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%.
Barley Croft is an individual development of 14 new homes on the western outskirts of Bedlington.
The town has supermarkets, a post office and numerous shops, with weekly markets also held in the town’s market place. Bedlington’s town centre is also undergoing an exciting major transformation, creating outstanding new places to visit, socialise and shop. Sporting Club Bedlington is nearing completion, offering state of the art health and leisure facilities. Bedlingtonshire Golf Course and Plessey Woods Country Park are also less than two miles away from the development.
Local area information
The town is only 4 miles from Morpeth, and Newcastle is 10 miles south. There is easy access to the A1. The town is served by numerous educational amenities including Bedlingtonshire Community High School, Bedlington West End County First School and Whitley Memorial C Of E School. Further education is also nearby at Morpeth and Newcastle.
Min share price from: £43,750 for a 25% share
Full price from: £175,000
Minimum deposit from: £4,375
Monthly rent from: £201
There is only one available priced at £43,750 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.