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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Packet Boat Lane, 2 bed homes
All units have good open plan living / kitchen space with separate entrance hallways, storage cupboards and a range of bedrooms sizes. Gas central heating from communal boiler and separate bathrooms with full size bath and mains shower. Each unit has a balcony and or terrace. Kitchens come with wall & base units, water proof flooring, white goods including free standing cooker, fridge / freezer & washing machine. Carpets in living room, bedroom and entrance hallway. Fresh air ventilation is fitted in each unit. The building comes with a shared lift, and underground allocated parking for 1 car and newly refurbished communal area's.
Local area information
This 3-year-old converted building is conveniently located in Cowley Uxbridge, close to local transport links including buses, trains and the coming Crossrail in 2019. Within close walking distance to supermarkets, local eateries and the Grand Union Canal gives a great social and working life balance.
Min share price from: £95,000 for a 25% share
Full price from: £380,000
Minimum deposit from: £4,750
There is only one available priced at £95,000 for a 25% 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.