With shared ownership, you buy a stake between 25% and 75% of the market value of your property with a mortgage. You pay rent on the remaining share of the property, which is owned by the local housing association.
The rent you pay can be up to 3% of the association's share of the property value. Shared ownership properties are leasehold properties, meaning you will own the lease on them for a fixed period of time, typically 99 years.
You also have to pay a service charge for the property, which is usually charged on a monthly basis.
There are a range of government schemes under the umbrella title HomeBuy. The best-known is New Build Home Buy. There are also schemes specifically for social tenants and those who want to first save for a deposit.
Some properties are only available to key workers, such as nurses and teachers, and there are certain criteria you must meet on income, residency and other measures. Find out if you are eligible and how to apply in our shared ownership schemes article.
Not all lenders offer mortgages for shared ownership. Some of the major mortgage lenders that do include Nationwide, Stander and Halifax.
You may not be able to borrow 100% of the share you are buying and there may be extra restrictions for buying a new-build property. For example, Stander will only lend first-time buyers 90% of the share they are buying, if it's a new-build house and 80% if it's a new-build flat.
The more money you have to put down as a deposit, the better the mortgage deal you will be able to get. You can use the mortgage calculators and first time buyer rates tables on the Which? Mortgage Advisers website to find out what kind of mortgage deal you may be able to get.
The housing association you apply to may be able to recommend mortgage advisers with specialist knowledge of dealing with shared ownership mortgages.
We believe you should seek independent mortgage advice before taking out a mortgage. The Which? Group offers an independent mortgage advice service, Which? Mortgage Advisers, that looks at every mortgage from every available lender. You can also find an independent mortgage adviser using Unbiased.co.uk.Yes. Shared ownership schemes offer you the option of increasing your percentage stake in the equity of your home as and when you can afford to. This is called stair casing. The cost of increasing your share will depend on the value of the property at the time.
To do this you will need to pay for the housing association to carry out a valuation of the property and arrange a mortgage to buy the extra share.You can sell your shared ownership property at any time but the housing association has the right to find a buyer for your home, if it still owns a share of it and to buy it back first.If you bought your home through Social Home-buy and sell it within five years, you'll have to pay back all or some of the discount.As well as shared ownership schemes, there is also Home-buy Direct and First-buy, which give you an equity loan to help you buy a property.
The rent you pay can be up to 3% of the association's share of the property value. Shared ownership properties are leasehold properties, meaning you will own the lease on them for a fixed period of time, typically 99 years.
You also have to pay a service charge for the property, which is usually charged on a monthly basis.
There are a range of government schemes under the umbrella title HomeBuy. The best-known is New Build Home Buy. There are also schemes specifically for social tenants and those who want to first save for a deposit.
Some properties are only available to key workers, such as nurses and teachers, and there are certain criteria you must meet on income, residency and other measures. Find out if you are eligible and how to apply in our shared ownership schemes article.
Not all lenders offer mortgages for shared ownership. Some of the major mortgage lenders that do include Nationwide, Stander and Halifax.
You may not be able to borrow 100% of the share you are buying and there may be extra restrictions for buying a new-build property. For example, Stander will only lend first-time buyers 90% of the share they are buying, if it's a new-build house and 80% if it's a new-build flat.
The more money you have to put down as a deposit, the better the mortgage deal you will be able to get. You can use the mortgage calculators and first time buyer rates tables on the Which? Mortgage Advisers website to find out what kind of mortgage deal you may be able to get.
The housing association you apply to may be able to recommend mortgage advisers with specialist knowledge of dealing with shared ownership mortgages.
We believe you should seek independent mortgage advice before taking out a mortgage. The Which? Group offers an independent mortgage advice service, Which? Mortgage Advisers, that looks at every mortgage from every available lender. You can also find an independent mortgage adviser using Unbiased.co.uk.Yes. Shared ownership schemes offer you the option of increasing your percentage stake in the equity of your home as and when you can afford to. This is called stair casing. The cost of increasing your share will depend on the value of the property at the time.
To do this you will need to pay for the housing association to carry out a valuation of the property and arrange a mortgage to buy the extra share.You can sell your shared ownership property at any time but the housing association has the right to find a buyer for your home, if it still owns a share of it and to buy it back first.If you bought your home through Social Home-buy and sell it within five years, you'll have to pay back all or some of the discount.As well as shared ownership schemes, there is also Home-buy Direct and First-buy, which give you an equity loan to help you buy a property.
