The exact share you can buy with shared ownership in Bristol depends on what you can afford and the terms set by the housing association or property developer.
Generally, you’ll be able to purchase between 25% and 75% of the property’s value, although in some cases, buying as little as 10% may be possible.
You won’t need the full amount upfront for your share—instead, you’ll need a 5% deposit based on the portion you’re buying.
For instance, if you’re purchasing a 50% share of a £100,000 property in Bristol, your deposit would be 5% of £50,000, which comes to £2,500.
You’ll usually have the option to buy more shares later on, known as staircasing, and this should be detailed in your agreement.
If this isn’t covered in your terms, getting a shared ownership mortgage might be a bit more complex, but a mortgage advisor in Bristol can help you explore your options.