18 November 2021
Shared Ownership is a brilliant way to get yourself on to the property ladder, it is a great scheme which allows thousands of people the opportunity to own their very own home. It also gives you the opportunity to build equity and through Staircasing, increase the amount of the property you wish to own.
Let’s talk more about the advantages of Shared ownership
- Become a homeowner - Shared Ownership allows you the opportunity to get that step onto the property ladder , offering long-term stability without overstretching.
- Lower Deposits – Dependant on lender deposits can be a little as 5% of the share you are purchasing and as mortgages will be smaller than buying on the open market your deposit amount will be a lot less than outright sale.
- Accessible Mortgages - Shared Ownership makes mortgages far more accessible due to the amount being borrowed being lower. You also find the monthly payments are also generally lower than renting privately .
- Buy more shares- You always have the option to buy more shares of your beautiful home in the future via a process we call Staircasing. In the majority of cases , purchasers can staircase right the way up to a 100% - Yes that means you will own the property all 100% of it , this would mean you are no longer required to pay any rent, just their mortgage along with any other service charges and ground rent.
- You can always sell and move on - Shared ownership doesn’t tie you in and you always have the option to see your shares at any time – Our resales team will guide you every step of the way.
- Stamp Duty - It is not normally necessary to pay stamp duty tax upon initial purchase as the share values are normally below the stamp duty threshold , although your solicitors will be able to give you all the options.
- Having that Security – Having the security of a tenure if always reassuring ,unlike being in rental accommodation, where the landlord could decide to sell at any time. As long as the rent is paid and mortgage repayments are made, you can live in the property for the duration of your lease – this is usually 125 years plus
Find out if you qualify here
Purchasing a new home is a huge decision and is not to be embarked on lightly , always ensure to do your research and ensure the choice made is the best for you , your circumstances and budget.
However overall Shared ownership offers a range of advantages and offers people the opportunity to buy fabulous new homes in places they want to live.
If you think shared ownership could be for you please contact us on 0345 450 3995 and speak to our lovely sales team who will guide you through the Shared Ownership journey!