Where you want to be! The Oaks @ Kingsmere | Page 4

People up and down
the country dream of
owning their own home.
Shared ownership can
make that dream a
reality.
Shared ownership offers a fantastic opportunity
for you if you’re trying to get a foot on the
property ladder but can’t quite afford to buy a
home on the open market.
Depending on what you can afford, you can buy a
share of between 40% and 75% of the home, you then
pay a subsidised rent on the remaining share. As and
when you can afford to, it’s possible to buy a larger
share of the property at a later date – this is called
staircasing.
Buying a shared ownership home is very similar to buying
a home on the open market. You’ll need a deposit of
at least 5%, a mortgage to cover the purchase price of
your share and you’ll have to pay your legal fees.
You will need to register with the Help to Buy agent for
the area you’re looking to buy in, and there are certain
eligibility criteria you’ll need to meet too.
You’ll need to be earning no more than £80,000 (outside
London), be over 18, live or work in the UK, not own any
other property and be unable to afford to buy a home
on the open market.
With shared ownership you benefit from lower monthly
payments compared to buying a home outright, but you
still get all the benefits of owning a new home.
To find out more, go to bromfordhomes.co.uk