Shared Ownership - New Build
What is Shared Ownership?
Shared ownership is another way to buy your own home. You buy a percentage, and pay rent on the rest. The housing association owns part of it — but you’re living there, you decorate it, and you decide when to sell. Buying a percentage means a smaller deposit and smaller mortgage. It’s a sooner first step on the ladder for lots of people. Usually, you can also carry on buying shares, to own it 100%.
How does it work?
The share you buy is confirmed 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 own.
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 agent.
Help to Buy Midlands - The way you access a Help to Buy agent is changing. Registration for affordable homeownership is closed between 16th December 2019 - 2nd January 2020. We will update you further on the 2nd January on how to apply to your new Help to Buy agent.
PLEASE NOTE: If you are applying for a specific property, please provide details of it on your application and ensure that you name Hello Homes as the provider so that they can forward the application to us.