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%.
Two bedroom show home viewing
New phase of spacious 2 and 3 bedroom Shared Ownership in Kent
Check available viewing times:
The Allington Collection
The Allington Collection at Apple Wood is a brand new phase of two bedroom apartments and two bedroom houses offering residents a corner of The Garden of England to lay down roots of their own.
Two bedroom apartments from £80,500 (35% share of £230,000)
Local area information
The rolling Kentish landscape is dotted with picturesque villages that hark back to a bygone age. At Apple Wood residents enjoy a location nestled between two fine examples.
Aylesford, a short distance to the north of Apple Wood, is reminiscent of a scene from a Constable painting, with its ancient stone bridge, Norman church and Grade II listed riverside inn, The Chequers, dating from 1511. Epicurean delights are brought to Aylesford by Hengist, a bastion of fine dining in a beautiful setting. Equally ideal for cosy winter warmers or summer time al fresco dining in it’s garden by the River Medway.
Highlights of the area include the Friars in Aylesford. Founded in 1242 as home to a religious order, the Friars today provides a tranquil, riverside location open to the public with a peace garden, tea rooms, the Aylesford Pottery and regular events including a monthly farmers’ market.
Min share price from: £116,000 for a 40% share
Full price from: £290,000
Minimum deposit from: £10,050
Monthly rent from: £399
There are 7 available ranging from £116,000 for a 40% share to £100,500 for a 30% 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.