If you're struggling to get on the property ladder and don't have a big deposit, Shared Ownership could help make owning your own home a reality.
Shared Ownership is a government-backed scheme which provides you with the perfect opportunity to get a foot on the property ladder. Even though you are only buying a share, your home will feel like your own.
The main eligibility for Shared Ownership is:
Your household income does not exceed £80,000 per year
You have a deposit (at least 5% of the share value)
You are a first-time buyer or you used to own a home, but can’t afford to buy outright
The Shared Ownership property will be your principle and only home
You have passed a Homes England affordability calculator, demonstrating you are financially able to buy the share value and support the monthly costs
You have registered with a Help to Buy Agent
Key benefits of Shared Ownership:
As the home deposit is taken as a percentage of the share price, you can buy a home with a smaller deposit
As you’re only buying a share of the property, your mortgage costs will be smaller
The rent payments you make on the property are lower than renting privately
You can sell your share of the property at any time
You can buy more shares in the property after the initial agreement, usually up to 100%, allowing you to own the property outright
If your lease allows, you may be entitled to a £500 per year contribution towards repairs your property may require.
You can decorate and personalise your new home to make it your own.
If you’re interested in Shared Ownership, visitwww.marqueehomes.co.ukfor more information and to view available properties.
