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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Lowerhouse Green, 2-3 bed homes
The Lowerhouse Green development is a bespoke collection of premium homes. Boasting a great location adjacent to the River Dean, this tranquil setting is the perfect situation for families and couples, with views out over the Cheshire countryside.
Local area information
Situated less than an hour away from energetic city of Manchester and with equal accessibility to the dramatic landscapes of the Peak District, Bollington truly is ideally situated for all walks of life. Strong transport links in road and rail serve this small countryside town, as well as plentiful local amenities such as schools, healthcare, shopping and leisure. Historic and with a unique heritage, this lively town is packed with charm and character .
Min share price from: £145,000 for a 50% share
Full price from: £290,000
Minimum deposit from: £7,250
Monthly rent from: £332
There is only one available priced at £145,000 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.