Shared Ownership is a government scheme aimed to help buyers get on to the property ladder. You only need to afford to buy part of a property, not all of it.

 

Shared Ownership allows you to buy your home in stages, as you can afford it. This is called staircasing and you can buy more shares as and when you can afford it.

The scheme is suitable if you:

  • Are a first time buyer living in rented accommodation or with family
  • Have experienced a relationship breakdown
  • Cannot afford to buy on the open market
To start with, a share percentage will be offered, which will be between 25-75%. This will be the share you take a mortgage out for and it will become yours. This means that your deposit will be worked out based on the share price. You will then pay a discounted rent for the remaining share you have not bought.

What are the benefits of Shared Ownership?

 

You can buy additional shares as time goes on and you save more money. This offers a number of advantages;

  • In some cases, it can be cheaper than renting.
  • You can sell your Shared Ownership property at any time, and will benefit from any increase in value it’s seen since you bought it.
  • Greater independence, control and choice that you wouldn’t have when you’re renting.
  • Long-term security, you can choose how long you live in your home; this could be for the rest of your life.

 

Am I eligible for Shared Ownership?

 

The criteria is fairly broad and you should be eligible if:

  • Your household earns less that £80,000 per year
  • You are a first time buyer or used to own a home but cannot afford to buy one now
  • Able to obtain a mortgage and/or savings for your share (deposits are typically 5-10% although may be higher in certain circumstances)
  • Your income is sufficient to cover the mortgage (if applicable), rent and service charges
  • Savings (or access to) £2,500 to cover the fees of buying your property plus the deposit.
  • Have access to a minimum 5% deposit

 

Shared Ownership under Space Property

 

Here at Space Property, we have a number of properties currently available through the Shared Ownership scheme. You can view all of the properties we currently have available by clicking here