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 Warren, Studio -3 bed homes
The Warren is a charming development of 31 characterful new homes, set in one of the Ribble Valley’s most picturesque villages.
The development offers the opportunity to reside in a luxurious new home that perfectly complements its sought after country village setting with breathtaking views out towards Pendle Hill and glorious countryside all around. It’s the ideal base from which to fully enjoy all the delights the Ribble Valley has to offer, whether its walks along the Tolkien Trail, fine dining at Michelin starred Northcote or mountain biking through Gisburn Forest.
A range of stylish and spacious homes are available suited to a broad range of homebuyers, including 2 bedroom bungalows, 3 bedroom semi-detached homes, 2 and 3 bedroom terraced homes and 4 and 5 bedroom family homes.
Architectural details and build materials have been chosen so as to complement neighbouring housing and ensure this new arrival blends perfectly into it’s attractive setting.
Min share price from: £130,000 for a 50% share
Full price from: £260,000
There are 2 available ranging from £130,000 for a 50% share to £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.