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" If you aspire to own your own home but don't think you can afford to, Shared Ownership is the scheme for you!

The Shared Ownership scheme is funded by the government to enable qualifying applicants to access affordable home ownership and enables you to purchase a brand new home on a part buy basis. This government initiative is an excellent way to get onto the property ladder, as it can be much easier to acquire a mortgage on a smaller proportion of the price of a property.

How does it work?

If you aspire to own your own home but don't think you can afford to, Shared Ownership is the scheme for you!

The Shared Ownership scheme is funded by the government to enable qualifying applicants to access affordable home ownership and enables you to purchase a brand new home on a part buy basis. This government initiative is an excellent way to get onto the property ladder, as it can be much easier to acquire a mortgage on a smaller proportion of the price of a property.

Shared ownership enables you to buy a share in your new home and pay a subsidised rent on the remaining
share. It does not mean that you have to share your home with anyone else.

The monthly cost of owning a shared ownership home usually works out less than if you had bought the home
outright and in many cases the monthly costs are less than renting privately. You will also need a much smaller
deposit than you would if you bought outright. The initial share you buy is calculated to suit your circumstances, so it is affordable for you now and in the future. The most shares purchased are usually between 25% and 75% - depending on the development. Once you are settled into your new home, on most shared ownership leases, you will have the option to purchase further shares up to the full 100% at any time, this is known as 'Staircasing' The higher the share you own the lower your rent will be, until you own 100%, then there is no rent to pay. If however your circumstances change and you wish to sell your home, just like any other purchaser you are free to sell your percentage at any time to another eligible person and the sales team at Together Housing will assist you.

Qualifying Criteria
• Your household income is below £60,000 per year
• You are a serving member of the armed forces.
• You are currently renting a council or Housing association property
• You are in permanent employment or-
• Able to access savings or a mortgage (dependent on your circumstances)
• You are a previous homeowner who has had to sell due to say; a relationship breakdown or your home no longer suits your needs / is in disrepair and the sale proceeds would not generate enough to buy on the open market
• You need to move due to work or family commitments
• You are an existing shared owner whose family has grown and you need a larger property

If all the above criteria match your circumstances then the next step would be to have an informal discussion with a member of the Together Housing team.

An example of the rent payable on the Shared Ownership;

........ has been valued at £105,000 therefore a 25% share would be £26,250. The rental figure on the remaining equity would be £180.50/month. There is also a service charge of £25.62/month which includes buildings insurance.

AMOUNT OF SHARE ALLOCATED TO PURCHASER WORKED OUT BY AFFORDABILITY NOT REQUEST 

LOUNGE To the front of the property and with open staircase to the first floor and access to the kitchen. 

CLOAKROOM  

KITCHEN To the rear of the property and with a range of fitted units, integral oven and hob and plumbing for a washing machine. Door to the rear garden, access to the cloakroom and storage cupboard. 

BEDROOM Overlooking the front of the property and with storage cupboard. 

BEDROOM To the rear of the property. 

BATHROOM With a white three piece bathroom suite. 

EXTERNALLY To the front is a small buffer garden with path to the front door. To the rear is an enclosed lawned garden which I accessed through the kitchen or the car park gate.

There is an allocated parking space in the car park to the rear.  "