Whether you’re looking to scale up or downsize, there are a number of government schemes to help you find the perfect fit for you and your family. Shared Ownership is just one of those schemes and to help you sift through the facts and technical speak, we’ve detailed some bite size nuggets of ‘need to know’ information to support you through the next stage of house-hunting.
What is shared Ownership?
Through Oriel, it is possible to part-buy and part-rent your home – giving you more options when looking for your dream property. Through the Shared Ownership scheme, you can buy a share of your property – ranging between 25 and 75 per cent – and pay rent on the remaining share.
Is Shared Ownership suitable for me?
Shared Ownership is perfect for first time buyers or for people who used to own a home and now need support with a new purchase. Those who currently rent a housing association property and are looking for support with their first purchase can also benefit from the scheme. One of the government’s only stipulations for eligibility is your household income must be £60,000 or less.
There are additional options available for older househunters; take a look at our advice on the Older Person’s Shared Ownership scheme.
Can I buy a larger share of my home in the future?
You certainly can. Using a process called staircasing, it’s possible to keep buying manageable portions of the rented part of your home until you own the entire property, should you wish to. However, the cost of the share will depend on how much your home is worth when you choose to buy it – something Oriel can advise you on.
Who can I talk to for more information?
For more information on Shared Ownership and the homes available from North West housebuilder Oriel, please contact the customer service team on 0151 290 7891 or email email@example.com.