Brochure pack

what is Easy Living?

Making a new home affordable for everyone

As property prices have increased many people think the possibility of owning their own home has moved beyond their reach. This does not just apply to first time buyers but also to people relocating to a new area or families looking for a larger home. With over 40 years experience of providing affordable housing for people from all walks of life Derwent Living has created easy living to help everyone to be able to afford to buy the home that’s right for them.

How does easy living work?

easy living has a range of options including - easy living part-buy, part-rent and easy living for outright sale. You can choose the one that suits your lifestyle and your budget best.

easy living part-buy, part-rent allows you to stagger the purchase of your home. You start by buying an initial share in your home. This share will usually be 50%, which means you will only need a mortgage for that percentage of the market value of the property. You will pay Derwent Living a rent for the percentage they still own. But don’t worry, in most circumstances the combined cost of the mortgage and your monthly rent will usually equate to approximately 70% of the cost of a 100% mortgage.

Over time, as your circumstances change, you can increase the share of the property you own. This will decrease the rent and you can continue to increase the share you own until you pay no rent at all and your mortgage is for the whole of the property. Alternatively, you can simply continue to part-buy, part-rent if you prefer.

In addition, a number of properties are sometimes available for outright purchase through easy living.

Can anyone choose easy living?

easy living part-buy, part-rent is a very popular option for anyone who wants to own their own home but has not been able to qualify for a large enough mortgage on the open market.

Naturally, the scheme appeals to first time buyers but easy living can be equally appropriate to all sorts of other people. Many easy living buyers are people whose work requires them to live close by, quite often in areas that would normally be outside their price range. Some have found it an ideal way to be able to move to a larger family home while others have chosen to downsize to a more affordable lifestyle.

How much does easy living cost?

Costs will vary according to the market price of the home and the percentage share you choose. The following example shows you the comparison between easy living part-buy, part-rent and a traditional mortgage. This clearly shows that even though you pay rent on a proportion of the property there are savings when you choose easy living part-buy, part-rent instead of a traditional mortgage.

Example £100,000 house

Outright purchase
Mortgage 100% repayment @ 5.75%	£597.66
Total monthly cost	£597.66

easy living part-buy, part-rent (50%) Mortgage 50% repayment @5.75%	£298.83
Rent (@ 3% of retained value)	£125.00
Total monthly cost	£423.83

Monthly saving with easy living	£173.83
Annual saving with easy living	£2085.96

select text size A A A A
low graphic version
email a friend
bookmark site
help
which property type?