Help to Buy Shared Ownership - New Build
What is Shared Ownership - New Build?
Shared Ownership is designed to enable people to buy a home when they are unable to afford to buy on the open market.
With a Shared Ownership home you buy a percentage share of the property and simply pay rent on the remainder. Later, if you wish to do so you can buy further shares. This is known as staircasing.
How does it work?
The share you buy is decided by us and is based on your affordability. We take into consideration the property price, your earnings, your savings and your monthly outgoings. You will be required to obtain a mortgage or use savings (depending upon your circumstances) in order to purchase the share.
To ensure our properties are priced fairly, all of our valuations are carried out by RICS surveyors.
Shares usually start at 25%, increasing in 5% increments up to an initial maximum of 75% (80% on rural schemes).
The rent you pay is calculated on the share that you do not purchase.
On some sites a service charge may also be payable to cover the costs of things such as communal cleaning, lighting, and lift maintenance etc.
What will you own?
You will own a share of the property on a leasehold basis, the standard length of which is 125 years. You will have the same rights and responsibilities of a full homeowner.
Search for a property using our Property Search tool to view all our available properties. Full details of what is included is contained within each listing. Please call us for further information or to arrange a viewing.
In order to purchase a Shared Ownership home you must be qualified by your local Help to Buy Midlands.
Once you have been given the go ahead you can apply online.
PLEASE NOTE: If you are applying for a specific property, please provide details of it in your application and ensure that you name Hello Homes as the provider so that they can forward the application to us.