Shared Ownership Scheme
This home is sold through the Shared Ownership Scheme*. The advertised price of £42,500 represents a 25% equity share.
Buyer decides share amount based on affordability, can be any amount from 25% to 75%.
Break down of examples of some of the share amounts available, rent and other costs in addition to your mortgage payment based on full market value of £170,000:
25% share (£42,500) Rent £292.19 pm
40% share (£68,000) Rent £233.75 pm
50% share (£90,000) Rent £194.79 pm
75% share (£127,500) Rent £97.40 pm
Incentives - £1000 towards legal fees and £1000 towards furnishings, on selected properties
A service charge of £45pm
You will need a minimum 5% deposit for mortgage purposes and funds to pay for solicitor fees, moving costs & furnishings.
*Shared ownership provides an affordable way for you to become a home owner, by buying a share in a new home and paying a subsidised rent on the remaining share. You will then have opportunity to purchase further shares in your home in the future up to 100%, which we call "staircasing", as further shares are purchased the rent reduces accordingly.
Buy a share in the home, such as 50%, or 75%, & pay a reduced rent on the remaining share. Buy more shares as and when you can afford them. Visit the Shared Ownership section for more information.