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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4 Montreal Close, 2 bed homes
A modern and well presented two bedroom, first floor apartment offering open plan living, situated in a popular and convenient location in Peacehaven.
Local area information
The delightful town of Peacehaven is located above the picturesque chalk cliffs of the South Downs, the pebble beach below is perfect for walking and fishing.
The local Meridian shopping centre boasts a variety of shops including butchers, barber and ironmonger as well as a supermarket. A local mini market selling local crafts, vegetables and fruit is open weekly every Friday and Saturday.
Closeby you will find a leisure centre, library, two dentists, a GP surgery, pharmacy and an array of cafes, restaurants and bars.
The local Centenary Park is within walking distance and offers a beautiful space to relax and unwind with play areas for children.
The apartment offers excellent bus routes to Brighton/Eastbourne and towns in between including Newhaven for train links.
Prices are not available yet for 4 Montreal Close but you can register your interest to be notified when prices become available.
Plot breakdowns are not available yet for 4 Montreal Close but you can register your interest to be notified when prices become available.
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.