Shared ownership can help you get a foot on the property ladder. We can help you find your way through the process.
Shared ownership schemes let you buy a share of your home (normally between 25% and 75%) and rent the remaining share off of a Housing Association. In many cases, you also have an option to purchase further shares during your time in the property via a process known as 'staircasing', and in most cases can staircase all the way to 100% ownership.
Typically, you’ll pay a mortgage on the percentage you own and rent on the percentage owned by the Housing Association.
Shared ownership schemes can help first time buyers get on the property ladder if you can't afford or can't borrow enough to buy on the open market. Generally, shared ownership schemes require a smaller deposit, reduce monthly costs, offer potential to grow your equity and may be personalised to your circumstances.
However, they can be a bit more complicated than outright purchases. There are more rules than with a traditional mortgage arrangement, so it’s vital that you speak to a share to buy mortgage broker to help understand how much you can afford to borrow.
Some of the things you’ll need to think about include:
Shared ownership could be the best way for you to get a home of your own, but there’s a lot to think about.
Our Residential property team are experienced in all the legal aspects of purchasing, selling or staircasing a shared ownership home and Conveyancing quality scheme. In addition to our legal expertise, Tees has the financial insight to guide your purchase. Our team of financial advisors can help you find the right mortgage lender for your situation.
You’ll find our Residential Property Team helpful and easy to talk to.