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Shared ownership (also known as part rent, part buy) is a scheme that helps people get onto the property ladder who may have thought buying a new home was out of reach.
Single buyers, couples and families can buy a share in the property with a much smaller deposit and mortgage, paying an affordable rent on the remaining share they don’t own. The initial share can be between 25% and 75% of the property, depending on a buyer’s income and expenditure, and can be increased up to 100% through buying increments until the property is owned fully.
You will be able to make any alterations and improvements you wish to your home, as well as having the ability to sell it if you want to move. To access shared ownership you will need to meet a minimum set of qualification criteria:
We will also carry out a financial assessment to make sure you can afford the mortgage and rent. Once you have been approved and have chosen a new home, you will purchase the property just like any other new home, obtaining a mortgage from the lender of your choice.
For more information, please call 01642 836050 or email email@example.com.
Emma and Marcus recently took their first step onto the property ladder by purchasing a home through shared ownership. The full value of their two bedroom home was £128,000. They bought a 25% share for £32,000 with a 5% deposit of just £1,600, with rent on the share they didn’t own costing just £220 per month.
Emma said: “We were previously renting our home and with our expenditure on rent and bills, we found it extremely difficult to save a deposit big enough to buy our own house. Securing our home through shared ownership with such a small deposit meant we were able to get on the property ladder much sooner than if we’d saved to buy a home at full price.”
“The rent we pay now on the remaining share is less than half what we used to pay. So even with the addition of our mortgage repayment, our monthly housing costs are actually less than they were before, which allows us to save more for our future.”