Get your share of the home ownership action

Off By Ed Hanna

Shared ownership is the affordable way to buy a new home.

After a career in the Forces, starting again in a difficult economic environment can be a daunting prospect. Shared ownership is here to help.

The Shared Ownership Scheme is not only affordable but has provisions to help Serving, or former Military personnel build a new life – it is also there to support bereaved families of former Military personnel.

Shared ownership is an extremely popular scheme for people who can’t afford to buy a home on the open market, which is a very common position to be in.

Initially, you can purchase the share of a home that you can afford, usually between 25-75% and pay rent on the share that you don’t own. On some newer shared ownership homes, you can buy from as little as 10% of a home, if this is the share level that’s affordable to you, subject to eligibility. In the future, if your circumstances change, you can purchase more shares or buy your home outright through a process called ‘staircasing’.

Typically, shared ownership homes are sold on a ‘first come, first served’ basis due to such high levels of demand. However, Serving personnel or former members of the Armed Forces discharged within the last two years receive priority for the scheme.

Ministry of Defence personnel will be prioritised for shared ownership schemes where:

they have completed their basic (phase 1) training and they are one of the following:

– Regular personnel (including Navy, Army and Air Force).

– Clinical staff (with the exception of doctors and dentists).

– Ministry of Defence Police Officers.

– Uniformed staff in the Defence Fire Service.

They are ex-regular Service personnel who Served for a minimum of six years, and can produce a discharge certificate (or similar documentation) as proof, where they apply within 24 months of date of discharge from Service or

they are the surviving partners of regular Service personnel who have died in Service, where they apply within 24 months of the date of being bereaved.

At Plumlife Homes, we have been helping people realise their home ownership dreams for more than 25 years and have a range of homes across the North West and beyond, to suit your family make-up and budget.

One former member of the Armed Forces, Jennifer, wanted to move closer to home after a relationship breakup, however, given the high interest rates and cost of living she was fearing the worst, until she discovered shared ownership and Plumlife. She told us “Plumlife did everything we needed them to do and the fact we have been able to take advantage of the Shared Ownership Scheme has been a godsend for me and my girls. We couldn’t ask for more.”