Am I eligible for Shared Ownership?
Shared Ownership is for first time buyers or those returning to the housing market, for example following a relationship breakdown. You will be in employment with generally an income of less than £80,000 per year. However, circumstances vary so please give us a call to discuss your own situation, we may be able to help.
What share will I need to buy?
Again, this will vary according to your own personal circumstances. You will be advised of this once you have made an application through the Help to Buy website, but the share you buy is based on what you can afford.
How much rent will I pay?
This will depend on what % the remaining share is but rent is based on 2.75%. So, if you purchased a home costing £150,000 with 50% shared ownership, you would pay £172 per month in rent. You would also pay your mortgage on the share you have bought (less the deposit you have paid). You will need to seek independent advice from a mortgage advisor as rates vary.
Are there any other costs I need to be aware of?
You will need to budget for your utility bills, such as gas, electricity, water, insurance and council tax. You may have to pay a service charge on some communal areas on the development. We will be able to advise you of this when you make your application.