Own it
Shared ownership is the easiest, most affordable way to get a place of your own and invest in your future.
The quick, simple guide below provides an introduction to how it works, so you can see whether it might be an option for you.
Own it
Shared ownership is the easiest, most affordable way to get a place of your own and invest in your future.
The quick, simple guide below provides an introduction to how it works, so you can see whether it might be an option for you.
Key features
- You buy and own a genuine financial stake in your home, rather than renting with no return
- It’s your place – you decorate and furnish it as you wish…. and, no, you don’t ‘share’ it with anyone else!
- You buy the share that suits your budget and pay a low monthly fee to us for the bit you haven’t bought
- Monthly costs are around the same as renting a similar home on the open market
- You need a lower deposit, as it’s based on the price of the share you buy, rather than the full value
- Just like owning outright, when you want to move on, you simply sell your share to a buyer like you for its market value at that time
- Or, when the time is right, you can buy more shares….until it’s all yours!
- You buy and own a genuine financial stake in your home, rather than renting with no return
- It’s your place – you decorate and furnish it as you wish…. and, no, you don’t ‘share’ it with anyone else!
- You buy the share that suits your budget and pay a low monthly fee to us for the bit you haven’t bought
- Monthly costs are around the same as renting a similar home on the open market
- You need a lower deposit, as it’s based on the price of the share you buy, rather than the full value
- Just like owning outright, when you want to move on, you simply sell your share to a buyer like you for its market value at that time
- Or, when the time is right, you can buy more shares….until it’s all yours!
Is this for me?
If you can say a clear YES to the following statements, you are headline-eligible for the shared ownership opportunity:
- I/we have a gross household income of less than £90k/annum
- I/we don’t currently own a home, or are currently in the process of selling
- I/we have no outstanding credit issues
After the initial headline assessment, an independent financial advisor will work through your income and savings with you, to determine what you can afford to buy. (Please note, if you can afford to buy a suitable home on the open market, we will not be able to offer you shared ownership).
What are the costs?
As an example:
| Full property value | Example 35% share price* | 5% deposit | Monthly mortgage** | Monthly fee | Total monthly mortgage & fee |
|---|---|---|---|---|---|
| £350,000 | £122,500 | £6,125 | £642** | £521 | £1,163 |
The small print
* Shares available to purchase between 25%-75% of the full value.
**Based on a mortgage rate of 6.25%, and a term of 30 years.
Please note rates and criteria vary.
A management service charge will also be payable on most developments.