How does shared ownership work?
Asked on May 28 2014,
New Homes in Liverpool |
Shared ownership schemes
Shared ownership schemes are provided through housing associations. You buy a share of your home (between 25% and 75% of the home’s value) and pay rent on the remaining share.
You’ll need to take out a mortgage to pay for your share of the home’s purchase price.
Shared ownership properties are always leasehold.
You can buy a home through shared ownership if:
- your household earns £60,000 a year or less
- you’re a first-time buyer - or you used to own a home, but can’t afford to buy one now
- you rent a council or housing association property
You can get help from another home ownership scheme called ‘Older People’s Shared Ownership’ if you’re aged 55 or over.
It works in the same way as the general shared ownership scheme, but you can only buy up to 75% of your home. Once you own 75% you won’t have to pay rent on the remaining share.
Answered on Jun 3 2014,
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