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 Kettering, 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 Kettering 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 Kettering 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.
“I think with home ownership, it is easy to become disheartened but once you seek advice and look at all the options, it’s not as daunting or as stressful as it can be portrayed. I bought my Shared Ownership home with just a £6,000 deposit and now my monthly payments including bills is just £1,060, which I never thought would be possible!”
“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.”
“We were delighted when our application was successful, we moved in a few months later and settled in really quickly. It definitely feels different now we are home owners, it’s so satisfying knowing we own this place. There is no doubt that Shared Ownership is a good way to get onto the housing ladder in London.”
For first time buyers, the prospect of home ownership can often feel as though it’s out of reach. Thankfully, with Shared Ownership homes in Kettering, taking that first step onto the property ladder can be made all the easier. Help to Buy homes in Kettering can also allow potential buyers to lay down roots in a location they truly adore.
Want to stay updated with the latest Shared Ownership and Help to Buy properties in Kettering? Well, it couldn’t be simpler. Just sign up to Share to Buy and register to receive email alerts when new properties are added to your desired market.
Kettering quite literally means the place of Ketter’s people, and in all honesty, the twee charm of that really is a perfect symbol of the uniquely English town. It’s an area where delights are bought together through centuries upon centuries of history, through Roman, Saxon and Medieval times, all the way through to the present day.
That rich heritage has not only formed Kettering’s cultural identity but also provides its land with some truly fascinating architecture, as well as the stories which make it such a fascinating and beautiful place to live. You can learn more about these while being entertained, thanks to the likes of the Manor House Museum.
However, the stunning sights don’t just stop at old buildings, regardless of how spectacular they are. Alongside the likes of St Paul’s Church, the Rushton Triangular Lodge and Boughton House are a wide selection of parks and areas of exceptional natural beauty. And that’s just one example of how Kettering is perfect for families.
There are plenty of attractions and activities that are fun for all ages, including a children’s fun park in Wicksteed Park, along with excellent educational opportunities at all levels. Meanwhile, Kettering Conference Centre can keep you fit and healthy by combining a leisure centre, health club and even a children’s activity centre.
It’s not all family-friendly activities in Kettering though. There are also plenty of pubs, bars and restaurants for a more mature exploration of the town, as well as the many unique businesses which allow it to thrive.
If all of this isn’t enough for you, then remember that Kettering has some of the most diverse transport options anywhere in the UK. Residents are connected to the likes of London, Leicester and Sheffield, to give but a few examples, via the East Midlands Train service. If you want to go even further afield, then there are five airports a mere couple of hours away. This means living in Kettering really does open you up to a whole world of experiences!
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