What is Shared Ownership?Help to Buy: Shared Ownership could help you to buy a home if you can't afford the mortgage on 100% of your home. The scheme enables you to purchase shares in a property (between 25% and 75%) and then pay rent on the remaining share. In the future you will have the option to purchase further shares in the property if you decide to.
Could Shared Ownership be right for me?Shared Ownership can help you onto the property ladder if you are unable to get a mortgage large enough to buy a suitable home. In the future you have the option to continue as you are, buy further shares in your home or sell your home. Some new build homes are made available for Shared Ownership as well as existing Shared Ownership homes which can be purchased through housing association resale programmes.
There are some conditions you must meet if you want buy a shared ownership property including:
- Your household income must be less than £80,000 or £90,000 in London.
- You must be an existing Shared Owner, first time buyer or no longer afford to purchase a home.
Shared Ownership Mortgages from The Mortgage HutWhen you buy a shared ownership property you will need to take out a mortgage to pay for your share of the property's purchase price. As you are buying a share of the home, it is likely you will need a much lower deposit than when making a regular house purchase however some mortgage providers can be wary. Using a mortgage broker such as The Mortgage Hut can help you find the right mortgage for your shared ownership property.
Why not make the first step towards home ownership by finding out more about Shared Ownership on our website.