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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Meadow View , 2 bed homes
Moat is pleased to bring to the market this two bedroom mid-terrace house, built circa 2007, situated in the village of Sayers Common, West Sussex. Hassocks railway station is less than four miles away with links to Brighton, Gatwick and Central London. Nearby Burgess Hill offers a good selection of shops, restaurants and leisure facilities. There are several primary and secondary schools in the local area including Albourne CofE Primary School and Patcham High School. The property is conveniently situated for access onto the A23 with links to the M23 and M25 London to Brighton.
Min share price from: £135,000 for a 45% share
Full price from: £300,000
Monthly rent from: £331
There is only one available priced at £135,000 for a 45% 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.