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 Surrey Heath, 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 Surrey Heath?
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 Surrey Heath?
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 Surrey Heath?
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 Surrey Heath?
Share to Buy lists thousands of Shared Ownership homes all across Surrey Heath 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 Surrey Heath - Shared Ownership Properties for Sale in Surrey Heath - Share to Buy
If you’re looking to purchase a property in the area but feel worried about being a first-time buyer, then Shared Ownership homes in Surrey Heath can help boost you up the property ladder. Help to Buy homes in Surrey Heath can also make potential purchasers’ ambitions much more achievable.
Do Shared Ownership and Help to Buy properties in Surrey Heath sound like something you might be interested in? Well, to keep on top of new developments, all you have to do is sign up to Share to Buy and register and register to receive alerts. We’ll then keep you notified when new properties announced in that area.
When most people think of the areas within Surrey Heath Borough Council, the image that often comes to mind is one of great landscapes as far as the eye can see. This location boasts wide-ranging luscious greenery, bountiful trees, sprawling fields and rich wildlife, so it’s no wonder that so many praise it for its natural beauty.
A huge amount of the land which makes up Surrey Heath – which includes the likes of Esher, Woking, Frimley, Wisley and Weybridge, to name but a few examples – are made up of metropolitan green belt areas, so there’s a good chance that in whatever direction you’re looking, you’re going to find something green. Not only that, but Surrey Heath is also home to several endangered species, meaning you truly are living on rare ground.
While its beauty is a major part of its appeal, let’s not forget the other advantages that Surrey Heath has to offer too. It benefits from excellent transport links, opening it up to the capital and the rest of the country for a greater scope of opportunities. There’s also its fascinating history, which has given the local culture its distinctive sense of identity and lives on in the architecture and museums you’ll find nearby – not to mention the local businesses which bring the area to life.
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