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Shared Ownership
What's good about shared ownership?
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It offers an opportunity for those on a low income to step onto the property ladder.
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If you are on a low income, housing associations will usually give you priority. They will consider what money you have coming in, as well as your housing need - for example, if you have children.
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Your monthly mortgage payments and rent may be less than if you had bought your home outright.
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There is little or no deposit.
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If you are a taxpayer, you will get tax relief on your mortgage.
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If you decide to sell your home, you will get a share of the increase in the value of the property.
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The exemption from stamp duty reduces the cost of buying.
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You can build up the share of the property you own until you own it outright, thus investing in your own home rather than just paying rent.
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By proving that you can make regular mortgage repayments, you may find it easier to obtain a mortgage in the future.
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The landlord is responsible for maintaining the structure of the property.
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It is a useful scheme for people who expect their income to increase in the future.
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Shared ownership properties are usually new-build or refurbished.
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You can combine shared ownership with joint ownership.
Next page >>
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 FirstRungNow has been set up to help first time buyers.
With prices so high in the UK, many need to be shown what the financing and ownership options are. FirstRungNow is the place to go.
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The Key Worker Living scheme was launched in the spring of 2004. Are you entitled?
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Buy a share of a property, and pay rent on the rest to make it affordable.
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If you are thinking of buying a first home, it is important you find out how much you can borrow and you understand the costs and how much deposit you will be able to put towards it.
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