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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Sirius, 2 bed homes
Moat is pleased to bring to the market this modern two bedroom first floor luxury apartment. Situated in the popular Brighton Marina development, these properties are available through shared ownership in Brighton.
Between miles of beach to the west and the undercliff walk to the east the Marina offers excellent leisure facilities including a Multiplex Cinema, Casino, David Lloyd fitness centre and Bowlplex. With numerous waterfront restaurants along with 24 hour supermarket on site and 24 hour security.
Brighton station is approximately three miles away and is served by several buses including the number 7 which runs every 7 minutes from the Marina. Brighton station has fast links to Gatwick, Central London and the Sussex Coast. The property is conveniently situated for access onto the A23 with links to the M23 to London.
Local area information
Min share price from: £112,500 for a 25% share
Full price from: £450,000
Minimum deposit from: £5,625
Monthly rent from: £592
There is only one available priced at £112,500 for a 25% 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.