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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Moorfield, 2 bed homes
2x Two-bedroom bungalow for sale £262,500 for 75% fixed equity
Moorfield Development by the award-winning builder Hill
£262,500 for fixed equity share 75%, full market value is £350,000
Estimated service Charge - TBC
The spacious and well-presented home comprises of an entrance hall with both bedrooms located at the front of the property; bedroom 1 (double, to the left) and bedroom 2 (single, to the right). Further in the hall, there is a three-piece family bathroom with bath/shower, a storage cupboard and a fitted kitchen. The kitchen to be fully fitted with a range of built-in cabinets incorporating a range of domestic appliances. Towards the end of the hallway, a living room/diner is located with rear door entry to the private garden.
The properties do not have a gas supply, the bungalows are set to have wet underfloor heating systems supplied from electric air source heat pumps.
Two new two bedroomed bungalows in Great Abington, available March/April 2018. Marketing name is 'Moorfield' please quote this name when enquiring. The Moorfield development consists of 20 new homes across the new build development.
Local area information
These properties are perfectly suited to somebody looking to downsize, with the quiet local area, the village comprises of a local shop and primary school, full facilities are available in the surrounding areas. By road; easy access to the A1307, A11 and M11 providing quick links to Cambridge and surrounding areas.
Min share price from: £228,750 for a 75% share
Full price from: £305,000
Minimum deposit from: £13,125
There are 2 available ranging from £228,750 for a 75% share to £262,500 for a 75% 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.