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%.
A two bedroom first floor flat in the London Borough of Ealing, available to buy through Shared Ownership. Full market value £240,000 50% share available, share price £120,000
Monthly Mortgage**: £637.93
Monthly Rent: £248.01
NHHO Service Charge*: £147.02
Council Tax: £113.42
Estimated Total (per month): £1,032.96 excluding council tax
*Service Charge payable to Notting Hill
**Estimate: The monthly mortgage is based on an interest rate of 4.99 % with a capital and interest repayment over 25 years. It is based on a 90% mortgage. The rent may increase each year, the increase calculation will be specified in the lease.
Communal front entrance controlled by security entry phone system with stairs to the first floor flat
Entrance hall, lounge with balcony off living room, kitchen, 2 bedrooms and bathroom
Private rear balcony off lounge
70 square metres as per RICS valuation
Length of lease