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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The Paddocks, 2 bed homes
The Paddocks is a stunning new development located in Andover, Hampshire.
There is currently a two bedroom brand new semi detached house available now for sale through Shared Ownership. With further two and three bedrooms to be released in Summer 2020.
This brand new two-bedroom semi detached home benefits from off road parking and an enclosed rear garden.
The Paddocks is located approximately 2 miles south-east of Andover town centre, where a range of pubs, cafés and restaurants are located. The main shopping area is around the High Street. On offer is a superb shopping centre, the Chantry Centre, which is a home for many of Andover’s biggest and best stores.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.
*These photos, floorplans and measurements are indicative and should only be used for information purposes only and may not represent a true likeness for the units being sold.
Local area information
The Paddocks, Twenty-One is approximately 2 miles south-east of Andover town centre, where a range of pubs, cafés and restaurants are located. The main shopping area is around the High Street. On offer is a superb shopping centre, the Chantry Centre, which is a home for many of Andover’s biggest and best stores. The Chantry Centre also has restaurants and cafes to grab a bite to eat after a long day’s shopping.
Min share price from: £94,000 for a 40% share
Full price from: £235,000
Minimum deposit from: £4,700
Monthly rent from: £323
There is only one available priced at £94,000 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.