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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Bower Place, Oakington, 2 bed homes
2 x 2 bedroom houses for shared ownership, part-buy part-rent in the popular village of Cottenham.
Local area information
The development will become a thriving community of just 50 new homes. Surronded by open countryside and within a mile of local ameneties, Oakington is less than 8 miles from Cambridge.
Waterbeach railway station is a 12 minute drive away with connections to Cambridge in 6 minutes, Ely in 10 minutes and London Kings Cross in just 59 minutes, Close to the A14 and A10 with the A1(m) within 30 minutes. Stansted Airport is a comfortable 40 minutes drive away.
Full market value: £315,000
Minimum 40% Share: £126,000
Monthly rent: £433.13
Estimated monthly service charge: £187
50% Share: £157,500
Monthly rent: £361
60% Share: £189,000
Monthly rent: £289
75% Share: £236,250
Monthly rent: £180.46
Min share price from: £126,000 for a 40% share
Full price from: £315,000
Minimum deposit from: £6,300
Monthly rent from: £433
There are 2 available ranging from £126,000 for a 40% share to £126,000 for a 40% 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.