How does Shared Ownership work?
If you can’t quite afford the mortgage on 100% of a home, the Government backed Help to Buy: Shared Ownership scheme offers you the opportunity to purchase a share of a brand new home (usually 50% of the home’s value) and pay rent on the remaining share. You will need to secure a mortgage to purchase your share, along with a deposit amount required by your lender.
Later on, you could buy bigger shares when you can afford to (this is called staircasing) the bigger the share of the property you own, the less rent you will need to pay.
As your circumstances change, you may have to move house. This will involve selling the share you own in your home. bdht will be able to assist you with this process.
Am I eligible?
You may be eligible for Shared Ownership if:
• You have a household income of less than £80,000 per year
• You are a first time buyer i.e. you don’t already own a home
• You are currently a homeowner, however the property is not suited to your current needs and you cannot afford to purchase a suitable property
• You are at least 18 years of age
• You have a deposit and are able to secure a mortgage
Where can I find out more?
Further details on properties currently for sale can be found here.
This website explains all you need to know about Shared Ownership.
We work with Oulsnams Estate Agents who help bdht sell our properties. To speak to their independent financial advisor please make an enquiry here. Alternatively, should you require any further information please contact bdht to discuss your personal circumstances.