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 can benefit from lower
monthly payments compared to buying a home outright,
whilst still getting all the benefits of owning a new home.
To find out more, go to bromford.co.uk/buyahome