Shared ownership allows people to buy a share of a property from a Housing Association. The amount of your share will normally be between 25% and 75%, the Housing Association owning the remaining share.
You can buy a home through shared ownership if your household income is £80,000 a year or less (£90,000 a year or less in London) and you cannot afford all the deposit and mortgage payments for a home that meets your needs.
In order to utilise the shared ownership scheme, you can be a first-time buyer or you used to own a home, but cannot afford to buy one now or you own a home and want to move but cannot afford a new home suitable for your needs or you’re forming a new household or you’re an existing shared owner and want to move.
As and when you can afford it, you can normally buy further shares in the property until you own 100%.
Call us now on 01243 377 231 to talk to our residential property department and we will be able to advise you on the terms of the contract and lease, along with checking your mortgage offer and stamp duty requirements comply with the shared ownership scheme.