Is Shared Ownership Right For You?
Did you know that MoD personnel are given priority when applying to buy a property through shared ownership? It could be your answer to making the dream of home-ownership a reality.
To help you decide whether it’s for you, we’ve answered some of the most frequently asked questions about shared ownership.
How does it work?
Through a housing provider like Aster, you buy a share of a property and pay rent on the part you don’t own. We offer a range of shared ownership properties across the south of England, most of which are brand new. Depending on the type of property and the location, you can start off by buying a share as low as 25% and deposits can be less than £2,000 for a £150,000 home.
Am I eligible?
Anyone with a household income of £80,000 or less can buy through shared ownership. Given that the average household income in the UK is around £40,000, most people are eligible.
Can I afford it?
On average, a person buying through shared ownership has a household income of £30,347. Buying a house is one of the most important decisions you make and shared ownership is there to make it affordable. It allows you to buy anywhere between 25% and 75% of your new home, depending on what you can afford.
Will I actually own my home?
Shared ownership is a great way to get your foot on the property ladder. Owning part of the property means smaller mortgage repayments and a smaller deposit. Through a process called ‘staircasing’ you may be able to increase your share of the property until you become the sole owner.
What if I want to move?
You own your share of the property so you can sell it at any time. All you need to do is inform your housing provider in writing.
To find out more about Aster’s shared ownership homes visit: www.buyanasterhome.co.uk/shared-ownership