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Shared Ownership can be an affordable way of getting onto the property ladder. Take Your First Step Onto the Property Ladder With Aster - Contact Us Today!
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- If you can’t afford all of the deposit and mortgage payments for a home that meets your needs, Shared Ownership offers you the chance to buy an initial share of a home worth between 10% and 75% of its market value. You will pay rent to the housing provider on the rest.
www.ownyourhome.gov.uk/scheme/shared-ownership/
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You can buy a home through the shared ownership scheme if you cannot afford all of the deposit and mortgage payments for a home that meets your needs.
Oct 10, 2024 · Shared ownership is a scheme that helps people buy a home if they can’t afford the full price. You buy a share of your home, usually between 25% and 75%, and pay rent on the rest. It can be a great option if you want to get a foot on the property ladder. What is the eligibility criteria for Shared Ownership?
Dec 22, 2022 · The Right to Shared Ownership is available to tenants living in new homes for Social Rent or Affordable Rent delivered through the Affordable Homes Programme 2021-26, with some limited...
You’ll usually start off paying the mortgage that you can afford, and then over time, you can choose to buy more shares of the property, as and when your finances allow. This process is called ‘staircasing’, and it can be a more manageable way of buying property for some.
The purpose behind shared ownership is to help wannabe homebuyers who can't afford to buy a property at its full market value to buy a part of it instead, the argument being that this is an affordable alternative onto the housing ladder. There are some restrictions though:
Buying a shared ownership home means you can purchase between 25% and 75% of a property from us. On our newer developments your initial purchase could be as low as 10% (this is linked to the funding that is used to build a development). That means that you don’t need a big deposit.
If you can’t quite afford the mortgage on 100% of a home, Shared Ownership offers you an alternative route onto the property ladder by giving eligible purchasers the opportunity to buy a share in a new build or resale home.
