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%.
One bedroom first floor flat in the London Borough of Southwark, available to buy through Shared Ownership. Full market value £345,000 25% share available, share price £86,250.
Monthly Mortgage**: £458.51
Monthly Rent: £477.00
NHHO Service Charge*: £129.15
Estimated Total (per month): £1,064.66
*Service Charge payable to Notting Hill
**Estimate: The monthly mortgage is based on an interest rate of 4.99 % with a capital and interest repayment over 25 years. It is based on a 90% mortgage The rent may increase each year, the increase calculation will be specified in the lease.
Entrance hall, Bathroom, Bedroom, Living Room/Kitchen,
Communal gardens and roof garden
52 square metres as per RICS valuation
Length of lease