What is Shared Ownership?

Shared Ownership is a part-buy, part-rent government scheme that aims to help make it easier for buyers to get themselves on the property ladder. 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.

 

Who qualifies for the scheme?

 
One of the myths surrounding Shared Ownership is that you must be a first-time buyer to purchase a property with this scheme. This however is incorrect.
 
The Shared Ownership scheme is available to all buyers that meet the following criteria:
 

• You are at least 18 years of age
• You have a household income of less than £80,000
• You have no ties to any other properties on completion
• You are financially unable to buy on the open market

 

How does shared ownership work?

 
Buyers can purchase an initial share of a property ranging from 35%-75% of it’s value. However, overtime the buyer can purchase further shares making it possible for them to buy their property outright. Here we have included an accurate breakdown of one of our two-bedroom Holtby homes at Ellerwood in Skipton:

 

What are the advantages to Shared Ownership?

 

• You can buy as much of the property as you can afford
• It’s a great way to get out of the renting cycle and become a homeowner
• You can own a high quality, new build home affordably
• It’s a manageable way to purchase a home without needing a huge deposit
• You own the home and can decorate it however you like
• You can sell your home at any time and will benefit from any increase in value