What is Shared Ownership?


What is Shared Ownership?

 

Shared Ownership is an alternative home ownership scheme which gives first time buyers, and those that do not currently own a home, the opportunity to get on the property ladder at an affordable price.

 

The government backed scheme allows buyers to purchase a share of a home – usually between 25% and 75% – and purchasers will only need to pay a mortgage on the share that they own, and subsidised rent on the remainder.  

 

The main advantage of Shared Ownership is that the initial deposit is generally lower than buying on the open market, this is because a deposit is only required on the share being purchased. Likewise, a mortgage is only required for the share being purchased, meaning the total amount borrowed is typically much lower than when buying a home on the open market. 

 

Another advantage to Shared Ownership is that monthly repayments can often work out to be cheaper than a regular mortgage, or private rental.

 

You can also increase the share of your home through ‘staircasing’; a scheme which allows purchasers to increase the share they own all the way to 100%.

 

Through Shared ownership, you can choose to live with your friends, family, colleagues – or live on your own. You can also decorate your home as you please, making it truly your own. 

 

Finally, all of our Shared Ownership homes are individually valued by an independent qualified surveyor from the Royal Institute of Chartered Surveyors (RICS), so you can rest assured that you’re paying a fair market price. 

 

Are you looking for a stylish and modern home in London or the South East?

 

Southern Home Ownership is dedicated to providing stylish, high quality and contemporary new homes for sale through Shared Ownership in London, Brighton and the South East.

 

If you're a first-time buyer and interested in owning a Shared Ownership property, then click on this link to take a look at our latest developments.