Shared Ownership is an affordable home ownership scheme which makes it easier for eligible purchasers to get on the property ladder. Buyers get a mortgage for the share they can afford, and pay rent on the remaining share.
No – this is a common misconception but the ‘shared’ aspect of the scheme simply means you’re sharing ownership of your home with a housing association.
If you decide to buy a Shared Ownership home in Newbury, you’re effectively purchasing a portion of your property. Your initial share will usually be between 25% to 75%, paying a mortgage on the part that you own and a below market value rent on the remaining share.
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.
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.
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.
Share to Buy lists thousands of Shared Ownership homes all across Newbury and beyond – including new build properties and those available through resale.
Shared Ownership is 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!
The major providers of Shared Ownership, Help to Buy and other affordable ways to buy a home in Newbury and nationwide have their homes listed on Share to Buy.
Share to Buy is the leading online portal for Shared Ownership properties. Established in 2004 as the UK’s first specialist online mortgage broker for affordable home ownership products, the site has since developed into a one stop shop for first time buyers, offering the country’s largest listing of Shared Ownership homes from many of the UK’s biggest housing providers.
Share to Buy is the nation’s biggest and best established affordable home ownership property portal, making it the ideal website for first time buyers looking to take that first step onto the property ladder.
Using our property search tool, you can search for homes that suit your needs via filters such as location, number of bedrooms, monthly outgoings and deposit amount. You can also set up alert preferences so you’ll be notified when new properties that meet your search are announced by email.
Acting as a one stop shop for first time buyers, Share to Buy also offers handy FAQs and guides, interactive mortgage tools, mortgage broker and conveyancing panels, and live events to help potential purchasers on their home-buying journey.
If you are a housing association or developer selling properties through Shared Ownership, Help to Buy and other affordable home ownership schemes, we can list your new build and resale homes on the Share to Buy property portal.
As well as working alongside Registered Providers, we also partner with private sellers who are looking to sell their current Shared Ownership home.
Find out more about advertising your Shared Ownership property on Share to Buy.
“The landlord at our old place kept threatening to sell up and leave us in the lurch, which produced a lot of anxiety. Now we’ve got a stake in something, we aren’t at the mercy of someone else - we wouldn’t have that freedom if we stuck in renting or bought somewhere outright. Shared Ownership has been a perfect solution.”
“The huge number of properties listed on the Share to Buy website gave me a lot of choice all in one place, even with my limited budget. Shared Ownership meant I could afford a brand new home in Zone 3, which I didn’t think I would be able to manage in a million years for my first home.”
“A friend at work had just signed up on the Share to Buy website and said I should register too. I didn’t know much about Shared Ownership so the Share to Buy website was really helpful, giving me all the information that I needed about the scheme. It turned out that there were a few properties in my area, so I registered for all of them!”
Getting your foot on the property ladder as a first time buyer can be a challenge. Thankfully, Shared Ownership homes in Newbury can help; Help to Buy homes in Newbury can also assist potential purchasers in finding a place to call their own in an area they love.
If you are looking to keep up to date with Shared Ownership and Help to Buy properties in Newbury, then sign up to Share to Buy and register to let us know you want to receive alerts when new properties become available.
Considering the character of Newbury in Berkshire, it really does feel fitting that it is a market town. This is because, much like a bustling market, Newbury is where so many different things converge in one place for us all to enjoy.
First of all, there’s the town’s history. It has so many incredible examples of architecture, including Shaw House, Donnington Castle, Highclere Castle and many more: even its market is home to a rare cloth hall. If that wasn’t enough, there’s also Newbury’s deep love of culture, from agriculture to art, literature and much more. It’s also an area known for its festivals, offering a celebration of everything from food and beer to music throughout the year.
On top of this, it remains a trading centre – although one which is now very much in the 21st century – and the love and appreciation of its past is complemented by regeneration projects and moves towards the future. With Newbury, you can find everything you need and more in this charming market town.
Shared Ownership success story at Harrow and Wealdstone Heights Born and bred in North London, Stephen had spent a few years living at home with his parents in Cricklewood when a change in his circumstances made him realise it was time to find a place of his own. As he explains: “I recently got engaged and…
Shared Ownership homes available in Preston, Essex and London The days are longer, the birds are singing and the weather’s somewhat warmer – summer must be fast approaching! Nothing beats relaxing in the sunshine, sat in your own private outdoor space, sipping an ice cold drink. Sounds good right? Well, you’ve still got time to…
Thousands attend the country’s leading first time buyer event On Saturday 13th April 2024, Share to Buy welcomed 3,450 attendees to the London Home Show at the QEII Centre in Westminster, with this being the 11th year of the capital’s biggest first time buyer event. The free event is the capital’s biggest exhibition for first…
