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%.
Last two properties remaining
The Boundary is a small collection of twenty high quality apartments in the popular Clapton area of Hackney. One of these 2-bed stylish homes is available on a shared ownership basis, giving an affordable opportunity to buy in a great area.
Local area information
The apartments face up Lea Bridge Road to take advantage of the lovely views across Millfields Park next door or just a 9 minute walk to the Hackney Downes. Setting up home here will give you a chance to be part of welcoming, close-knit community. But with great travel links on hand it’ll be easy to reach neighbouring areas and the rest of London.
There are plenty of green spaces to relax in locally. Millfields Park is right next to The Boundary with lovely avenues, wide, open fields and a cricket pitch. The River Lea runs behind the park and you can walk beside this to get to Springfield Park with its pond and children’s adventure playground. Hackney Downs has plenty of walking trails and tennis courts and is just a 10-minute walk away, and the much larger Victoria Park is around 22 minutes on the bus.
Min share price from: £151,250 for a 25% share
Full price from: £605,000
Minimum deposit from: £7,562
Monthly rent from: £945
There are 2 available ranging from £151,250 for a 25% share to £151,250 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.