If you want to get on the property ladder but can’t afford the mortgage on 100% of a home, Shared Ownership could help.
Shared Ownership, available on new properties, lets you buy a share of the home and pay a low rent on the remaining share that we own.
You start by buying between 25% and 75% of the full value of the property and can buy more shares when you can afford to, until you eventually own the home outright.
You could buy a home through Shared Ownership if:
- Your household earns less than £80,000 a year
- You’re a first time buyer
- You used to own a home but can’t afford one now
How it works
You will need to take out a mortgage to pay for your share of the home’s value.
You’ll also need to pay a mortgage deposit, usually around 5% of the value of your mortgage.
Each month you’ll need to pay:
- Your mortgage repayment to the mortgage lender
- Your rent. This is based on the share of the property you don’t own, set at a low rate to make your home affordable
- If you buy an apartment or a house on an estate with shared areas, you will also pay a service charge for the upkeep and maintenance of these communal areas.
If you’re interested in buying a new home through shared ownership and want to see what’s available, visit www.torushomes.co.uk
To find out more about Shared Ownership, contact the sales team.