Frequently asked questions

What is Help to Buy?

Help to Buy is the umbrella term given to all the different ways you can get on the property ladder with government assistance. The Help to Buy schemes are aimed at those who cannot afford to buy a property on the open market without some help. This is great news for those who have been priced out by spiralling house prices.

Eligibility is quite broad and you may be eligible if you are:

There are a number of routes to home-ownership under the Help to Buy umbrella – SnugBug is able to offer Help to Buy assistance through Shared Ownership.

Our SnugBug team can guide you through the application process and put you in touch with independent financial advice, first-time buyer friendly solicitors and other support.

What is shared ownership?

Shared ownership allows you to buy a share in a new home, typically ranging from 25% to 75%. A housing association owns the remaining share, and you will pay a reduced rent on this share.

This means that you need to obtain a smaller mortgage to buy the property. You can buy more shares as and when you can afford them – this is called ‘stair-casing’. You can eventually own 100% of the property if you want to.

Shared ownership does not mean that you buy with someone you don’t know. It also does not mean that you have to share the property with other people. You can buy on your own and live in the property on your own.

Who can apply for a shared ownership property?

If you are a first time buyer, have a local connection with the area and have a total income of up to £80,000 per annum, you may be eligible to buy through shared ownership.

To apply please call one of our SnugBug Home Ownership team on: 0161 772 2165, who will be happy to run through the eligibility criteria with you.

What are the benefits of Shared ownership?

How much does Shared Ownership cost?

The cost will vary according to property type, location and size of purchase share. You must arrange your own mortgage with a bank or building society to buy your share. You must also be able to afford the rent and service charge payments.

You must also be able to meet the Association’s costs with moving, i.e. legal fees and disbursements, building society valuation fees and deposit.

What Types of Property are Available?

We have flats, bungalows, apartments and houses available through Help to Buy Shared Ownership.

I'm already a home-owner but want a new property, can I apply?

If you are currently a home owner wanting shared ownership, you will need to find a buyer for your current property before your application will be considered.