Shared Ownership

If you can’t quite afford 100% of a home, Shared Ownership mean you can buy between 25% and 75% share, and then pay rent on the remainder. You can then purchase bigger shares when you can afford to.  Read more on the government website below.

What is shared ownership?

Shared Ownership gives first time buyers and those that do not currently own a home the opportunity to purchase a share in a new build or resales property.  The purchaser pays a mortgage on the share they own, and pays rent to a housing association on the remaining share. Because the purchaser only needs a mortgage for the share they are purchasing, the amount of money required for a deposit is a lot lower when compared to the amount that would be required when purchasing outright.

The purchaser has the option to increase his share during their time in the property via a process known as ‘staircasing’, and in most cases can staircase all the way to 100%, thereby owning the property outright. snared ownership properties are always leasehold.

If you want to go ahead the first step is to apply for you Help to buy number which you can do here

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