If you would like to buy your own home but can’t afford to purchase one on the open market, Shared Ownership may be the answer you are looking for.
Shared ownership is sometimes called ‘New Build Homebuy’ or ‘part rent/part buy’ and is a Government sponsored scheme designed to offer affordable housing to people who can’t afford to buy a suitable home in any other way.
Through Shared Ownership you can buy a share of the property, which is normally set at 50% and pay a subsidised rent on the remaining share.
This arrangement may include the option to buy further shares over time, and eventually own your home outright. This process is called ‘staircasing’.
Am I Eligible?
To qualify for Shared Ownership you must meet certain criteria;
Indicative example of purchase