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%.
Moat at Nursery Fields, 3 bed homes
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A collection of high specification houses are available for shared ownership in the pretty village of Worth in Dover, Kent.
- Fully fitted Howdens Greenwich gloss kitchen and natural stone grey worktop.
- Lamona kitchen appliances, including stainless steel electric oven, gas hob, extractor hood and stainless steel splashback, integrated fridge freezer, freestanding washer/dryer and integrated dishwasher.
- Fully fitted bathroom with thermostatic shower and screen.
- Vinyl flooring to kitchen/diner, cloakroom/wc, bathroom and en-suite*. Carpet to living area, bedrooms, hall and stairs and landings.
- Two allocated parking spaces per house.
- Rear gardens.
- Gas central heating.
- 12 year BLP warranty.
Local area information
Min share price from: £105,000 for a 30% share
Full price from: £350,000
Minimum deposit from: £10,500
Monthly rent from: £561
There is only one available priced at £105,000 for a 30% 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.