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%.
Three bedroom, first floor flat, in the London Borough of Newham, available to buy through Shared Ownership. Full market value £265,000, 75% share available, share price £198,750.
Notting Hill Housing Monthly Rent: £158.39
Newham Council Monthly Service Charge*: 78.99
Council Tax: £80.66
Estimated Total (per month): £1,293.96 (excluding council tax)
*Service Charge payable to Newham Council, plus an additional £10 Ground Rent per year.
**Estimate: The monthly mortgage is based on an interest rate of 4.99 % with a capital and interest repayment over 25 years, which is based on a 90% mortgage. The rent may increase each year, the increase calculation will be specified in the lease.
Communal entrance hall
Hall, Lounge, Balcony, kitchen, Bedroom 1, 2, 3 and Bathroom/WC
82 square metres as per RICS valuation
F - General Access
Length of lease