Shared ownership (also known as part rent, part buy) is a scheme that helps people get onto the property ladder who may have thought buying a new home was out of reach.
Single buyers, couples and families can buy a share in the property with a much smaller deposit and mortgage, paying an affordable rent on the remaining share they don’t own. The initial share can be between 25% and 75% of the property, depending on a buyer’s income and expenditure, and can be increased up to 100% through buying increments until the property is owned fully.
You will be able to make any alterations and improvements you wish to your home, as well as having the ability to sell it if you want to move. To access shared ownership you will need to meet a minimum set of qualification criteria:
- You do not currently own or part own a property
- You have a household income of less than £80,000 a year
- You are a first-time buyer or previous homeowner wishing to return to the housing market.
We will also carry out a financial assessment to make sure you can afford the mortgage and rent. Once you have been approved and have chosen a new home, you will purchase the property just like any other new home obtaining a mortgage from the lender of your choice.
For more information please call 01642 836050 or email email@example.com.