Shared Ownership is where you buy a part, or ‘share’, of a property and rent the bit you don’t own at a subsidised rate. It has been specifically designed as a kind of ‘middle ground’ between buying outright and renting. It is targeted at people who need a helping hand to buy a property.
The scheme allows you to buy between 40% and 75% of the full value. Meaning the deposit is smaller and it becomes more affordable for those on a lower wage. Often Shared Ownership works out cheaper than privately renting even though you are paying both a mortgage and rent!
Shared Ownership is specifically targeted, mainly, to those with a local connection to the area in which the homes have been built. This could be living or working in the area for instance. You will be asked to prove your local connection when you apply.
When you are ready it is likely that you will be able to purchase more shares in your property, called Staircasing. This is so that eventually you will be able to own your home entirely.
Shared Ownership is the perfect way to take those first steps onto the property ladder. Particularly in a time where buying your first home outright can be very expensive.
Email: info@cornwallhousing.org.uk
Telephone: 0300 1234 161
