The Shared Ownership Scheme has been a valuable source of support for first time buyers and home movers in York since the 1980s, helping them on their journey towards property ownership.
Also known as “part buy, part rent,” Shared Ownership in York allows individuals to purchase a share of a property, typically ranging from 25% to 75%, though the specific share can be lower depending on the mortgage lender. The remaining portion is paid as a rental charge.
This arrangement offers both flexibility and stability for home buyers, making homeownership a much more affordable and achievable option. One of the significant benefits of Shared Ownership is the possibility for homeowners to “staircase” in the future, meaning they can purchase additional shares in the property over time until they reach full ownership.
It’s important to keep in mind that Shared Ownership is limited to specific purpose-built properties that meet the requirements and guidelines of the Shared Ownership Scheme. These properties are carefully selected to align with the scheme’s objectives and provide an optimal homeownership experience for participants.