What is shared ownership?
Shared ownership is a scheme delivered by Housing Associations to help people buy their own home, where the buyer will purchase a share of the property ranging from 25% - 75% of the house using a deposit and paying a mortgage in the usual manner. The share bought will be determine by an affordability assessment carried out during the application stages. Rent is then paid on the remaining percentage of the house that the housing association still owns a share of. People can build up their share to eventually own 100% and be the owner of the house.
How do you get a shared ownership home?
There are certain criteria which must be met to be able to qualify for a shared ownership home:
- gross household income of less than £80,000
- aged 18 or over
- in current employment
- have a good credit history
- have savings or access to approximately £1,500 to cover the cost of buying a home (this does not include the value of the deposit required for a mortgage)
- understand that any property you currently own in the UK or abroad will need to be sold
- in order to be considered for the scheme, you cannot be in a position to afford to buy a property at 100% value on the open market. Applicants will also be assessed based on their level of housing need as well as an affordability assessment.
For more information about whether you'd be eligible to buy a property on the shared ownership scheme, just click here. You can also find some more useful information by visiting the Leasehold Advisory Services website.
Our shared ownership homes are available now
Are you looking to get onto the property ladder, but can't quite afford it? We can help! Our shared ownership scheme has been designed specifically for those who have a small deposit available but can't quite afford the mortgage on 100 per cent of a home. Buying a Shared Ownership property gives you the chance to buy a share of your home (between 25-75% of the property value) and pay rent on the remaining share. As and when you can afford to, you can buy bigger shares and eventually own 100% of your home.