What is Shared Ownership?
Shared Ownership gives first time buyers and those that do not currently own a home the opportunity to purchase a share in a new build or resales property. The purchaser pays a mortgage on the share they own, and pays rent to a housing association on the remaining share. Because the purchaser only needs a mortgage for the share they are purchasing, the amount of money required for a deposit is a lot lower when compared to the amount that would be required when purchasing outright.
The purchaser has the option to increase his share during their time in the property via a process known as ‘staircasing’, and in most cases can staircase all the way to 100%, thereby owning the property outright. Shared ownership properties are always leasehold. If you want to go ahead, the first step is to apply for your Help to Buy number which you can do here.
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Shared Ownership
Shared Ownership schemes facilitate the purchase of a 25-75% share of a home while simultaneously renting the remaining portion.
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Shared Ownership Homes
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Our Commitment to You
Changing home or buying your first property doesn’t have to be a hassle, you just need to have the right team working alongside you. With our experience, friendly focused team, local knowledge and specialised marketing we can help you smoothly achieve your goal. We feel tremendous pride that a high percentage of our business comes from referrals and recommendations.
Grant Ward, Director, Compass Elevation
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