Have you heard about shared ownership schemes? Maybe you have but you’re not too sure how it works? We’ve listed a few key points to help you understand it better and for you to decide whether it may be the right choice for you. Read on to find out more!
- Shared ownership schemes allow you to initially buy 25-75% of a property.
- On the share of the property you don’t own, you pay rent. For example, a 50% share of a property that costs £1000 per month would reduce the rent to £500.
- You are able to purchase more shares in a property at any time, which further reduces the rent.
- Most shared ownership properties are new builds.
- To qualify for shared ownership, you need to be either a first time buyer, earn a combined household income of less than £80,000 (£90,000 in London) or you rent a council or housing association property.
Have any other questions about shared ownership? Feel free to email firstname.lastname@example.org and I’ll be happy to assist you with any questions you have.