The added benefit of purchasing a Shared Ownership property is that the Housing Association charge less than the private rental market, they can charge up to 80% of the open market rental value.
Who is eligible for a Shared Ownership Property?
In the main shared ownership properties are bought by first time buyers looking to get onto the housing ladder and have a small deposit and low income, but they can also be bought by older people and families who again are not in a position financially to be able to afford to buy a house solely.
The main restriction is that if your income is above £80,000 (£90,000 in London) then you are not eligible to purchase a shared ownership property.
Are you able to increase your share of the property?
Yes, you are allowed to use a process called ‘staircasing’ i.e. over time you purchase additional shares in the property from the housing association until you own it completely. The amount of additional share you purchase will be dependent on your ability to afford it, or the amount you have saved to purchase additional shares and also on the value of the house at the time you look to staircase.
There are additional costs to staircasing for example a full valuation would be required as well as additional legal work to transfer the additional share of the property to you.
What is your annual salary?
What is your partner's salary? (If applicable)
Estimated property price
What is your deposit amount?
Including your deposit, you could afford a house price up to:
To discuss your options, call us today on 01242 696235 orRequest a call back