Are you looking for a quick and affordable route to the property ladder? Allow us to introduce you to Shared Ownership, which helps you to buy a smaller share of your home, while paying rent on the remainder.
If you are unsure about how to buy a Shared Ownership property, there’s no time like the present to get up to speed. To make sure you know exactly what to expect, here are some top tips to get the most out of your Shared Ownership home:
1. Do your research
You might be eager to take advantage of Shared Ownership, but make sure you’ve taken enough time to consider your decision. For example, you’ll need to do your research on Shared Ownership costs, how the scheme works, and the best housing providers in your area. This will help you make the most informed decision, and land a home that you love. If you find out that the scheme doesn’t suit your situation, it’s better to find out now rather than later.
2.Use a Shared Ownership affordability calculator
If you’ve never heard of this alternative way to buy before, getting your head around the costs can be complicated. But the sooner you work out how it works, the faster you can put together your budget. As well as paying for your Shared Ownership deposit and monthly rent, you’ll also need to account for added costs like valuation fees, legal fees and potentially stamp duty. You can start figuring out your budget using our affordability calculator. This tool will help you determine how much you can afford.
Unsure how to pay for a Shared Ownership home? Check out our guide to Shared Ownership finances.
3. Get a pre-approved mortgage
Once you’ve worked out the math, it’s time to get your Shared Ownership mortgage pre-approved. Not all lenders offer mortgages for Shared Ownership homes, so the sooner you’ve found one that does, the sooner you can start house-hunting. Handily, you’ll only need a mortgage for the share you are buying, rather than the whole thing. With your mortgage secured, you should get a clear idea of how much you’ll be able to borrow.
4. Think about your location
We've got some good news for you! Buying through Shared Ownership means you can afford to live in some of London's most vibrant and popular areas. Giving you the perfect platform to live in an area you love (without paying a premium), we have Shared Ownership homes all over London. Whether you want a quiet leafy suburb, or somewhere closer to busy Central London, the choice is yours.
5. Ask about shared spaces
Affordable isn't the only perk that comes with our Shared Ownership homes - many of them also feature luxurious shared spaces like landscape gardens, balconies and even sometimes a cinema room! So if you want your home to have some swanky added features, be sure to find out everything your money is getting you.
6. Understand the terms of your lease
When you’ve bought your Shared Ownership home, the last thing you want is to be tripped up by a legal stipulation you weren’t prepared for. So before you commit to buying a Shared Ownership property, make sure you’ve read your agreement carefully! From the various costs involved to restrictions on renting and home improvements, this will ensure you avoid any nasty surprises.
7. Get advice from other homeowners
If you want to find out what Shared Ownership is like, why not speak to someone who has used the scheme already? Whether you reach out to a friend of a friend, or check out one of our Homeowner stories, there’s no better way to get all the information you need. You’ll be able to pick up advice on the buying process, as well as learn about day-to-day life in a Shared Ownership property.