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%.
Read more about Shared ownership (Opens in new window)
Turnberry Quay, 1-2 bed homes
Situated a stone’s throw from Crossharbour DLR, Wood Wharf and on the water’s edge between Millwall Inner and Outer Docks, Turnberry Quay is in a tranquil yet accessible part of east London these apartments are available through shared ownership. With Canary Wharf and the Jubilee Line just three stops away on the DLR, central London and the City are both within easy reach of home.
The introduction of Crossrail means this area is developing into a transport and lifestyle hub, with an impressive new station, plus shops, bars and restaurants all in one place. Soon there will be even more to love about living the London life at Turnberry Quay.
Local area information
Love the idea of living by the water but still want to be close to the city? Turnberry Quay enables you to revel in the very best of both worlds. You can enjoy life in a chic waterside district and still be just minutes from the buzz of the capital.
Located on the water’s edge in London’s Docklands, the area boasts a huge array of amenities right on your doorstep, including cafes, restaurants and a supermarket within just a short walk. The striking Turnberry Quay building also features shops and restaurants at its street level.
Min share price from: £130,000 for a 25% share
Full price from: £520,000
Minimum deposit from: £19,500
Monthly rent from: £894
There is only one available priced at £130,000 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.