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%.
Two bedroom, ground floor flat in the London Borough of Southwark, available to buy through Shared Ownership. Full market value £425,000, 25% share available, share price £106,250
Monthly Mortgage**: £537.40
Monthly Rent: £393.57
Service Charge*: £128.23
Notting Hill Administration Fee: £13.50
Estimated Total (per month): £1111.17 excluding council tax
*Service Charge payable to managing agent
**Estimate: The monthly mortgage is based on an interest rate of 4.5 % 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.
Entrance hall, two bedrooms, bathroom and lounge/kitchen.
80 square metres
F – General access
Length of lease