Shared Ownership in Boston
Across England, the Government supports a range of schemes to support affordable home ownership. All official schemes outside London fall under the homebuy brand of government backed affordable home ownership. The most established scheme is shared ownership, otherwise known as part buy part rent but there are also shared equity schemes (e.g. Firstbuy), and rental products, including rent to buy. For more detail on the specific homebuy schemes available in Boston click on the tabs at the bottom of the page. In addition, at sharetobuy.com there are a range of options open to people wishing to research their affordable housing options:
- To search for shared ownership properties for sale in Boston, use the search tool on the left hand side of the page or click here to go straight to search results in Boston. If you cannot find anything that suits your needs at this time we are constantly adding properties and you can register to receive property alerts whenever we do so.
- If you are looking for a shared ownership solicitor in Boston, you can find solicitors on the sharetobuy.com panel with huge experience of the various homebuy schemes.
- Share to buy are also authorised mortgage brokers and you can use our mortgage tool to compare products available for part buy part rent purchases. See our shared ownership mortgages.
29th June 2015
Our latest Guest Blog come from Vikki Baines, Account Manager - Open Market Shared Ownership, Moat. Vikki takes a look at the beginning of the shared ownership journey - the things to consider and where to look for properties.
16th June 2015
Welcome to our new mortgage blog, where over the coming weeks we will try to explain some of the requirements for successfully obtaining a mortgage. In our first blog we will address the questions: How much can I borrow? and How do mortgage calculators work?
Part buy part rent in Boston
The longest-running affordable home ownership scheme is 'shared ownership', and this is often referred to as 'part buy part rent' because you literally buy part of a property and then pay rent on the remainder. Thus, the product can be seen as literally offering a stepping stone between renting and buying. When you part rent part buy a home, the share can start from as little as 25% and the rent on the remaining share is usually capped at an affordable amount usually in the region of 2.75%. If you consider that availability of mortgages with a 5% deposit has historically been strong in the shared ownership scheme, you can potentially put down just 5% of 25% of the purchase price and as you may often not have to pay the purchase tax known as stamp duty, it makes the total cash you need typically far lower than buying on the open market. Another strong feature of the part buy scheme in Boston and elsewhere is that there is an established second hand market of part buy part rent homes. Although most properties are available on a new build basis, over time, these properties can be sold on to new buyers and if the owner has not yet bought 100% of the property they can offer their existing share for sale on a second hand basis in a process known as a 'resale'. Search sharetobuy.com for part buy part rent properties in Boston and across England.
Boston is located on the east coast of England within Lincolnshire. The town and ort has good access to the A52 and A1121, it also has a good rail and bus service making Boston very accessible. Boston is surrounded by beautiful countryside with lovely walks, cycle routes and open spaces. The town has a good range of high street shops and amenities, and a range of attractions such as museums, art centres, central park, cinemas and Fydell House.