Shared Ownership Essex

You get a mortgage for the percentage of the property you are buying, typically from 20% and rent the remaining part from the Housing Association.

There are many benefits to owning a shared ownership properties with the main one being that it gives you the opportunity to own your own home. You can see the benefits of shared ownership by checking our blog on ‘is buying shared ownership a good thing?’

Shared ownership can be new build or resale homes. It depends on the housing provider and what they have chosen to advertise.

Shared Ownership homes are aimed at first time buyers, downsizers or those who used to own a home, but are unable to buy one at the moment.

You are eligible if you have a household income that is less than £80,000 per year (in London it is less than £90,000).

You can find out more about shared ownership eligibility on our blog

Yes, you will need a shared ownership conveyancing solicitor to complete a shared ownership sale

There are different providers who can offer mortgages for a Shared Ownership homes. Most high street lenders offer shared ownership mortgages. You can compare shared ownership mortgage rates here

Yes, just like a regular sale property, you are required to pay council tax on a shared ownership property

Yes, it is similar to buying your house outright. You will still need to have a deposit in place, typically 10% of the share of the property. So, for example, if you were buying a 25% of a property with an overall value of £100,000 this would equate to a mortgage of £25,000. So in this instance if you required a  10% deposit it would be £2,500. The remaining share of the property, £75,000, would be owned by the Housing Provider and you would need to pay them a monthly rent they will have worked out. So you will have both mortgage repayments and rent to pay. Check with a financial advisor or mortgage broker as they will be able to help you find out how much deposit you will need.

It is where you can buy a bigger share in your Shared Ownership home.  You will need to get in touch with your Housing Provider at a later date. You can check our blog for further information on how staircasing works

Some schemes allow you to buy the whole property, while on others there is a limit. It is best to find the properties you like and to ask the Housing Associations direct what the criteria for outright ownership is.

No, there is not an age limit for those wanting to buy a shared ownership property over the age of 18. However, there is a shared ownership scheme directly for those over the age of 55. This scheme makes it possible for those over the age of 55 to still be able to have a shared ownership home but they can only own up to 75% of the property.

This is something which you will have to consult individually with your housing provider.

Yes, your rent can increase. This is usually by 0.5-2% in line with any increases in Retail Price Index periodically, usually each year.