If you are wondering what shared ownership properties are, you have come to the right place. In fact, shared ownership is an ideal way for anyone to take the first step to become a homeowner in the future. This tried and tested method has been supported by the United Kingdom government for the last 40 years. With this scheme, you can buy a share in a property – starting from 25% to 75% of the property value. You are free to buy as much as you can afford. You will be given the opportunity to pay subsidised rent on the remaining share. Over time, you can pay for the balance share and own 100% of the property. This article provides information on the advantages of shared ownership properties.
The local authorities have set a certain criterion that should be met by anyone who wants to qualify for this type of scheme. Here are some of the eligibility requirements to participate in this scheme.
. You should be over 18 years of age.
. You have no way of buying a home suitable for your needs on the open market. In fact, you need a good credit history and sufficient funds for a mortgage deposit to obtain a mortgage.
. You should be able to show that you live in the local area of development.
. You shouldn’t have any outstanding credit issues.
. You should meet the income criteria set by the authorities – such as in London the income should be less than £90,000 and outside London, the income should be less than £80,000.
. You should be a first-time buyer.
If you are eligible for the scheme, you should consult a shared ownership mortgage specialist to have a free financial assessment in order to find out what share you could afford to purchase. Most of the time, you may need to be registered with the local authorities in this regard. These are important things to consider when you want to buy a property through a shared ownership program in the United Kingdom.
Searching for shared ownership homes should be done with care. There are many such sites out there. But all of them are not created alike. Make sure that you do the necessary research before choosing the best scheme to participate in. That is the best way to take advantage of the shared ownership program and own a home over time.