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It’s important to note that there are a few criteria that you must meet to be eligible for the Shared Ownership scheme. For example, you can't currently own a home or if you do it must be under offer and the sale completed prior to the completion of the purchase of a Shared Ownership home. This works well for people needing to upsize but don’t have the funds to purchase what they need on the open market.
You must also have a combined household income below £80,000 a year (£90,000 in London).
If you have any questions about eligibility, you can speak to your local Shared Ownership expert today.
You can purchase a home from as little as 10% of the property’s value, allowing you to move forward for a fraction of the price.
This also means that the deposit for the property is usually lower when compared to the full amount, as you are only purchasing a share of the home.
You will not own the property outright but, as and when your financial circumstance improves, you are even able to buy more of a share in the property, also known as staircasing.
You can find out more about Shared Ownership schemes on the Government’s website or why not speak to your local Shared Ownership experts?
Wards have an in-house Shared Ownership department ready to discuss options with you and do all we can to find the best route for you.
