The major providers of Shared Ownership, Help to Buy and other affordable ways to buy a home in Sutton Coldfield 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 Sutton Coldfield, 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 Sutton Coldfield 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.
If you’re a first time buyer, then you may feel downhearted that home ownership is out of reach. But with Shared Ownership homes in Sutton Coldfield, that doesn’t have to be the case as they can help you take that vital first step onto the property ladder! Similarly, Help to Buy homes in Sutton Coldfield are a great option for buyers who want to settle down in their dream location.
It’s so quick and easy to stay up to date with the latest Shared Ownership and Help to Buy properties in Sutton Coldfield, Birmingham & the Midlands. Simply sign up to Share to Buy and register to receive alerts. We’ll then send you email notifications when relevant properties are added to the market.
Some locations seem to spring up overnight. Their population and popularity advances at an astonishing rate, as does everything else that makes an area worth living in. These places can grab headlines and get a sense of buzz around them, often becoming trendy spots which demand extremely high prices. Sutton Coldfield is not one of those.
This is an area which has grown and transformed slowly and organically over many, many centuries, and continues to do so today. Its attributes may not be as famous for that reason, but we think a location like this – forged through history rather than commercial force – has a lot more to offer than your average place to live.
Sutton Coldfield’s influences date back to the Roman period through the Anglo-Saxon kingdom, across Tudor rule, shooting up with industrial growth and then stretching outward as a commuter town. This means that Sutton Coldfield has amazing historical sites to explore, enjoy and study, such as Middleton Hall & Gardens and King Edwards Square.
It also has a unique local culture that cannot be replicated or reproduced anywhere else. This culture also includes a love of sports, alongside a local community which provides the area with thriving businesses and independent stores.
Its advancements also mean that residents can enjoy all the opportunities in the area, whether they are in employment or education. They can also take advantage of opportunities elsewhere, as the fast and frequent connections to the Cross-City line opens up the rest of the country to Sutton Coldfield residents.
Of course, we can’t talk about Sutton Coldfield without mentioning the many amazing parks and green spaces. These provide a healthy and fun day out for people of all ages. Take Sutton Park, for instance. It’s one of the largest urban parks in Britain, with a couple thousand acres of space to roam around in. On top of all of this, Sutton Coldfield never forgets to have a fun side, with the likes of Thomas Land and Drayton Manor Theme Park as easily found as any historical site.
Sutton Coldfield has been progressing slowly and steadily over a very long time, but it has aged beautifully, with that backdrop providing a depth to the area that remains unrivalled.
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Why should first time buyers use a mortgage broker? Introducing Censeo Financial Censeo Financial are an award-winning mortgage broker specialising in Shared Ownership and affordable homeownership. Having been trading for over 16 years, we work with many housing associations, councils and developers and have helped thousands of first time buyers get onto the property ladder.…