Shared Ownership

Some of the new homes we offer are available on a shared ownership basis.

Shared ownership is an affordable way to step onto the property ladder. Typically you purchase 50% of the property (it can be more and sometimes even less) and the remainder is held by the Housing Association. Rent is payable on the balance of the property that you have not bought.

Should your property increase in value, you will enjoy the financial benefits of home ownership and you will have all the normal rights and responsibilities of a full owner occupier.

You will later have the opportunity to buy more of the property as your circumstances allow – this is known as ‘staircasing’. Ultimately you could own the property outright and you will not then have to pay any rent and you will enjoy the full benefit of any increase in the value of your home.

If you decide to sell your home it will be valued independently and sold at that price. To help keep down the cost of the sale we may have buyers waiting for properties or, if you own your home outright, you can sell it in the normal way.

Below we show a typical example of the cost of buying a home on a shared ownership basis;

Notes;
1. This is an example only and does not constitute a specific offer
2. Example illustrated assumes an initial purchase of 50%. You may purchase a higher percentage, or in some cases, less.
3. 10% (£5000) deposit assumed. Deposit is an example only. Some lenders may allow a lower deposit.
4. Mortgage assumes a 25 year repayment mortgage at 5.5%. Mortgage rates will vary and you should check with your lender.
5. The rent is payable on the percentage of your home you have not purchased. Should you purchase a higher percentage, initially or in the future, your rent will reduce.
6. Service charges may apply with some properties.

If you are interested in shared ownership, why not talk to one of our helpful advisors on 0114 241 3430.