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%.
Two bedroom first floor flat, in the London Borough of Lambeth, available to buy through Shared Ownership. Full market value £499,950. 40% share available, share price £199,980.
Monthly Mortgage*: £1,063.11
Monthly Rent: £631.68
Other Housing Service Charge**: £142.90
Notting Hill Service Charge: £13.50
Council Tax: £109.17
Estimated Total (per month): £1,851.19
** Service Charge payable to Pinnacle
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.
Communal entrance hall with stairway and lift to upper floors
Entrance hall with large storage/utility cupboard off; living room/kitchen; two bedrooms; bathroom/W.C.
69.6 square metres (749 sqft ) as per RICS valuation
F – General needs
Length of lease