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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Hidcote Way, 2 bed homes
Optivo are delighted to offer for sale this well-presented two bedroom flat.
Private parking space
Pre-installed sky TV input
Ground floor – communal entrance hall, stairs and landing to the second floor
Second floor – entrance, sitting room, kitchen, bedroom 1, bedroom 2 and bathroom
Outside – communal parking with allocated space
The property internal gross area has been calculated to be in the region of 53m2
Viewings are by appointment only. Please contact the current vendor to arrange an appointment – Mr Speight 07809 396 490 firstname.lastname@example.org
If you would like to apply after you have conducted a viewing, this property is now on a first come first served basis.
You may be eligible for this property if:
You have a gross household income of no more than £80,000 per annum when eligible to purchase.
You are unable to purchase a suitable home to meet your housing needs on the open market.
You do not already own a home or you will have sold your current home before you purchase or rent.
Local area information
Min share price from: £60,000 for a 50% share
Full price from: £120,000
Monthly rent from: £225
There is only one available priced at £60,000 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.