Tue 18 Dec 2018
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.