After all the excitement (and let’s be honest, pressure) of Christmas, thoughts turn to New Year Celebrations and those all-important New Year resolutions. Unfortunately, after an intense Christmas and New Year period lots of things can change, relationships can breakdown with many looking for a fresh start! The New Year can signify it’s time for a big life change and maybe even a new start in life. But what does that mean for your living situation?
A relationship breakdown is a very difficult time, and it can be made even more difficult by having to find somewhere else to live. Added to that the uncertainty of the current economic climate along with rising living costs can create a lot of added stress. In these financially difficult times, it’s not always as simple as finding a mortgage for a new home with one income or a significantly lower income. But don’t feel down! There is a solution! Shared ownership could be the perfect fit for you. Let’s find out more…
What is Shared Ownership?
Shared Ownership is a great way to get on to the property ladder when you can’t quite afford to buy a home on the open market. Based upon your affordability, you can buy an initial share of your home between 25% and 75% and make a small monthly rent payment for the remaining share that we retain.
There are many advantages to a shared ownership property, but the single biggest attraction is financial. Not only can you own a high quality, new build home affordably but it’s a manageable way to purchase a home without needing a huge initial deposit. You will be able to get a foot on the housing ladder much sooner than you otherwise would have done.
Could you be eligible for a shared ownership scheme?
If your change in circumstances means your household income is now £80,000 a year or less (£90,000 a year or less in London) then you could be eligible for a shared ownership property.
Aren’t shared ownership schemes just for first-time buyers?
Simple answer – no! Shared ownership is not limited to just first-time buyers. Shared ownership is also open to previous homeowners who are now struggling to get back on the property ladder, as well as existing shared owners who want or need to move, and those who own a home and want to move but cannot afford a new home that meets their needs.
What if I have previously owned a property in the past?
Even if you have owned property in the past, you could still be eligible for a shared ownership scheme in certain circumstances, for example, if you’re forming a new household after a relationship breakdown or if you are recently divorced.
While it may be a difficult time personally it may bring some comfort knowing that there are options available to you. Shared ownership could be the very thing you need to enable you with the fresh start you desire. Avoid the renting trap with an affordable home and a brand-new chapter! Get in touch now for more information and to discuss your options for shared ownership with us. Your new start awaits!