A new part-buy, part-rent scheme has been launched at The Laureates and potential purchasers can find out more at a dedicated event at the development this weekend.

Throughout the two days of the Part Buy, Part Rent event, a financial adviser will be contactable alongside The Laureates’ experienced sales executives to offer guidance and check eligibility for the Home Reach scheme.

Visitors during the weekend will also be able to enter an exclusive prize draw to win £150 in Cumbria’s new currency, the Lake District Pound.

Fifteen properties are currently available through the scheme which, unlike similar schemes, allows purchasers to increase their level of ownership as and when they can afford up to 100% ownership.

Buyers can initially purchase between 50% and 75% of their chosen home and then pay rent of 2.75% on the remaining part. A 125-year lease is granted for the rented element, meaning buyers can live in their home as if they’ve bought it outright.

As part-owners, purchasers have the freedom to personalise and improve their property and benefit from any increase in value.

The properties available through Home Reach at The Laureates are all three-bedroom semi-detached family homes with a fantastic specification.

Based on a 50% shared-ownership price, a three-bedroom Davenant can now be purchased for £114,975 with a deposit of just £5,749 – making home ownership at this development more accessible than ever before.

Also available to purchase through Home Reach are the Jonson and Eusden house types – both of which feature spacious kitchen diners and French doors overlooking their patios and rear gardens. The Jonson also features a master bedroom with en-suite bathroom and dressing room and an integrated single garage.

For illustration purposes only, purchasers buying a home for £250,000 could buy a 50% share of £125,000, including a deposit of £12,500 (10%) and a mortgage of £112,500.

With a 25-year repayment mortgage on a 3.5% interest rate, the monthly payments should be around £570. Rental payments on the remaining half would be £286, leaving a combined monthly outlay of around £856.

Clare Noakes, regional sales director at Lovell Homes, said: “Home Reach offers potential purchasers the opportunity to get on the Cockermouth property ladder with a high-specification home in a much sought-after location. If you're interested, come along to our Part Buy, Part Rent weekend to find out more.”

Buyers are eligible to purchase a Home Reach property as their principle and only home if their household income does not exceed £80,000 per annum and they have a deposit of at least 5% of the share value.

It is available for first-time buyers and former home owners who cannot afford to buy outright, as well as buyers who currently occupy a shared-ownership property and are looking to move.

All buyers will need to pass a financial assessment, demonstrating they are financially able to purchase the minimum share value and support the monthly costs.

The Laureates is an exclusive collection of 217 stylish two, three, four and five-bedroom homes, set among extensive landscaping and featuring its very own play park on the edge of Cockermouth.

The Part-Buy-Part-Rent weekend takes place from 10am-5pm on Saturday and Sunday, August 11 and 12, at The Laureates, Low Road, Cockermouth, CA13 0HY. Staff in the marketing suite can be contacted on 01900 358 828 or visit www.livelaureates.com.