What is Shared Ownership?
Shared Ownership gives first-time buyers and those that do not currently own a home the opportunity to purchase a share in a new build.
It is for people who would like to own their own home but cannot afford to buy on the open market.
You pay a mortgage on the share that you own and pay rent on the remaining share.
Because you only need a mortgage for the share you are purchasing, the amount of money required for a deposit is a lot lower when compared to the amount that would be required when purchasing outright.
You have the option to increase your share via a process known as staircasing and can staircase all the way to 100%, thereby owning the property outright.
Shared ownership properties are always leasehold.
The schemes operate on a first come, first served basis and applications are assessed on affordability and in accordance with the allocations policy.
The following criteria helps to determine those people who would be eligible for Shared Ownership. Please ensure you have reviewed the checklist before completing an application form.
- Be 18 years of age or over
- Be in permanent employment
- Be unable to afford a suitable home on the open market
- Be able to provide an in principle mortgage offer from a reputable mortgage lender
- Not already be homeowners – (subject to individual circumstances)
- Not exceed a combined annual household income of £60,000