Shared Ownership allows you to buy a share in a property on a part buy, part rent basis. Then pay a subsidised rent on the part that you don’t own.
You can normally buy an initial share of between 25% and 75% of the property and pay rent to your landlord on the remaining share. The actual share you purchase will depend on your personal financial circumstances. The bigger the share you buy, the less rent you will have to pay.
As you become able to afford it, you can buy more of the property until you own the maximum share allowed. This is known as ‘staircasing’.
- Remember priority is given to serving military personnel and first time buyers.
- Your combined household income needs to be less than £80,000 and you must be unable to purchase a property on the open market.
- You’ll also need to be in full time employment, have a good credit history and in some cases provide evidence of a local connection.
Shared Ownership can work for you. We’re happy to have a chat - email us here or tel 0300 303 1190