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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Staunton Gate, 1-2 bed homes
Stunning 1 & 2 bedroom apartments set in the peaceful Essex village of Alresford, just north of Colchester. The new build Taylor Wimpey Staunton Gate development is beautifully positioned to enjoy the countryside and good links into the town of Colchester where you can get a train to London Liverpool Street in less than 1 hour.
These beautiful homes are finished to a high standard throughout, with a modern style kitchen, contemporary bathroom suite, and fitted carpets. This really is the perfect family home in a great location.
Prices on this development start from 40% equity share.
You will need a minimum 5% deposit (of the share value) for mortgage purposes, plus monies to pay for solicitor fees, moving costs & furnishings.
Local area information
Set in a peaceful Essex village of Alresford, just north of Colchester. The new build Taylor Wimpey Staunton Gate development is beautifully positioned to enjoy the countryside and good links intothe town of Colchester where you can get a train to London Liverpool Street in less than 1 hour.
Min share price from: £64,000 for a 40% share
Full price from: £160,000
Minimum deposit from: £3,200
Monthly rent from: £220
There are 2 available ranging from £64,000 for a 40% share to £82,000 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.