Shared Ownership

What is shared ownership?

Shared ownership schemes are usually run by housing associations. It gives people the option to buy a share of their home from 25% to 75% of the home’s total value, and the remaining cost is amassed by rent. For example, if the house costs £100,000 and an individual bought 25% of it, they would put a minimum deposit down of £2,500 and get a mortgage of £22,500, and then pay a fixed monthly rent on top.

It is a great way for people to get on the property ladder, with a low deposit and low mortgage option.

Many housing associations allow their tenants to purchase a bigger share in their property further down the line, potentially paying the full amount of the house. However, these schemes tend to have quite complicated terms and conditions and only a few high street mortgage lenders will be a part of the shared ownership schemes.

What are the criteria to be eligible for Shared Ownership?

There is certain criteria individuals must match to be eligible for the shared ownership scheme, these are:

  • If your household earns less than £60,000 per year
  • If you are a first time buyer
  • If you used to own a home but can’t afford to buy a new home
  • If you are currently renting a council or housing association house
  • If you are aged 55 or older
  • If you have a long-term disability

If any of these apply to you, you may be eligible to buy a shared ownership property. If you would like to speak to one of our dedicated lawyers, contact us on 0121 384 4652 and they will be happy to provide you with the next steps towards purchasing your new home.

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