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 Preston, 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 Preston?
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 Preston?
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 Preston?
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 Preston?
Share to Buy lists thousands of Shared Ownership homes all across Preston 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 Preston - Shared Ownership Properties for Sale in Preston - Share to Buy
The prospect of owning your own home may seem out of reach, especially if you’re a first time buyer. With Shared Ownership homes in Preston though, that vital first step onto the property ladder can be made all the easier. Help to Buy homes in Preston can also allow potential purchasers to discover their dream home in a location they love.
To stay up to date with Shared Ownership and Help to Buy properties in Preston, all you need to do is sign up to Share to Buy and register to receive alerts. We’ll then send you SMS notifications when suitable properties become available.
Located in the stunning county of Lancashire and nestled on the north bank of the River Ribble, Preston is a city simply bursting with cultural attractions. It has a rich history, appearing in the Domesday Book and a boomtown during the Industrial Revolution. While the city has many incredible modern aspects, this fascinating past is not forgotten. You can explore everything from archaeology and decorative arts at the Harris Museum & Art Gallery to the area’s military history at the Lancashire Infantry Museum; you can even take a ride back in time at the Ribble Steam Railway.
Nature lovers will also be well-catered for thanks to Preston’s diverse green spaces. Follow the Guild Wheel public footpath and cycle route to travel through the lavish Avenham and Miller Park, complete a natural amphitheatre and Japanese water garden. Alternatively, immerse yourself in the tranquil atmosphere at the Brockholes wild nature reserve.
As well as being easy on the eye, Preston also boasts plenty of opportunities. Previously named the best city in the north-east by the Good Growth for Cities Index thanks to its economic success and residents’ well-being, the area benefits from affordable housing, great transport links and a convenient location. With plenty of bus, rail and road links, the city is just a two-hour journey from London, while also being an hour away from both Manchester and the Lake District.
A real gem of the north of England, Preston offers plenty in the way of opportunities, attractions, green spaces and quality of life, while opening up its residents to the rest of the country and beyond.
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