Shared Ownership gives you the
oppotunity to 'part buy' and 'part rent' a home. This means if
you can't afford to buy a property outright you may be able to
afford to buy a share in a property typically 25%, 50% or 75%.
The monthly repayments on a mortgage for a shared ownership
property are approximately two thirds of what you would pay if you
bought a property outright. At a point when you can afford to you
can choose to buy the remaining share of the property.
Shared ownership housing schemes are
tailored for people who cannot afford to buy a suitable home by
outright purchase, and usually in housing need. Priority will
often be given to people on local authority or housing association
waiting lists. When someone moves out of a shared ownership
property, their property will either be offered to the housing
association to find a buyer or it may be advertised in the local
estate agents.
In addition the UK Government offers a
homebuy scheme. HomeBuy
enables social tenants, key workers and first time buyers
to buy a share of a home and get a first step on the housing
ladder.
For more information please contact the local homebuy
agent Orbit Housing
Association.