Shared Ownership offers you the chance to buy a share of your home
If you cannot quite afford the mortgage on 100% of a home, Shared Ownership offers you the chance to buy a share of your home (between 25% and 75% of the home’s value) and pay rent on the remaining share. Later on, you could buy bigger shares when you can afford to. You could buy a home through Shared Ownership in England if: your household earns £60,000 a year or less (or £71,000 a year or less in London for a 1 or 2 bedroom home, or £85,000 a year or less in London for a 3 or more bedroom home) you are a first-time buyer, or you used to own a home but cannot afford to buy one now.
If you rent a council or housing association home, then you will receive priority for buying a home through Shared Ownership. The same priority is given to armed forces personnel. Councils with Shared Ownership home-building programmes may have further priority groups, based on local housing needs, such as people already living or working in the area. With Shared Ownership you can buy a newly built home or an existing one through resale programmes from housing associations. You will need to take out a mortgage to pay for your share of the home’s purchase price, or fund this through your savings. Shared Ownership properties are always leasehold.
If you would like to know how PAD Financial can help you, please contact us now.