Over the past few years deposit amounts have been continually increasing, meaning lots of buyers (first-time or those already on the property ladder) have given up hope of ever owning their own home or moving. But, don’t let this stop you as there are other ways out there to help you find your dream home.
Shared Ownership is one of those options.
What’s that? Well, it’s an affordable home ownership scheme that makes it easier for you to have your own home as an owner-occupier.
Instead of buying a home outright, with Shared Ownership you’re able to buy a share in a property – between 25% and 75% (whatever you can afford) – and then pay subsided rent on the rest. And, in the future you can buy more shares until you own your home outright.
So, what are the benefits of Shared Ownership?
- You can only buy what you can afford
- You own part of a home
- Initial buying costs are lower, and you’ll need a smaller deposit
- Monthly repayments can often work out cheaper than if you had an outright mortgage
- You can sell the shares you own at any time
- You’re able to buy more shares when you can afford it
For more information, advice or to talk through our Shared Ownership properties, give the team a call on 0114 241 3430.