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 Pimlico, 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 Pimlico 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 Pimlico 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!"
“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.”
“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.”
Many first-time buyers can worry that their home ownership aspirations are unachievable. With Shared Ownership homes in Pimlico though, that doesn’t have to be the case. Help to Buy homes in Pimlico also offers excellent options for buyers looking to move up the property ladder.
Do you want to stay up-to-date with the latest Shared Ownership and Help to Buy properties in Pimlico? All you have to do is sign up to Share to Buy and register to receive alerts when relevant properties are added to your desired market. It really is that quick and easy.
It’s hard to imagine many places feeling more quintessentially London than Pimlico, an area of Central London in the bustling City of Westminster. Perhaps the first example we should give – as it’s also likely to be the first one you notice in Pimlico – would be the architecture that colours the area.
It has that capital feel where it manages to be both historical and timeless, boasting Grade-2 listed buildings sitting elegantly alongside newer iterations. Each structure looks confident that – as times, trends and styles change – they will remain every bit as tasteful as the day they were erected.
However, it’s not just in terms of look that Pimlico feels perfect for the capital. Its importance, both historically and culturally, cannot be understated. This is an area which has been home to some of the most vital figures in British history across several different worlds, from music to politics. This means that it has the authority alongside the aesthetic to justify a place in one of the world’s greatest cities.
You can also explore and enjoy this rich heritage with a visit to The British Museum. And, of course, such a location also means that it is located nearby to the most recognisable attractions in the county. These include Big Ben, the London Eye, the Tower of London, Buckingham Palace, St Paul’s Cathedral and many, many more examples which are famous enough that they’re more than deserving of your time and attention.
This is London, after all. Here you can find the best of the best experiences, just as you will have access to the most incredible employment opportunities from across the UK without the need for a long and arduous commute. In fact, when you do need to travel, then Pimlico station on the Victoria line makes this quick and convenient.
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