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%.
18 Meridian Close, 1 bed homes
This modern, light one double bedroom second floor apartment combines spacious accommodation with bright interiors throughout. The property comprises open plan living/dining incorporating the modern kitchen. Bathroom comprises white suite, double bedroom and allocated parking.
Local area information
Ramsgate is home to the only Royal Harbour in the UK. With one of the warmest climates in the south you can soak up the atmosphere in one of the many waterfront bars, cafes and restaurants and enjoy the wonderful architecture and the famous Harbour Arches with scenic views across the marina.
Relax and explore the eclectic mix of artisan and boutique shops or stroll along the award-winning sandy beaches and coast line. For more outdoor activities there's cycling and water sports such as kite surfing and canoeing around the stunning chalk cliff coastline.
The property is located off Manston Road (B2050) which leads directly to Ramsgate and seafront. The M2 & M20 lies due west. There are several good transport links.
Min share price from: £30,000 for a 25% share
Full price from: £120,000
Minimum deposit from: £1,500
Monthly rent from: £206
There is only one available priced at £30,000 for a 25% 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.