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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Paddock Fields, 3 bed homes
Paddock Fields, Killinghall is made up of 3-bedroom houses now available on part buy - part rent.
Local area information
Paddock Fields is an exceptional new development from Linden Homes, set in the North Yorkshire village of Killinghall, an excellent commuter location, in a picturesque, countryside setting. These brand new 1, 2, 3, 4 and 5 bedroom homes are situated close to the heart of the village, yet only 1.8 miles south of Ripley and 2.5 miles north of Harrogate.
Killinghall offers a range of day-to-day amenities, including village pubs, churches, primary school, day nursery, doctors’ surgery and garden centre. The splendid village hall is home to a host of local clubs, events and activities, while the village supports a popular cricket club.
Just up the road, Ripley is a picturesque village, well known for its historic castle and gardens. It offers further facilities including a grocer and convenience store, post office and butcher. A short drive away, the spa town of Harrogate, which is renowned for its elegant Victorian architecture and high-end boutiques, is a fine shopping destination.
The town also offers a wide range of cafés and restaurants, including the famous Betty’s Tearoom, and magnificent entertainment and leisure facilities, including Harlow Carr Gardens, the Harrogate Theatre, Royal Hall and International Centre. Excellent secondary schools are available locally.
Min share price from: £79,988 for a 25% share
Full price from: £319,950
Minimum deposit from: £7,999
There is only one available priced at £79,988 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.