Shared Ownership allows you to buy a share in a new home,
ranging from 25% to 75%, depending on your affordability.
Garden City Homes owns the remaining share and you pay a reduced rent on that share.
This means that you need to get a smaller mortgage to buy the property and will also
need a smaller deposit. You can buy more shares as and when you can afford them, this
is called 'staircasing' and as you buy more shares, you will pay less rent and own a bigger
share of the property.
HOW IT WORKS
Aimed at buyers, Part Buy, Part Rent Home Ownership, or Shared Ownership,
was launched by the government in April 2006 under the HomeBuy brand.
ADVANTAGES OF SHARED OWNERSHIP
The advantages of shared ownership include:
- You will own part of your home, rather than paying rent with no return
- Your monthly mortgage and rent can work out much cheaper than buying outright,
and sometimes not much more than renting
- You can buy more shares in your home or sell it if you want to
- You only buy what you can afford so you don't overstretch yourself financially
To find out more about Shared Ownership please download the quick guide here
You can apply for your next home at Village 135 by completing our application form. Click here to download it