Need to find a way to get on the ladder?

Need to find a way to get on the ladder?

Considering shared ownership may be an option!

What Is Shared Ownership And How Does It Work?

Shared ownership is a scheme aimed at those looking for a more affordable way to own their own home. Otherwise known as part buy/part rent, shared ownership gives those who are eligible to apply an opportunity to buy a percentage of a property, rather than the whole home all at once.

By purchasing a smaller percentage, applicants can apply for a smaller mortgage than they would if they were buying the full 100%.

Whatever percentage is bought, rent must be paid on the remaining amount. In addition to the rent, you’ll obviously have to pay off your mortgage as well. 

In most instances, the percentage will be your choice when you buy, but it must fall between 10% and 75% of the overall property value. This flexibility allows purchasers a little wiggle room in terms of affordability and prevents people being priced out of homes that could be perfect for their needs.

Moving forwards, those on the shared ownership scheme will be able to purchase a greater percentage of the property, should they wish to do so. There’s no pressure to buy more, but the option is there if the homeowner can afford the extra mortgage payments. 

It’s important to remember that the rent will be adjusted accordingly, so you’ll pay more for the mortgage, but less in rent

The process of buying a greater percentage is commonly referred to as ‘staircasing.’

If you would like any other information regarding this buying scheme, please do not hesitate to get in touch.


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