Its quite a simple concept, you can buy a share in a new home, the usual minimum amount is 25% of the properties value. You then pay a subsidised rent on the part of the property that you don’t own.
The great thing about part ownership is that, at any time in your life, you find that you are in a better position financially you can buy further shares until you own your home outright.
To be eligible to for the Help to Buy Shared Ownership scheme, you will need to meet the following criteria;
- You can’t afford to buy a property on the open market
- Your household income is less then £60,000 per annum
- You are a first time buyer. In some cases home owners who are assessed as having a housing need can qualify
- You are at least 18 years old
If you are considering buying a new property through a Shared Ownership scheme, take a look at some of the new developments we are currently marketing.
We have a large selection of new developments where the scheme is accepted visit our land and new homes section on Propertywide.