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Building Homes, Creating Communities

Shared Ownership

As an alternative to affordable rent we offer homes for ‘shared ownership’.

Shared ownership is a cross between buying and renting. You buy part of your new home and rent the part that you don’t own – at a reduced rate.

Usually, you start out by buying between a quarter and three-quarters of a property. As your circumstances change, you can buy more of your home (and rent less of it).

Shared ownership is ideal for people who don’t earn enough to buy a home outright. The government classes these as people with a combined household income of less than £80,000 per year. Often these are first-time buyers who can use shared ownership to ‘get onto the property ladder’.

You will have to apply for a mortgage to pay for your share and your mortgage lender will want to be sure you can afford the repayments. You will have to provide a deposit – usually around five per cent of the value of the part of the home that you are buying.

We can introduce you to an independent financial adviser who will work for you (not for us) to give truly independent advice on the best options for you and the right balance between owning and renting a shared ownership property. The adviser will be able to introduce you to a mortgage lender.

Your adviser will also be able to tell you whether you can get assistance from the government’s Help to Buy: Shared Ownership scheme. And, if you are eligible, the adviser will help you with the paperwork.

If you would like to know more about shared ownership, just fill in the form below.

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