Shared Ownership in Plymouth
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 Plymouth 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 Plymouth, use the search tool on the left hand side of the page or click here to go straight to search results in Plymouth. 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 Plymouth, 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.
15th April 2014
Share to Buy is pleased to launch a brand new 95% shared ownership mortgage
We are confident that this is one of the most competitive products available for shared ownership with a 5% deposit and it is only available via Share to Buy’s mortgage team, it’s NOT available on the high street.
7th March 2014
We are able to confirm it now looks like we will have a total of 30 stands on display at the FIRST STEPS Homes Show on April 12th, which Share to Buy is once again hosting in central London.
This is a FREE event formally endorsed by the Mayor of London which includes a whole range of London-based affordable housing providers PLUS a broker area with around 30 mortgage specialists on hand for a one-to-one discussion with attendees. This compares to 23 stands and 12 brokers last year. To read more about the show and register click here
Part buy part rent in Plymouth
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 Plymouth 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 Plymouth and across England.
Plymouth is situated along the beautiful south coast of Devon between the mouth of two rivers, Plym and Tamar. The city is renowned historically for its naval background which once played a vital part in the city’s economy, now the naval port influences many of the attractions and architecture in the city. The city offers a range of amenities including, shopping, bars and restaurants, sports recreations, a university, coastal walks and museums. Just a short drive from the city lays the Dartmoor national park and stunning Devon beaches, such as Torquay and Paignton. Plymouths location also provides people with great access to other parts of Europe with ferries going to France and Spain.