Abri Homes is the sales arm of Abri, a leading housing association in the UK. With homes for rent and for sale across the south coast, and a range of home ownership schemes on offer, they’re a popular choice for many people looking to get on the property ladder or move into more affordable housing. Buyers can choose from a number of shared ownership schemes, outright purchase options, and new-build homes. Let’s take a look at what that means.
What is Abri shared ownership?
Firstly, let’s understand what shared ownership actually means. With a shared ownership, borrowers buy a share of the property from Abri and pay rent on the remaining share.
The scheme is designed to help borrowers with smaller deposits and low incomes buy a home. Like with traditional mortgages, you’ll need a minimum of a 5% deposit to put down, but the difference is that you only need 5% of the share you’re buying – not the whole property.
Are there any alternatives to shared ownership?
While shared ownership is a popular way to get on the housing ladder, it’s not the only option. With housing associations like Abri Homes, buyers can often consider outright purchase which allows you to own 100% of the property from the start. Other options include first homes or discounted sale homes, but each option has slightly different eligibility criteria, costs, and long-term implications.
You’ll need to check these options are available to you first, before consulting with a mortgage broker to weigh up your priorities.
How to buy a house with Abri Homes
Buying a property through shared ownership does mean that the process is a little different to a traditional house purchase. Here’s how it works:
Find a property on the Abri Homes website
Your first port of call is to do a spot of house hunting. On their website, you’ll see listings for shared ownership homes, outright sale properties, and First Homes. Under each listing, you’ll find information on eligibility, price, and location.
Check your eligibility
To be eligible for shared ownership, Abri Homes will want to see information like:
Your household income
Whether you’re a first-time buyer or a home-mover
Your connection to the local area
Local authorities sometimes put restrictions in place to make sure affordable homes go to local people who need them first, rather than new people moving to the area.
This step then involves registering and completing an application, so it’s important to check you’re eligible before you spend time doing this.
Financial assessment
Like with any property purchase, your finances will undergo lender scrutiny. But with shared ownership, the housing association you’re buying from will also assess you. Before you can reserve a property, Abri Homes will want to see that you can afford your mortgage payments on the share you own, rent on the share you don’t own, and services charges and bills.
This is a good time to speak to a mortgage broker to make sure you’re prepared and can put forward an application that outlines your situation clearly.
Getting a mortgage for an Abri Homes property
While this might feel like yet another step in a lengthy process, it’s actually rather simple with the right advice.
Whether you’re buying with a standard residential mortgage or a shared ownership mortgage, you’ll need:
A deposit (often 5-10% of the share you’re buying)
Good affordability (your ability to comfortably pay back what you borrow)
A mortgage lender that accepts housing association properties
Not all mortgage lenders accept applications for shared ownership mortgages or new-build homes, but a mortgage broker can help you find one that does.
The Mortgage Hut can help you with your Abri Homes purchase
We regularly help buyers secure mortgages for their Abri Homes purchase. By guiding you through every step of the mortgage process, we make sure you understand your options and feel confident from start to finish. We’ll help you:
Assess your financial position: We’ll calculate your borrowing capacity, determining the size of deposit you’ll need, and checking your credit score to ensure you’ll be accepted.
Find suitable lenders: We’ll scour the market to find lenders who support shared ownership and compare mortgage products to find the most competitive rates.
Prepare your application: We’ll help you ensure you’ve got all the documents you need (such as proof of income and bank statements), making sure your application is accurate and complete.
Submit your application: Not only do we submit your application, but we’ll track progress once it’s done. We’ll be your point of contact, chasing updates and keeping you in the loop every step of the way.
Review mortgage offer and completion: Once you’ve received an offer, we’ll go through it with you to make sure you’re happy before preparing everything for completion day. Then you’re done!
Ready to buy with Abri Homes?
We’re here to help. For expert mortgage advice and help with the shared ownership process, speak to The Mortgage Hut today.
FAQs
Do I need a big deposit for Abri Homes?
No, with an Abri Homes shared ownership purchase, you usually only need a deposit for the share of the home you’re buying – not the full property value. This is one of the reasons it’s such a popular choice for first time buyers.
Is it hard to get accepted for shared ownership?
It’s not necessarily harder than buying outright, but there are some hurdles specific to shared ownership – like eligibility criteria and finding a lender who offers shared ownership mortgages.
Can I staircase with an Abri Homes shared ownership?
Yes, many Abri Homes shared ownership buyers can increase their share of the property over time – this is called staircasing.
