If you can’t quite afford a mortgage on the open market, Shared Ownership offers you the chance to buy a share of your home (Connexus typically sell between 25% to 75% of the home’s value) and pay a subsidised monthly rent for the remaining share. Later on (for some properties) you can staircase to 100%.
With Shared Ownership you can buy a newly built home or an existing one through resale programmes from housing associations like us. You’ll need to take out a mortgage to pay for your share of the home’s purchase price, or fund this through your savings. Shared Ownership properties are always leasehold.
You can buy a home through Shared Ownership if you;
- Can’t afford to buy on the open market and at least 18 years old
- Have a household income of less than £80,000 per year
- Preferably a first time buyer*
- Have a good credit rating
- Have at least £1,500 of savings to cover the one-off costs (things like solicitor fees). Remember this doesn't include any mortgage deposits, developer reservation fees or stamp duty (if applicable). Most schemes will require you to have a deposit of at least 5% of the share you are buying.