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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River Way, 1 bed homes
This one bedroom quarter house is available to purchase on a shared ownership basis, with a 25% share costing £46,250. The houses comprise an open plan kitchen/living room, downstairs cloakroom, double bedroom and shower-room. Outside there is a large private communal garden and off road parking.
Shared ownership enables you to buy a share in your new home and pay a subsidised rent on the remaining share. It does not mean that you have to share your home with anyone else. The monthly cost of owning a shared ownership home usually works out less than buying it outright and in many cases the monthly costs are less than renting privately.
Buying a 25% share would cost you £46,250, but shares are available from 25% to 75% (depending on affordability). Once you have purchased a share you will have the option to purchase further shares up to 100%. The higher the share you own, the lower your rent will be - until you own 100%, when there will be no rent to pay.
Local area information
Located off the A658 Harrogate Road, the Stone Bridge View development is nestled between the River Aire and the Leeds & Liverpool canal. There is a good selection of pubs and cafes locally and the shops are within a half mile. For commuters there is a Metrolink station within a half mile and access to the M62 motorway can be gained from the M606 motorway which is 7 miles away. Bradford city centre is within 4 miles and Leeds city centre can be found within 8 miles.