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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Paragon, 1-3 bed homes
Paragon , Cambridge is made up of 1, 2 and 3 bedroom apartments now available through shared ownership in Cambridge.
Local area information
Paragon at Great Kneighton is located to the east of Trumpington on the southern edge of Cambridge and is easily accessible from the M11 junction 11. This vibrant development benefits from new schools, shopping facilities, recreational grounds and vastly improved transport links including extensive, purpose built cycle way routes and footpaths. Trumpington Park and Ride is only 5 minutes away - an easy alternative route to the centre of Cambridge and the railway station. King's Cross is just 47 minutes away by train and Stansted airport just 30 minutes by train. So, if you're looking for a new home with excellent commuter links, your search ends here!
Min share price from: £82,188 for a 25% share
Full price from: £328,750
Minimum deposit from: £7,500
There are 2 available ranging from £82,188 for a 25% share to £87,500 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.