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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Moss Hey Street, 2-3 bed homes
Expected launch late Summer 2020 - Register your interest to be kept up to date with this development.
Introducing Moss Hey Street, a collection of two and three bedroom homes available to purchase through Shared Ownership in Shaw, Oldham.
What is Shared Ownership?
Shared Ownership is a part-buy, part-rent scheme for people who can't afford to buy a home with a commercially-available mortgage. It's backed by the government, and is a way to buy a share in a home now with the option to buy more of it in the future. You'll need a minimum level of income/savings depending on the value of the home you want to buy.
Local area information
The area can trace its history back to the Bronze Age, and was at the heart of the cotton industry during the Industrial Revolution.
Located in the valley of the River Beal in the foothill of the Pennines, the area has been the scene of several TV shows, including crime series Scott & Bailey.
But it’s becoming a location of choice with its excellent transport links from the tram, train and motorway via the M62 and has access to some lovely countryside.
Coupled with a vibrant town centre, it’s an area on the up and an ideal place to throw down roots for you and your family.
Prices are not available yet for Moss Hey Street but you can register your interest to be notified when prices become available.
Plot breakdowns are not available yet for Moss Hey Street but you can register your interest to be notified when prices become available.
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.