What is Shared Ownership?

What is Shared Ownership?

 

What is shared ownership?

Shared ownership is a government backed scheme aimed largely (but not exclusively) at first time buyers, to help them get on the property ladder. It allows you to buy a share in a property and pay rent on the remaining share, meaning you need a much smaller deposit. 

 

Why buy a shared ownership home?

There are lots of advantages to buying a home through shared ownership, including:

 

  • you'll own part of your home, rather than paying rent with no return
  • your monthly mortgage and rent can work out much cheaper than buying outright and often less than private renting
  • you can buy more shares in your home at a later date
  • you only buy what you can afford so you don't overstretch yourself financially

 

Priority for Shared Ownership

Priority for shared ownership properties is given to applicants that work for the Ministry of Defence.

 

Am I eligible for shared ownership?

To be eligible to purchase a shared ownership property, you must:

 

  • have a combined household income of under £80,000 (outside of London)
  • be unable to purchase a suitable home to meet your housing needs on the open market
  • not own a property, or part of a property, at the time of completing on your purchase
  • be financially able to buy the minimum share available and pass a financial assessment and secure a mortgage
  • have a good credit history
  • be registered with your local Help to Buy agent

 

Is it affordable for me?

When you apply for Weald Living Shared Ownership, our mortgage broker Metro Finance will ask for detailed information about your income and financial commitments. Weald Living will perform checks to ensure you can afford to purchase and sustain the housing costs before offering you a home.

 

In general, you will need approximately £3,000 to cover the costs of purchasing a home. These costs cover things like; the reservation fee, mortgage valuation fee, mortgage arrangement fees, solicitor fees, removal costs and utility connection charges.

 

Household income requirements will differ from development to development, in line with factors such as current house prices, the share for sale and your mortgage deposit. To purchase one of our shared ownership homes, you normally need a deposit of between 10 and 15% of the value of the share you are purchasing.

 

How do I apply?

To apply for shared ownership, you must complete the online application.

 

For Sussex: https://www.helptobuyese.org.uk/apply-online

For Hampshire: http://www.helptobuysouth.co.uk/how-to-apply.asp

 

If your application is approved, you will be issued with a reference number. We will need this number from you before we can consider you for a Weald Living shared ownership home.

 

More information 

Find out more about shared ownership in our exclusive brochure here.

 

For more information on the shared ownership scheme, please visit the Help to Buy website.

 

If you'd like to learn more about our range of current and upcoming developments, please visit our developments page.

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