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%.
Saw Mill Way, 3 bed homes
The Saw Mill Way property is a terraced house within a modern development built in around 2013. It benefits from a communal bike storage, flower bed front garden and private allocated parking space. The lease remaining on the property is 121 years.
Local area information
There are good transport links with Stamford Hill & South Tottenham stations 0.7 miles away, served by London Overground linking to Liverpool Street in 25 minutes. Local buses serve the area and the night buses links to Oxford Circus.
A variety of independent food stores are located right outside of the development with larger superstores located 0.6 miles away along Stamford Hill. For Leisure and enjoyment, green spaces such as Springfield Park, Markfield Park, the River Lea and Walthamstow Marshes are a short distance away.
Nearest Station: Stamford Hill Station & South Tottenham Station – Overground (Zone 3).
Bus routes nearby: Route 318 from Grovelands Road and Route 67, 76, 149, 349, 476 & N73 from St Ann’s High Road.
Min share price from: £252,000 for a 35% share
Full price from: £720,000
Minimum deposit from: £25,200
Monthly rent from: £703
There is only one available priced at £252,000 for a 35% 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.