The major providers of Shared Ownership, Help to Buy and other affordable ways to buy a home in Southend 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 Southend, 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 Southend 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.
It’s all too easy to feel disheartened as a first-time buyer. Thankfully though, Shared Ownership homes in Southend could be the ideal solution. They offer an affordable and accessible way to take that vital first step onto the property ladder. Help to Buy homes in Southend are also ideal for buyers looking to lay down roots in a location they love.
Do you want to stay up to date with the latest Shared Ownership and Help to Buy properties in Southend? Well, it couldn’t be simpler. All you need to do is sign up to Share to Buy and register to receive alerts when relevant properties are added to your desired area.
If there’s one thing that really sums up what makes Southend – also rather appropriately known as Southend-on-Sea – such a wonderful place to call home, it’s constant evolution. While saying that an area has changed a lot over the centuries might be a redundant statement, few have changed as dramatically and as effectively as this borough within southeast Essex.
Believe it or not, Southend-on-Sea has about as humble beginnings as you could imagine. There was once little lying here except a couple of homes for hard up fisherman, who made a tough living by taking advantage of the bounty of the nearby waters from which the area takes its name – this didn’t begin to change until the end of the 18th century. It was well into the 19th century by the time the area became known as a sought-after seaside resort and really became anything close to recognisable – even from a historical perspective – to the area we know and love today.
It transformed more throughout the 20th century, developing in terms of commercial and retail sectors and diversifying its economy in general. Thanks to all this constant change and progress, Southend-on-Sea is now a hugely varied area in terms of the lifestyles it can accommodate. It’s as perfect for families as it is for young professionals and couples, owing in part to the vast amount of opportunities and experiences it can offer.
That history hasn’t just created the Southend-on-Sea we know today: it has also left behind a lifetime’s worth of attractions and architecture to enjoy alongside the more light-hearted fun-filled activities this seaside resort is well known for. As for those opportunities we’ve mentioned? Well, not only does Southend have a huge amount of employment sectors but also excellent transport links, particularly to London. This means that many residents enjoy living here while pursuing a career elsewhere.
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