Help to Buy - Shared Ownership explained
What is Shared Ownership?
- A solution for first time buyers, families, existing shared owners and those looking to get on the property ladder, who otherwise would not be able to afford a 100% ownership.
- The buyer purchases a percentage of a property (between 25% and 75%) and pays rent on the remainder.
Is Shared Ownership right for me?
- Whether you can participate in the scheme will depend on location and income. For homes in London, purchasers must have a joint household income of £90,000 or less, while outside London the household income cap is £80,000.
- Dependent upon the location in which you wish to buy, there might be other criteria applicable such as priority groups, based on local housing needs.
- If you can afford to buy more than 75% of the full market property value, you won’t be eligible for the scheme.
- The property must be your only home.
- Shared Ownership properties are always sold as leasehold