Shared Ownership

We have a great deal of experience in dealing with Share Ownership transactions. We have knowledge of the Schemes and the legal documentation which can be complicated to understand. We bring to this area  expertise and care which will assist clients who are  purchasing property for the first time.

Despite the current economic climate there are a number ways where first time buyers can get onto the property ladder. We here outline the various schemes which are available.

New Build
Purchasing from a Housing Association or Developers

1.    “Home buy direct”.   This is a Government Scheme working with major house builders to help first time buyers purchase a home.  If you earn less than £60,000 a year you may be able to apply to the local home buy agent for an equity loan for up to 30% of the purchase price.   The loan will be free of interest charge for 5 years. Some properties are available to “try before you buy” where you can become a tenant on a discounted rent for up to 3 years.  

2.    “Shared ownership”.  You can purchase as little as a 25% share of the property and pay the rest in full and subsidised rent. Usually, you can staircase up to buy further trenches of the property

3.    “Private initiatives”  It is worth shopping around. Developers are offering a variety of incentives to sell their stock. These include cash back for a deposit, giving you a loan to help with costs or paying your mortgage for a period of time.  Contact developers direct.

4.    “Open market home buy”:  “My Choice Home Buy”.  This allows you to borrow between 15% and 50% of the property price as an equity loan from one of eight housing associations on a low interest rate.  The remainder can be funded by a mortgage.  The equity loan can be used as a deposit but on selling the property the loan provider will be entitled to a share of any increase in price based on the percentage borrowed.

5.    “Privately owned property”:  “Places for People” and the Co-op Bank gives buyers a chance to buy without a deposit.  Places for People will lend up to 40% of the value of the property in the following equity loan. The loan is interest free for 5 years after which a fixed rate of 1.75% applies rising to 3.75% after 10 years.  The rest is paid for by one of the Co-operative Bank Mortgages.  Contact sales@placesforpeople.co.uk   0800 432 0002

See www.housingoptions.co.uk/ho2 for a local HomeBuy agent or telephone 020 8920 7777

We are happy to assist you with any of the above options.