WHAT IS SHARED OWNERSHIP?
Shared Ownership** is a government-backed scheme aimed at helping people take their first steps onto the property ladder. With Shared Ownership, you can buy a share of your home rather than buying all at once.
Shared Ownership allows you to buy a new build or an existing ‘resale' property with a much lower deposit than if you were purchasing the property outright. This is because it is calculated on the initial share you are purchasing, rather than on the full value of the property.
HOW DOES IT WORK?
With Shared Ownership, you purchase the share of your home that you can afford, starting from as little as 25% and up to 75% of the property's value. This means you need a much smaller deposit than if you were to take out a mortgage on the whole value of your home.
You then pay a subsidised rent on the remaining share of your home alongside your mortgage payments. If you choose to, you can buy more shares of your home, until you own it outright; a process which is known as Staircasing. There are some conditions for who is able to purchase through Shared Ownership to ensure that the scheme is able to benefit those who need it most.
AM I ELIGIBLE?
Eligibility is used to determine whom Shared Ownership is a good fit for. As Shared Ownership has been designed to help those who cannot afford to buy on the open market, there are some restrictions in place to ensure the scheme benefits those who need it most;
• You cannot own a home in the UK or abroad at the
time of completion.
• If you have enough savings to purchase a home
outright in the area you want to live in, you will not
qualify for Shared Ownership.
• You should have a regular income to cover your mortgage and rent. Your household cannot be
higher than £90,000 (£80,000 outside of London).
Some local authorities may cap income further.
Buyers may also be prioritised to ensure that households with particular requirements get a home most suited to their needs. For example, those who require wheelchair accessibility, military personnel, and families with children in line with government priorities.
ABOUT CLARION HOUSING
Clarion Housing Group is a charitable housing association with more than 100 years' experience of developing and selling new homes. We combine award-winning, well-designed properties with excellent pre-sale and aftercare services.
Developing new private and Shared Ownership homes, we provide options for a range of customers at varying price points. Clarion Housing Group owns and manages 125,000 homes across 176 local authorities, and is the largest housing association in the UK.FIND OUT MORE
PRINCE OF WALES DRIVE
** Shared Ownership – Terms and conditions apply. This scheme with Clarion Housing is subject to status and fitting criteria. Minimum and maximum share values will apply and rent is payable on the unsold share. Please speak to a member of our Sales Team for more details.