50 shared ownership how does it work

Shared ownership allows you to buy a share of your home, with a lower deposit, smaller mortgage and monthly payment on the rest. That means your monthly mortgage and deposit are smaller than they would be if you bought your home outright. Read our pdf guide. With SO Resi, you buy your own home in your own way. Then you can buy extra shares over time, so it's all manageable to suit your income. You buy shared ownership property in a way that suits your own budget.

Then you make straightforward monthly payments, which combine the mortgage on your share and a payment to SO Resi on the rest. You also pay a service charge and all other usual costs of running a home.

Most Shared Ownership leases do not allow you to sublet your home, however lodgers are often allowed, given that you get permission from your housing association. To find out more about the rules relating to sub-letting and lodgers, check out our FAQs page: Responsibilities of a Shared Ownership buyer. The Shared Ownership lease sets out the rights and obligations of both the landlord i.

Yes, you can still by a Shared Ownership home. What is Shared Ownership? Shared Ownership — all you need to know! The general eligibility criteria for Shared Ownership is as follows: You must be at least 18 years old. Shared Ownership purchasers are often first time buyers but if you do already own another home, you must be in the process of selling it. You should not be able to afford to buy a home suitable for your housing needs on the open market.

You must show you are not in mortgage or rent arrears. You must be able to demonstrate that you have a good credit history no bad debts or County Court Judgements and can afford the regular payments and costs involved in buying a home. Search our Guides and FAQs. Search search. Can I purchase any property on a Shared Ownership basis? Does Shared Ownership mean sharing with another person? How many bedrooms am I entitled to purchase?

What is a resale Shared Ownership property? What size share can I purchase in a Shared Ownership property? Shared ownership explained. Written by Tom Martin, Content editor 27 January Share this guide. Shared ownership mortgages. Compare first time buyer mortgages Compare a huge range of first time buyer mortgages on our comparison tables. First time buyer mortgages. In this guide. What is a shared ownership mortgage? What does shared ownership mean?

Pros and cons of a shared ownership mortgage Shared ownership mortgage brokers. Your cookie preferences We use cookies and similar technologies. Essential Performance Marketing Functionality Social.