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 second floor flat, in the London Borough of Harrow, available to buy through Shared Ownership. Full market value £290,000. 30% share available, share price £87,000.
Monthly Mortgage**: £462.50
Monthly Rent: £372.84
Notting Hill Housing Service Charge*: £124.38
Notting Hill Administration Fee: £0
Ground Rent: £12.50
Council Tax: £121
Estimated Total (per month): £972.22 (excluding council tax)
*Service Charge payable to Notting Hill Housing
**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.
Intercom, entrance hall and stairwell to:
Entrance Hall with storage cupboard, living room/kitchen (6.5 m x 3.8 at widest) with door to balcony, bedroom (4.9m x 3.8m at widest) Bathroom (2.4m x 2.0m) with panelled bath and shower over wash hand basin
47.8 square metres (515 sq. ft) as per RICS valuation
F – General Housing
Length of lease