Shared Ownership


What is shared ownership?


This is a scheme available for first time buyers, people who have owned before but are unable to buy now, and current shared ownership participants. It enables these people to purchase a share in a property – between 25% and 75% of the property value – and pay rent on the remaining share.

Participants can then purchase more shares in their property at a later date. This is known as staircasing and in most cases it is possible to staircase all the way to 100%, and therefore owning the property outright.

Because you will only need a mortgage to fund your share of the property, the deposit required is less.

Eg. if purchasing 50% share of a property worth £200k, £100k worth of funding will be required. Some lenders will offer 95% mortgages on your share of the property, therefore 5% deposit is needed = £5,000


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


The rent payable is well below market rate and is generally around 2.75% of the property value per annum – ie, on the above example, £100k x 2.75% + £2,750 per annum, therefore approx £229 per month.

Stamp duty can generally be deferred until your share reaches 80%.

You can buy either a newly built home or an existing one through the housing associations’ resale programmes. With resale properties, the minimum share available will be whatever the old owner is selling – for example if someone is selling their property and they own a 70% share, the minimum share available will be 70%.

Who’s eligible?

  • 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.
  • Military personnel are the only group who will be given priority.
  • You must be able to demonstrate you have a good credit history ie no CCJ’s and can afford the regular payments.
 

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