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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Bellville House , 2 bed homes
Moat is pleased to present this modern two bedroom apartment located in the Royal Borough of Greenwich.
Local area information
Greenwich has a collection of independent shops, restaurants, pubs and bustling local markets which offers everything from fashion to jewellery. Greenwich Market is overflowing with stalls and shops run by artists, designers and food producers. Greenwich Main line and DLR station is 0.2 miles from the apartment with links to Central London, and DLR links to Stratford. There is convenient access to A206 which links to the A2. The O2 arena is 2.6 miles away, accessible by both car and public transport.
Min share price from: £125,000 for a 25% share
Full price from: £500,000
Monthly rent from: £919
There is only one available priced at £125,000 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.