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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Wainhouse Close, 3 bed homes
Moat is pleased to bring to the market this end of terrace house built around 1985 situated in a residential location. Edenbridge Town station is a mile away with links to East Croydon and London Bridge. Edenbridge railway station is around 5 miles away with links to Ashford, Tonbridge and London Bridge. The high street is a short distance with a range of shops and restaurants. Edenbridge leisure centre is half a mile away with swimming pool, gym and sports hall. The nearest school is Edenbridge Primary School, approximately half a mile away.
Min share price from: £103,200 for a 43% share
Full price from: £240,000
Monthly rent from: £304
There is only one available priced at £103,200 for a 43% 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.