Shared ownership is part buy, part rent. This means you will have a mortgage on the share you own, and pay rent on the remaining share to a Housing Association. For instance, if you buy a 25% share of the property you’ll pay a mortgage on the 25% share and rent on the remaining 75% share. You can usually buy more shares in the future if you wish, until you own 100%.
Shared ownership is a great option for lots of people. A smaller deposit makes it easier for first-time buyers to get on the ladder.Generally speaking:
- Your household income needs to be under £80k (under £90k in London)
- You can’t own any other property unless you currently own a shared ownership property and are looking to move.
- You’ll need to show you have a good credit history, and can afford the regular payments and costs involved in buying a home
Mortgage Superheroes specialises in shared ownership and works closely with many Housing Associations. We can assess your eligibility and arrange your shared ownership mortgage for you.