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%.
One bedroom fourth floor flat, in the London Borough of Wandsworth, available to buy through Shared Ownership. Full market value £395,000. 60% share available, share price £237,000.
Monthly Mortgage**: £1259.92
Monthly Rent: £365.43pm
Monthly Service Charge*: £131.46
Notting Hill Administration Fee: £13.50
Council Tax: £58.33
Estimated Total (per month): £1770
*Service Charge payable to Pinnacle Ltd
**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 entrance hall with stairs and lift to upper floors
Entrance hall, kitchen/living room, bedroom and bathroom with W.C.
Communal grounds/gardens. No allocated parking.
54 square metres (581 sqft) as per RICS valuation
Length of lease