Shared Ownership Shared ownership housing schemes explained Shared ownership schemes are a cross between buying and renting; aimed mainly at first-time buyers. These schemes are intended to support those people who don’t earn enough to buy a home outright. Most of the homes available are newly built, but some are properties being re-sold by housing associations. You own a share and then rent the part you don’t own at a reduced rate. With shared ownership, you buy between a quarter and three-quarters of a property, with the option to buy a bigger share in the property at a later date. See an example of a shared ownership development we're currently marketing - Vertex in Watford. Am I eligible for Shared Ownership? The criteria for who’s eligible for the shared ownership scheme varies from country to country. In England, you need to meet one of the following; • Be a first-time buyer or someone who used to own a home but doesn't currently own one • Have combined household income of less than £80,000 (in London, it’s less than £90,000) • Already rent a council or housing association property. You don’t have to be a key worker, such as a nurse or teacher, to apply for shared ownership but military personnel will be given priority over other applicants. What’s the application process? • Speak to the Housing team in your local council, or Housing Association, to see whether the scheme is available in your area and whether you’re eligible to apply. • Look on the Share to Buy website to see what properties are available in England. https://www.sharetobuy.com/ • Find out if you can get a mortgage. Not all lenders will give you a mortgage for shared ownership but many of the major ones will. You will still have to apply for a mortgage to pay for your share and will have to undergo strict affordability checks by the lender. You will also be expected to be able to provide a deposit. • Make sure you will be able to afford all the costs of homeownership; including mortgage fees, moving costs, stamp duty, insurance, repairs, maintenance and, if it’s a flat in a block, your service charge. Remember for Shared Ownership, although you own only a share of the property, you still have to pay all of the maintenance costs. Take a look at our current shared ownership developments - Vertex and Squires Park Apartments REGISTER CONTACT US VALUATION 4.8 Overall Google Rating, from 1000+ reviews NEWSLETTER Subscribe to our newsletter for monthly updates about the local housing market. Subscribe BRANCHES 4.8 Watford 4.8 WD25 4.8 Bushey 4.8 Hemel Hempstead 4.8 Land & New Homes Imagine Property Group Limited is a registered company incorporated in England under Company No. 10313168, registered address: Block B, 26 Wilmington Close, Watford, United Kingdom, WD18 0FQ. This website uses cookies for analytics. See our privacy policy for more details. Imagine Group is powered by AppDrawn Software Development BUYERS SELLERS TENANTS LANDLORDS NEW HOMES LAND