The Help to Buy Shared Ownership Scheme was introduced by the UK Government in England (Scotland and Wales have their own schemes) to help both first time buyers and former homeowners to get back onto the housing ladder. Unlike the Government’s “Help to Buy Equity Loan” which is only available to buyers of new-build homes, the shared ownership scheme is available for the purchase of older homes too.
The scheme works on the basis that rather than having to put together a deposit and mortgage to purchase the whole of the property, a buyer can now purchase part of the property with the other 25 - 75% of the home being owned by a third party under the terms of this scheme. The homeowner then pays the mortgage every month in the usual way and in addition, pays a rental payment for the remaining share not owned by them.
The Shared Ownership Scheme is open to buyers that do not currently own a home (or are existing shared-ownership’ homeowners looking to move, as long as their household income is £80,000 or less outside London (£90,000 inside London).
If you are over 55 ask us about the Older People’s Shared Ownership Scheme which offers a rent free option on the share of the home you don’t own (up to a maximum of 25% of the home).
Only members of the armed forces enjoy special priority rights when applying for Government-sponsored shared ownership schemes but local authorities may offer priority rights to other groups. Click here for Home Ownership for People with Long-Term Disabilities (HOLD) for more details or call us for a chat.
For more details on the various Government Help to Buy Mortgage Schemes available through Mortgage Required contact us or speak to a mortgage adviser on 01628 507477.
Related Articles:
- What is a Help to Buy Equity Loan?
- “Help to Buy” Government Loan Scheme now available at Mortgage Required
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