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 Wellingborough, 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 Wellingborough 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 Wellingborough 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.
“If you are considering Shared Ownership, I would 100% recommend using Share to Buy to learn more about the scheme and assess your options. Shared Ownership is an excellent stepping stone into the property market – it’s worked so well for me. It’s given me a freedom and flexibility I wouldn’t have had if I bought on the open market!"
“From the moment I bought my first share, I knew that I wanted to staircase. A year after I moved in, I staircased to 75% and this past February I purchased the final share, and now I own my home 100% outright. I really do recommend Shared Ownership as a fantastic way to get into the housing market, it worked so well for me.”
“I’d got it into my head that finding a Shared Ownership home would be quite a painstaking process, but Share to Buy made it so easy. I liked that you could do everything online – there was no posting off forms or long phone calls. The website was very visual, with plenty of photos, and it was so simple to use.”
For a first-time buyer, purchasing a home can often feel out of reach, with many not realising just how many options are available to them. One such option is Shared Ownership homes in Wellingborough, which can make that first step on the property ladder more accessible. Help to Buy homes in Wellingborough can also make it easier than ever for buyers to get settled in an area and a property they love.
If you want to look for Shared Ownership and Help to Buy properties in Wellingborough but aren’t sure how to stay on top of things, then simply sign up to Share to Buy. Register to receive alerts and we’ll send you notifications when new properties are announced on the market.
With Wellingborough being the most affordable place to live in the country within an hour of the capital, it should be no surprise that the town is expected to grow 30% over the coming decades. The advantages of living in Wellingborough, at least in terms of the location then, is fairly obvious.
A lot of people work in London but find it to be simply unaffordable, and struggle to find anywhere within their budget that is close to suiting their means. If this is the case, then there’s simply nowhere that matches Wellingborough for a reasonable commute in a reasonably priced area.
On top of that, it’s also a town with a rich and vibrant history, with some truly amazing architecture to behold. It is far from a mere commuter town, as its growth and love of sport and culture – from The Castle Theatre to its two football teams (Wellingborough Town and Wellingborough Whitworth) – can attest to. Wellingborough may tick the box for location, but it’s also a great all-rounder when it comes to quality of life.
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…
East London homeownership made possible Introducing Waltham Forest, the original Mayor of London’s Borough of Culture and now named the best place in the UK to raise a family. (Time Out 2023) With 500 acres of green space including the edge of the famous Epping Forest along with four underground stations and eight train stations,…
