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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Basing House, 1 bed homes
Situated within easy reach of both Reading and Caversham centre including the main line train station and Reading West train station is this purpose built immaculate one bedroom 4th floor apartment. The apartment benefits from an open plan living room/ kitchen, bathroom, double glazing, one allocated parking space.
Local area information
Reading is a large town on the Thames and Kennet rivers in southern England. It’s known for the annual Reading Festival, an outdoor rock music event. Shops and riverside restaurants dot the town centre. The Reading Museum contains exhibits on the town’s history and displays a Victorian replica of the Bayeux Tapestry. The ruins of the 12th-century Reading Abbey lie beside Forbury Gardens, a Victorian formal garden.
Min share price from: £76,000 for a 40% share
Full price from: £190,000
Minimum deposit from: £3,800
Monthly rent from: £234
There is only one available priced at £76,000 for a 40% 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.