Shared Ownership or New Build HomeBuy is a part-buy/part-rent scheme, where you buy a share of a newly-built home from a housing association or other housing provider.
The minimum share you can usually purchase is 25 percent of the value, with a maximum of 75 percent. A higher percentage may apply on some specified developments. The housing association or other housing provider will own the rest of the property, and you pay them a subsidised rent on the share you do not own.
The combined monthly costs of the rent and the mortgage will normally be noticeably less than would be experienced if buying the property outright. Once a ‘shared owner’, you can then purchase further shares in your home if and when you can afford to do so, known as “staircasing”, until you own the property outright.
Please see the Shared Ownership (Newbuild HomeBuy) Guide in the “Library” section of this site for more detailed information.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
There may be a fee for Mortgage advice. The precise amount will depend upon your circumstances and we will discuss your payment options with you and confirm the actual amount payable before we begin to provide our services.