Shared ownership is another way to buy your own home. You buy a percentage, and pay rent on the rest. The housing association owns part of it — but you’re living there, you decorate it, and you decide when to sell.
Buying a percentage means a smaller deposit and smaller mortgage. It’s a sooner first step on the ladder for lots of people. Usually, you can also carry on buying shares, to own it 100%.
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1 School Close, 2 bed homes
This two bedroom semi-detached house is an ideal opportunity for a first time buyer to get on to the property ladder with Hastoe. It is being sold under the shared ownership scheme whereby you purchase a share in the property and pay a reduced rent on the remaining Hastoe equity.
Local area information
Located in North Devon, Chumleigh is a small Saxon market town and civil parish. The hilltop town is conveniently placed 20 miles north west of Exeter, where you can find great travel links to London, Birmingham and Bristol. The old town retains its thatched cottages, inns and welcoming community spirit.
Min share price from: £118,300 for a 65% share
Full price from: £182,000
Minimum deposit from: £5,915
Monthly rent from: £136
There is only one available priced at £118,300 for a 65% share.
It’s the same as buying on the open-market but you’re buying a share of a property, so therefore pay a mortgage on the part you own.
An independent mortgage advisor can help suggest which type of mortgage might be best for you, based on your situation.
Leasehold, which is essentially the contract for the share you've bought.
It means you've got the right to keep your home for a certain number of years (usually at least 125), but the land belongs to someone else. Your lease also sets out how much you need to pay each month, your responsibilities while living there and all the details of your agreement with the housing association. Make sure you go through it and ask lots of questions.
Your solicitor can help you with this.