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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Welcome to Beacon Place, a contemporary collection of three bedroom homes located in Catterall, Wyre. Part of a larger Miller Homes development, Beacon Park.
What is Shared Ownership?
Shared Ownership is a part-buy, part-rent scheme for people who can't afford to buy a home with a commercially-available mortgage. It's backed by the government, and is a way to buy a share in a home now with the option to buy more of it in the future. You'll need a minimum level of income/savings depending on the value of the home you want to buy.
Local area information
A small village with a big sense of community, Catterall is a welcome home for old and young alike looking for a great quality of life. Nestled in rich countryside, yet with easy access to both road and rail, it’s easy to understand why we chose this quaint village for our Beacon Place development.
The peaceful setting is complimented by a number of amenities right on the doorstep, including Sainsbury’s, Coop Food, Garstang Golf Centre and Barton Grange Garden Centre. There are also several schools in the area, making the neighbourhood a great place for any growing family.
A short drive away, the historic market town of Garstang offers further amenities including a high street and a delightful weekly market, which has runs every Thursday.
For those that enjoy keeping fit, the surrounding countryside is a perfect setting for walkers, runners and cyclists alike. For those who prefer to exercise indoors, local gym, Fenton Fitness, provides a wide range of facilities, including cardio machines and free weights.
Once you’ve worked up an appetite, you’ll be pleased to learn that the village isn’t shy of great food, with Cedar Restaurant and Slice of Sicily proving popular with local residents.
If you’re looking for a location that combines tranquility and convenience, and with easy access to the city, Catterall could be the home for you.
Min share price from: £57,750 for a 35% share
Full price from: £165,000
Minimum deposit from: £2,888
Monthly rent from: £246
There are 2 available ranging from £57,750 for a 35% share to £58,625 for a 35% 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.