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Shared Ownership

Shared Ownership is designed to allow you to buy a property with a smaller deposit and monthly housing costs that are significantly lower than you would pay on the open market. Shared Ownership allows you to buy a new or existing Shared Ownership home.

With Shared Ownership, you buy a share of between 25% and 75% of the full market value of the home, and pay rent on the remaining portion. The rent is initially capped at a maximum of 2.75% on the part owned by Network Homes. In addition there is a service charge payable every month.

You will need to have savings to cover any deposit required by your mortgage lender and the costs involved in moving.

When you can afford to, you can increase the share you own; this is known as 'staircasing'. The cost of the additional share that you buy will be based on the current market value of your home.

To buy through Shared Ownership, you will need to 'maximise your affordability'. This means that you need to take out a mortgage for the share that you are purchasing and any deposit you may have. Even if you can afford to buy the minimum share of the property in cash, you will still be required to take out a mortgage.

Every application is assessed by a financial advisor on an individual basis and you will be required to purchase the maximum share you can afford.

Benefits of buying with Shared Ownership

There are lots of benefits to buying a Shared Ownership home:

  • You can buy chain free which means that there is only one buyer (you) and one seller (Network Homes) involved in the sale (if you’re buying a brand new home)
  • You’ll have a 10 year National House Builders Council (NHBC) guarantee (or equivalent)
  • You will have the opportunity to buy a home in a popular area
  • Your new home comes with fully fitted appliances ready for you to move straight in.

Eligibility

London

You may be eligible for Shared Ownership if:

  • You have a gross household income of no more than £90,000 per annum.
  • You are unable to purchase a suitable home to meet your housing needs on the open market.
  • You do not already own a home or you will have sold your current home before you purchase or rent.
  • Priority may be given to people who live or work in the borough of the development. 

Outside London

You can buy through Shared Ownership if:

  • You have a gross household income of no more than £80,000 per annum.
  • You are unable to purchase a suitable home to meet your housing needs on the open market.
  • You do not already own a home or you will have sold your current home before you purchase or rent.
  • Priority will be given to people who live or work locally. 

Each application will be assessed by a financial advisor on an individual basis and our sales consultants will help you through the process.

Where there is more than one customer looking to purchase the same home, we will give priority to people who:

  • live or work in the area
  • are in the armed forces
  • have local connections
  • are currently living in social housing.

After the priority groups, we will prioritise on a first come, first served basis. Please note that the list of priority groups is subject to local authority to changes.

People with disabilities

If you have a long-term disability, our support scheme ‘Home Ownership for People with Long-Term Disabilities’ (HOLD), can help you to buy any home for sale on a shared ownership basis.

You can only apply for HOLD if the properties available in the other HomeBuy schemes don’t meet your needs. E.g. if you need a ground floor property.

Your local HomeBuy agent can help with your application.

Buying more shares

You can buy more shares in your home any time after you become the owner. This is known as staircasing.

The cost of your new share will depend on how much your home is worth when you want to buy the share.

If property prices in your area have gone up, you’ll pay more to purchase your new share than you did for your first share. If your home has dropped in value, your new share will be cheaper.

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