Shared ownership is a Government-funded scheme designed to help people buy their first home. Typically a buyer will buy between 25% to 75% share in a property, and then pay rent on the remainder to a Housing Association. Properties available under the arrangement can range from a one bedroom flat to a four bedroom flat. One of the great aspects of the scheme is that there are a number of resale’s each year, which means that someone under this system can then move onto full ownership.
Goodfellows took the initiative some 12 years ago to set up a specialist “Affordable Homes” department having recognised that sharp increases in property prices meant home ownership was an unattainable goal for ready and waiting buyers particularly from the key worker sector. As this business has grown, we are now specialist in providing Shared Ownership Homes throughout London, Surrey and Sussex - representing a number of housing associations and as such are well placed to give advice on the entire process and explain the affordability criteria and assist in selecting the right mortgage product that covers a shared ownership purchase.
In order to qualify you will need to match the following criteria:
- You should always check the eligibility required with the housing association selling the property, as they may have specific criteria.
- You must be at least 18 years old.
- Outside of London, your annual household income must be less than £80,000.
- In London your annual household income must be less than £90,000.
- You should generally be a first time buyer, i.e. you don’t already own a home. If you do already own, you must be in the process of selling it.
Follow this link to see the 7 steps you will need to do in order to buy a shared ownership property.