Lancaster Way, Fenlands, Chatteris, Cambridgeshire, PE16 6DB
What is Shared Ownership?
Shared Ownership is an excellent way for people who are unable to buy on the open market
to take their first step onto the property ladder. Under most Shared Ownership schemes, you
buy a share of between 25% and 75% of the propertys value and pay a subsidised rent on the
remaining share. A key advantage is that, as part-owner, you have a stability of tenure that
renting cannot offer. Over time, you can usually buy more of the property until you own 100%.
You will need a small deposit at the outset generally a minimum of 5% of your share, subject
to conditions and you will need to raise a mortgage on the rest of the sum required.
Am I eligible?
There are certain conditions to be eligible for a Shared Ownership property:
Your annual household income must be no more tha £80,000 (for London boroughs this is £90,000).
You must be unable to purchase a home suitabl for your needs without assistance.
In many cases, you must be able to demonstrate connection to the local area of the development.
You must not have any outstanding credit issues (i.e unsatisfied defaults or county court judgments).
You must be a first-time buyer. If you already own a hom and need to move but cannot afford to, or you have equity from a recent sale, please contact us, as there are some circumstances under which you may still be eligible.
If we think you may be eligible, you will be asked to have a free financial assessment with a Shared Ownership mortgage specialist to find out what share you can afford to buy. You will also be asked to complete an application form with the local Help to Buy agent. Sometimes you may need to be registered with your Local Authority. Specific criteria will be detailed on the information for each property.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Share to Buy Ltd is authorised and regulated by the Financial Conduct Authority. FCA register number 306800. You can find more detail on our status in our Initial Disclosure Document [109k] and Terms of Business.
For further information, contact us or write to: Share to Buy, PO Box 11998, Sudbury CO10 3BS. Registered in England and Wales no: 04909788.
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