All you need to know about Shared Ownership

We’ve all been there. You want to get a step onto the property ladder but you don’t quite have the funds to be able to buy 100% of the property.

That’s where shared ownership (also known as shared equity) can help.

You get to choose the house you want to live in and you buy a share, up to 75%, and you pay a low monthly rent on the part you don’t buy. It’s as simple as that.

The scheme is fairly flexible, allowing you to buy a larger share of a lower-priced home or a smaller share of a more expensive one. What’s more, you can buy more of your home along the way (up to 100% in most cases) which means you’ll own more of the property and pay less rent on the part that you don’t own.

We currently have one final home available to buy/rent under our shared ownership scheme. It is currently ready to move into at our popular Pinfold Garth development in Sherburn-in-Elmet. This stylish 2 mews starts at only £94,975 with 50% shared ownership and includes £5,000 worth of extras. View our last remaining home.

There are many benefits to shared ownership. You get to live in a lovely new home that is low maintenance and will often have low energy bills, and you can decorate it as normal – what’s better than a blank canvas that allows you to style your home to your own individual taste?

There will be some associated costs that you need to budget for. It costs around £1,500 to cover the cost of buying a home (searches/solicitors etc). You will still need a deposit to buy a shared ownership property of 5-10% of the equity share you are buying.

As with all schemes, there are some general eligibility requirements that you should be aware of:

• You must be at least 18 years old to buy a shared ownership home;
• In our area your annual household income must be less than £60,000 to qualify;
• If you’re considering buying a shared ownership property and you’re not a first-time buyer then you should be in the process of selling (or have sold) your current property;
• You should not be able to afford a like for like property on the open market;
• You must demonstrate that you don’t have mortgage/rent arrears;
• You must demonstrate that you have a good credit history (check it out for free at experian.co.uk) and that you can afford regular mortgage payments.

If you’d like to find out more about this scheme and shared ownership homes at Pinfold Garth please email: pinfoldgarth@stonebridgehomes.co.uk or telephone Lindsey on 0113 357 1131.

Your home may be repossessed if you do not keep up repayments on your mortgage or Shared Equity lease. Additional service charges may be payable on properties with communal facilities or services. You will also need to consider the responsibilities and associated costs involved in owning a home.