Open Market Sale homes, Torus is bringing a new route for homebuyers to purchase brand-new high-quality homes that are built with social value at the core of their foundations.
We will be with you every step of the way!
To make your buying journey as simple as possible, the Torus Homes Team will guide you through the buying process from your first enquiry to handing you your keys! After your sale completes you will be passed over to our After Care team who will support you with any defects following your move in date.
Future proofing homes and communities
As a developer, Torus has ambitious plans to become a greener and more environmentally focused so we can help futureproof our schemes, create more sustainable communities and utilise the most innovative technologies and build techniques to become Carbon Neutral by 2030. Ultimately working to use homes as a catalyst for positive environmental and local change, our Outright Sale homes use the latest in energy efficient materials and processes to ensure your future home reduces your energy bills and carbon footprint.
Investing in our communities for a better tomorrow
As part of our wider commitment to grow stronger communities, 100% of the profits generated from the sale of our homes is reinvested into Torus Foundation.
The Torus Foundation works closely with communities and charities that support people into employment, create safe spaces for young people to enjoy, help people access financial support and improve people’s health and wellbeing across the Northwest.
