Posted by: Property Booking
10 Jul 2017
The prospect of buying a first home is a daunting prospect for many. Many people have great difficulty when it comes to buying their first home. If you can’t quite afford to get on the property ladder just yet, then the Shared Ownership Scheme could be for you. This scheme is basically designed to help potential homeowners buy a home at a price they can afford. A buyer can purchase a share of a property (which is usually between 25% and 75%) and then pay the rest by rent to a housing association. Most homes that are available through the Shared Ownership scheme are new builds however some are resold by housing associations, some of which are featured on our site.
Who can apply?
The scheme is designed for first- time buyers or those who used to own a home but cannot afford one currently. You must have a combined household income of less than £80,000 (in London this is less than £90,000) and be renting a council or housing association property. For those older than 55, help is available through another scheme named ‘Older People’s Shared Ownership’. Like that of the normal scheme but you can only buy up to 75% of property and won’t have to pay rent on the remaining share. If you have a long-term disability, then you can apply for another Shared Ownership scheme, known as Home Ownership for People with Long-Term Disabilities. However, please be aware this is on a very limited basis and is not widely available.
For an easy-to-digest guide on all things Shared Ownership check out our handy FAQs - Shared Ownership Explained.
Benefits of Shared Ownership
While Shared Ownership with a third party may seem quite tricky, it’s a lot simpler than you think. Purchasing through a Shared Ownership scheme can enable you to get onto the property a lot quicker than if you bought the property outright. Buying additional shares as time goes on will allow you to save more money and may even be cost effective in comparison to full ownership/private renting.
Each month, you will pay a subsidised rent to your housing association, while also enjoying the benefits of being a homeowner. The more shares you own in your home over time, the less rent you will have to pay. Once the property has been purchased, the buyer will receive the benefit of the increased value of the share purchased over time. Ultimately, Shared Ownership could save you a lot of money.
Where we come in
Property Booking is the first national portal for Shared Ownership properties. Our website showcases fantastic and affordable homes from different housing associations all under one roof. Search by location, price range or even number of bedrooms and you can discover the leading properties in your area with just one click. Make an account with us and you can track, update, register and book open days of all your favourite properties. Simple!
With ever-growing house prices and expensive private renting, Shared Ownership is the only chance for many people to progress onto the property ladder and finally have a place to call their own. So, what are you waiting for?!