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%.
St Thomas Park
St Thomas Park is an exciting new development in the historic market town of Ramsey. Set in the heart of the Cambridgeshire countryside, some 10 miles from Huntingdon and 12 miles from Peterborough, it enjoys excellent travel links and a host of nearby attractions.
With a superb range of energy efficient, high quality 3 and 4 bedroom homes, St Thomas Park offers something for everyone. With a good supply of nurseries,infant and junior schools, plus Abbey College to complete secondary education, it is the perfect place to bring up a family.
Local area information
Ramsey is a small town with a vibrant and growing population and a thriving community spirit. For the health conscious, living at St Thomas Park, you’ll be close to cricket, tennis and golf clubs and just over a mile from the local leisure centre and swimming pool. A short walk into the town centre and you can enjoy the local shops, grab a coffee with friends, or eat and drink in one of the pubs or restaurants. A convenient superstore is situated on the edge of town, while only a short drive away there are several farm shops supplying a variety of quality local produce.
Min share price from: £145,000 for a 50% share
Full price from: £290,000
Minimum deposit from: £7,250
Monthly rent from: £332
There is only one available priced at £145,000 for a 50% 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.