What Does Shared Ownership Mean?
The government introduced the shared ownership scheme in order to help families on lower incomes become home owners. Shared ownership homes are provided through a housing association. You can buy a share of between 25% and 75%; you will then pay rent on the remaining share.
Can I Buy A Shared Ownership Property?
You must meet the following criteria in order to be able to buy a shared ownership property:
- You must be a first-time buyer or;
- Someone who used to own a home but can no longer afford one or;
- You currently rent a council or housing association property;
- Have a total household income of less than £80,000 (£90,000 in London).
What Other Costs Are There?
You will still need to apply for a mortgage for the percentage share you are funding. This will of course include stringent affordability checks. You will need to provide a deposit, though, this is usually a lower percentage than is typically requested.
It’s important to factor in all the associated costs with a house purchase. Check out our handy blog that details all these items here!
What are the Benefits of a Shared Ownership Scheme?
It is a great way to get a foot on the property ladder if you are struggling with the financial restrictions of a more traditional route.
Many of the properties are new-build, which means you will likely have lower ongoing maintainance costs.
You do have the option to increase your percentage share in the property at a later date.
Where Can I Get One?
I’m so glad you asked! Our Bromsgrove sales branch is currently marketing this stunner
of a shared ownership house on Patch Street! Give us a call on 01527 871 395
or pop in and see us to arrange a viewing as it’s sure to go fast.