Shared Ownership is a Government-backed affordable housing scheme designed to help you buy a home if you cannot afford a home on the open market to meet your needs.
You buy a share of the property (usually between 25-75%, although some developments you are able to buy as little as 10%) and pay rent of the part you don’t own. You will also pay a monthly service charge.
Later on you can buy more shares (known as ‘staircasing’) and with most homes you can even staircase to 100% ownership (subject to affordability).
To qualify:
You can buy a home through shared ownership if both of the following are true:
- your household income is £80,000 a year or less (£90,000 a year or less in London)
- you cannot afford all of the deposit and mortgage payments for a home that meets your needs
One of the following must also be true:
- you’re a first-time buyer
- you used to own a home but cannot afford to buy one now
- you’re forming a new household – for example, after a relationship breakdown
- you’re an existing shared owner, and you want to move
- you own a home and want to move but cannot afford a new home that meets your needs
For some homes you may have to show that you live in, work in, or have a connection to the area where you want to buy the home.
Mortgage Superheroes specialises in shared ownership and works closely with many Housing Associations to assess your eligibility, offer expert advice and arrange your shared ownership mortgage for you, holding your hand throughout the whole process.
So whether you’re wondering if Shared Ownership is right for you, already found a property or looking to remortgage or staircase (buy more shares in your current home) please contact us for expert advice.