For first time buyers in London looking to discover their dream home in England’s buzzing capital city, shared ownership is the perfect opportunity to find something suited to your lifestyle, family and future in an ideal location. With brand new developments situated in highly sought-after areas, if you are a first time buyer in London, shared ownership opens doors all over the city with a whole range of apartments and houses available.
Planning for the future is always important and with the shared ownership scheme the first time buyer in London can find a home that fits with their dreams and aspirations while making a rewarding investment in an attractive area of the city. Shared Ownership allows you to part buy, part rent a home in London with a smaller deposit and lower rental costs, creating a whole new way of getting onto the property ladder and finding an ideal setting to lay down your roots. With the opportunity to buy more of the home as you feel ready, the scheme is paving the way for the first time buyer in London to move up the property ladder in the city’s most appealing locations.
With high class city apartments and modern spacious houses located all over the city, shared ownership is ideal for first time buyers in London who work in the city and want to avoid the longer commutes from further afield. No one should have to compromise on their ambitions so choose shared ownership and find the perfect London home whether you prefer the more open spaces of the suburbs or thrive in the bustling excitement of city life. From colourful culture to the city’s many historical landmarks, buying a home in London will most certainly be an enriching experience that will immerse you in a lifestyle unique to anywhere else in the UK.
To be eligible for shared ownership, you must not already own a home or have sold your current home. You must have a household income of up to £90,000 if you are buying in London, or £80,000 outside of London.
Buying the remainder of the property
You also have the option to buy the remaining share of the property from the housing association. You can do this all in one go or over a period of time. This is called Staircasing, and allows buyers to reach 100% ownership at their own pace and when they feel ready.
Finding the right shared ownership mortgage
Getting a shared ownership mortgage is fairly straightforward once you have been accepted for the scheme. Although not all high street lenders opt into these types of mortgages, there are several mainstream and specialists lenders that do so at very attractive rates. Mortgage terms are set similar to a regular mortgage, with the buyer working to pay off the loan over a set number of years.
Finding your dream should be an exciting and rewarding experience so get in touch today and discover your future in the UK’s most vibrant city.