Shared ownership is a part-buy part-rent solution to owning your own home. A shared owner will buy a 25%, 50% or 75% share of their home by means of a mortgage in the usual way, and will pay rent to the Association for the remaining share of the property. Shared ownership should lead to the shared owner eventually owning the home outright.
The benefit is that you have a direct investment in the property and will gain from any increase in its value should you wish to sell. You may apply to the Association if you wish to increase your share holding or buy outright.
The Association recognises that shared ownership schemes are designed to help people onto the property ladder by providing accommodation to individuals who could not otherwise afford to purchase a property outright. Shared ownership applications will only be approved where the property will be the buyer’s only property.
The Association are also interested in buying back shared ownership properties. Conditions apply, please contact the office for more information.