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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Cherry Blossom, 3 bed homes
Cherry Blossom, Hednesford is made up of three bedroom houses now available on part buy - part rent.
Local area information
Located in the charming town of Hednesford, Cherry Blossom has a selection of beautiful 3 bedroom new homes.
Starting as a small mining community, Cannock has grown into a bustling town and is home to many historic landmarks and beautiful green spaces. Both Cannock and Hednesford still proudly celebrate their roots with a Miner’s Lamp in the centre of Hednesford to honour the Cannock miners. Just north of the town centre, Cannock Chase has been designated as an Area of Outstanding Natural Beauty and is rich with history and culture.
*Images are for illustrative purposes only. Please speak to Sales Adviser for full details*
Min share price from: £109,998 for a 50% share
Full price from: £219,995
Minimum deposit from: £5,500
There is only one available priced at £109,998 for a 50% 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.