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If you can't afford a 100% mortgage on your own then shared ownership allows you to buy a share of your home (between 25-75% of the property value) and then pay rent on the remaining share.
Shared Ownership is a government-backed Part Buy/ Part Rent scheme designed to help you take that first step onto the property ladder. Properties sold under this scheme are usually new build apartments or houses and you can purchase shares from 25% up to a maximum of 75% on the initial purchase.
If you are looking to step onto the property ladder, or there are changes in your personal circumstances and you need to sell your home, you may be eligible for Shared Ownership.
All Shared Ownership applicants are expected to purchase the maximum share they can afford; this will be dependent on your income and savings which you will need for your deposit and any financial commitments you may already have. You will need to use some of your savings for legal fees and the rest of your savings will be required for your deposit.
You will need to arrange a mortgage for the share of the property you wish to buy and you will also have to pay a discounted rent to your landlord on the share you don’t own and a service charge will also be payable.
Are you eligible? If the following list applies to you, then it is very likely that you will be eligible:
What is a leasehold flat or house? Leasehold ownership of a flat is simply a long tenancy, the right to occupation and use of the flat for a long period.
In England and Northern Ireland, first-time buyers purchasing shared ownership properties costing up to £500,000 are now subject to the stamp duty relief available to other first time buyers.
These figures are based on an example of buying a property at £230,000. Please note that mortgage and rental figures may differ.