Shared ownership
Shared ownership - now known as New-build Homebuy - allows people to take their first steps on the property ladder without overstretching their finances. You buy as much as you can afford - from as little as 25% up to a usual maximum of 75% - and pay a subsidised rent on the part you don't own. The buying process takes around eight weeks.
You need to be able raise a mortgage for the share you want to purchase. Although this is an affordable scheme, you will be responsible for the mortgage payments and rent and you should check that you will be able to afford the running costs once you have bought a home. If you wish, you can buy additional shares at a later date until you own 100%. This is known as 'staircasing'.
Homes are sold as leasehold properties on shared ownership terms – they can be flats or houses, newly built or, occasionally, newly refurbished. When you want to sell the property you can sell the share you own through your housing association allowing others to benefit from low-cost home ownership. The property is resold at market value and you benefit from any equity which has built up on the share that you own.
The scheme is open to key workers, existing social housing tenants and those in priority housing need. Anyone who cannot afford to buy a suitable home on the open market can apply but allocations are made according to priority.
For more information or for an application form contact Housing Options, visit: housingoptions.co.uk or tel:0845 230 8099. Once you have applied you will automatically be sent details of available properties for sale.
In this article
