One, two and three bedroom houses launched in Stratford-upon-Avon This Autumn, L&Q are launching brand new Shared Ownership homes, the affordable option helping first time buyers onto the property ladder in quintessential Stratford-upon-Avon. L&Q’s larger than average contemporary homes at Birnam Mews are available to move into from today, with a selection of one, two…
What is Shared Ownership?
Shared Ownership is an affordable home ownership scheme which makes it easier for first time buyers to get on the property ladder. Buyers purchase a share of property, and pay rent on the remaining share. Shared Ownership is a great way for first time buyers to get on the property ladder, as it can dramatically reduce the amount required for a deposit. Shared Ownership has helped thousands of first time buyers onto the property ladder in England.
Share to Buy is a national Shared Ownership property portal, also listing Help to Buy, rental and other affordable home ownership properties. You can search for properties, use our helpful guides and FAQs to get all the info you need and we can even help you search for mortgages and conveyancing solicitors.
Spooky interior design inspiration for Halloween Halloween is just around the corner and so comes the dilemma of whether or not to decorate your home. It would seem that if it’s not for Christmas then the majority of us just aren’t keen on purchasing decorative pieces that we’ll only use one day out of the…
Two to four bedroom houses available at The Paddocks As homeowners re-evaluate their priorities in the home, the demand for green space is stronger than ever. A recent YouGov poll revealed that nearly half of Londoners say that having a garden is more important to them than before the health pandemic, whilst one in four…
One and two bedroom apartments now available in Hertfordshire Located in sought after Welwyn Garden City, Origin Housing are set to launch Pear Tree View, a contemporary collection of eight Shared Ownership apartments. Set within a private gated setting, the development will comprise of seven two-bedroom apartments, and one one-bedroom apartment, available through Shared Ownership. Ideal for a wide range…
Help for first time buyers
Does Shares Ownership mean sharing with someone else?arrow_downward
No – this is a common misconception but the ‘shared’ aspect of the scheme is because you’re sharing ownership of your home with a housing association.
If you decided to buy a Shared Ownership home, you’re effectively purchasing a portion of your property. Your initial share will be between 25% to 75%, paying a mortgage on the part that you own and a below market value rent on the remaining share.
Can I ever fully own a Shared Ownership home?arrow_downward
Yes – Shared Owners can choose to buy additional shares in their property by ‘staircasing’.
When buying a Shared Ownership home, you will initially purchase a minimum percentage somewhere between 25% to 75%. Down the line, if you find that your financial circumstances have changed, buyers will have the option to buy more shares.
If you choose to buy a higher percentage, your mortgage repayments will increase while the rent you pay will decrease. In the majority of cases there aren’t any restrictions and you can buy 100% of your home – in this instance, you would become the outright owner.
Do I meet the eligibility criteria for Shared Ownership?arrow_downward
As a home-buying product aimed at helping those who can’t afford to purchase a property on the open market, there are certain requirements that buyers will need to meet to be considered eligible for Shared Ownership.
For example, there are caps on household income which means that you must earn less than £80,000 to be eligible for the scheme – or less than £90,000 if you would like to buy a home in London. The criteria also states that buyers must be at least 18 years of age and do not own another property either in the UK or abroad.
How much does Shared Ownership cost?arrow_downward
Shared Ownership properties enable you to put down a smaller deposit compared to those required on the open market – buyers will usually need to put down 5% to 10% of the share that they’re buying, rather than the full market value of the home.
On a monthly basis, buyers will be required to pay their mortgage, a subsidised rent and service charge on their home, however, these repayments often work out cheaper than or equal to renting privately in the same area. Other costs to consider when buying a home include solicitor and mortgage broker fees – you can find out more about these costs on Share to Buy.
Are there Shared Ownership homes in my area?arrow_downward
Share to Buy list thousands of Shared Ownership homes available all across the country – including new build properties and those available through resale.
Shared Ownership is also available on a variety of homes including cosy studios, stylish apartments and traditional family homes. Check out our property search tool to start looking for your new home today!