Shared ownership in its various forms is designed to help those who cannot afford to buy a home outright on the open market and represents an excellent opportunity to get on the “property ladder”. Your income must be enough to cover your monthly mortgage, rent and service charge and you should also have some savings to cover the initial purchase costs.
You should normally be a first time buyer although you may be eligible if you have previously owned a property. However, at the time of completion you cannot own any other properties.
You will initially own a share in the property normally at least 25% although it may be possible to buy a larger share at the outset if your financial circumstances permit. This is sometimes known as owning a share in the equity of the property. You will pay a subsidised rent on the remaining equity in the property.
After a set period you may be eligible to purchase more equity, or even purchase your home outright, if you wish. The important point is that it is you who decides what is right for you. You do not have to buy additional equity in your home if you do not want to. This process is known as “Staircasing” and we offer special preferential rates to existing customers if they decide to enter into this process.
