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%.
This is a two bedroom first floor flat in L.B. of Barnet, available to buy through Shared Ownership. Full market value £320,000. 50% share available at £160,000.
Service Charge**: £102.95
Ground Rent: £100pa
Estimated Total (per month): £1,284
** Service Charge payable to the manging agent.
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 and stairs
First floor flat
Hallway entrance with airing cupboard, living room, kitchen, bathroom and two bedrooms.
57 sqm (613sqft) gross internal as per RICS valuation
F – General Access
Length of lease