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 ground flat available to buy through Shared Ownership in the London Borough of Hounslow. Full market value £550,000 share available to buy is 50% with an asking price of £275,000.
Monthly Mortgage*: £ 1,461.93
Rent: £ 543.52 (from 1st April 2017)
Ground Rent: £25.00
Service Charge**: £235.09 (from 1st April 2017)
Council Tax: £138.08
Estimated Total (per month): £2,265.54 (excluding Council Tax)
** Service Charge payable to Resident Management Company
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.
Ground floor flat
Entrance leading to hallway, reception room /kitchen area, Two bedrooms, one with en-suite shower room/WC, and family bathroom/WC
Two balconies, Disabled parking bay
87 square metres as per RICS valuation
F – General access
Length of lease