Shared Ownership is an excellent option for those looking to buy and own their own home, without the need for a huge up-front deposit and hefty monthly mortgage payments. We’ve put together five key pieces of information that you should know about how Shared Ownership works before you decide whether the scheme is for you.
- Buy an initial share and pay rent on the rest.
With Shared Ownership, you can buy an initial share of between 10% and 75% of the home you want to own, and then you will pay rent on the rest. Simple!
- You don’t need a huge deposit.
You will only need a deposit for the share you are buying, meaning you don’t need a huge deposit to begin with, and making home ownership much more accessible.
- Your mortgage is only based on the percentage share you buy.
Your monthly mortgage payments are based only on the percentage of the home you are buying. Interest rates are very high at the moment, making mortgage payments difficult for some families. With Shared Ownership, the interest rates will always remain low because the mortgage is only on your share!
- Make your home your own.
Although you are paying some rent alongside your mortgage, your home is your own to decorate however you like. The only time you will need permission to make changes to your home is if they are structural.
- Get the new build home you’ve always dreamed of!
If you are:
- Over 18 years old
- Either a first-time buyer, do not currently own a home, or have an accepted offer
- Cannot afford all of the deposits and mortgage payments required for a home that meets your needs
- Have an income of less than £80,000
Then you can purchase the new build home you have always dreamed of.
We have Shared Ownership homes available across the North East and North Yorkshire! Take a look at our homes (one of which could soon be yours!) and don’t forget you can contact us if you have any further questions on the scheme.