15 March 2021

Shared Ownership

We wanted to share with you our spotlight story this week on Shared Ownership, which offers buyers the ability to purchase a percentage of a home, both apartments and houses, whilst renting the other share from a social landlord/housing association.

Shared Ownership is also branded under the Governments ‘Help to Buy’ slogan but doesn’t offer any government support or incentives.

The scheme allows you to purchase between 25% and 75% of the property, as it is designed to help those who unable to afford the full 100% due to income or not having a sufficient deposit.

As your income increases, you are able to purchase further shares in the property and eventually own 100% of your home.

You could buy a home through Help to Buy: Shared Ownership in England if:

*your household earns £80,000 a year or less outside London, or your household earns £90,000 a year or less in London.

*you are a first-time buyer, you used to own a home but can’t afford to buy one now or are an existing shared owner looking to move.

You will be charged a rent amount on the remaining share which is payable to the housing association.

Mortgages are available up to 95% of the share you are looking to purchase, which really helps first-time buyers with smaller deposits get their foot on the housing ladder.

If you would like to discuss shared ownership or any other Help to Buy scheme, please contact us today.

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Remember Your home may be repossessed if you do not keep up repayments on your mortgage

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