What is Shared Ownership?
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.
Shared Ownership FAQsFind out more
Does Shared Ownership mean sharing with someone else?
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 Paignton, 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.
Can I ever fully own a Shared Ownership home in Paignton?
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 homes in Paignton?
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 in Paignton?
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 Paignton?
Share to Buy lists thousands of Shared Ownership homes all across Paignton 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 steps to find your new Shared Ownership home
Find your home with Share to Buy
Who are 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.
Why should I register with Share to Buy?
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.
Can I advertise my home on Share to Buy?
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 Paignton - Shared Ownership Properties for Sale in Paignton - Share to Buy
Many first-time buyers worry that their home ownership aspirations are out of their reach. Shared Ownership homes in Paignton offer the ideal solution, making that vital first step onto the property ladder more accessible than ever. Help to Buy homes in Paignton also provide affordable options for buyers looking to lay down roots somewhere special.
Do you fancy staying up-to-date with Shared Ownership and Help to Buy properties in Paignton? Simply sign up to Share to Buy and register to receive alerts when relevant properties are added to your desired market.
The wonderful town of Paignton sits on the stunning coast of Tor Bay, right next to the equally spectacular Torquay and Brixham. The three come together to create a supergroup of beautiful seaside destinations. Considering this, it is understandable why Paignton is largely recognised as a holiday destination.
The Torbay area didn’t get the nickname ‘the English Riviera’ for nothing, after all. And it is, to be fair, an utterly fantastic place to enjoy a relaxing break. It’s plainly gorgeous, with (weather permitting) sun-kissed sands and tons of amazing attractions suitable for all ages. These include great bars, pubs and restaurants for adults and the likes of Paignton Zoo Environmental Park and Splashdown Quaywest for the young and young at heart.
Of course, having neighbours with so much to offer themselves right on your doorstep also expands the amount of experiences available to you. However, one thing that people don’t realise is that Paignton is also a perfect place to settle down for good. All those incredible attributes don’t just dissolve once the long weekend has passed.
On top of that, Paignton has much more depth than people may realise. This is a real community, with its own history and culture: it’s just one with an economy bolstered by a bustling tourist trade. It’s no surprise then that Paignton is among the most heavily populated areas in Devon. It provides wonderful homes and prospects for its residents, just as its seafront provides the ideal holiday spot for its visitors.
The possibilities don’t just stop here either. Alongside the Torbay area, Paignton railway station – found a mere stone’s throw from the beach – opens the town up to the rest of the country, as it’s steam railways did in times gone by. Here you’ll find regular services to Birmingham and Manchester, alongside longer journeys to the likes of Cardiff or London. With Paignton, the possibilities are as long and wide as the sea.
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