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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66 Empire Square South, 1 bed homes
Situated in the desirable Empire Square development, is this modern one bedroom apartment with a large open plan living space. The flat benefits from an entryphone system to communal hall, reception room/ kitchen, electric heating. This property is located close to local and national transport links and the ever popular Borough market and surrounding amenities.
Local area information
The property is located close to public transport links, Borough Underground Station (Northern Line), and numerous bus routes into the City and West End, as well as to the south of the borough and Waterloo. The property is close to Borough High Street (A3), a main arterial road that links The City and Central London to the south of the city and beyond.
Min share price from: £118,750 for a 25% share
Full price from: £475,000
Minimum deposit from: £5,938
Monthly rent from: £795
There is only one available priced at £118,750 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.