The major providers of Shared Ownership and other affordable ways to buy a home in Ely and nationwide have their homes listed on Share to Buy.
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 Ely, 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 Ely 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!
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.
Shared Ownership in Ely
For first time buyers who think that owning their own home is not within their reach, Shared Ownership homes in Ely can help make those initial steps up the property ladder more accessible than ever. If you’re looking for Shared Ownership properties in Ely, then sign up to Share to Buy and register to receive alerts. Once done, we’ll send you alerts when new properties are announced via email in your desired area.
Help to Buy in Ely
The government Help to Buy scheme was a first time buyer equity loan which ended in Mach 2023. While Help to Buy properties in Ely are no longer available, there are a number of alternative home-buying schemes available including Shared Ownership and other affordable home-buying and rental options. Start the search for your new home on Share to Buy.
Living in Ely
The gorgeous cathedral town of Ely is one that is built upon history and famous for its architectural splendour: both of which are, of course, showcased in its world-famous cathedral from which it takes its name.
However, this town is far from a one-trick pony. Alongside many other stunning historical delights – such as Oliver Cromwell’s House and The Stained Glass Museum, to name but a few examples – there is also plenty in the way of natural beauty. In fact, many of those famous attractions are surrounded and complemented by gorgeous greenery and wetlands. And that’s not to mention all of the restaurants, pubs and parks where you can relax and refresh. All in all, there’s lots of fun to be had in Ely.
All this may give the impression of somewhere rather petite and closed off though. Thankfully, that’s not the case with Ely, as the town is opened up through its railway station. This features five major lines, allowing easy travel to the likes of Norwich, Ipswich, Cambridge and London. An idyllic place to call home with more to offer beneath the surface, Ely is a true gem of the east of England.
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