Is it worth buying a Shared Ownership house?

Is it worth buying a Shared Ownership house?

Pros of Shared Ownership Deposits are generally lower than buying on the open market. Shared Ownership makes mortgages more accessible, even if you’re on a lower wage. Your monthly repayments can often work out cheaper than if you had an outright mortgage.

Is it hard to get a Shared Ownership mortgage?

Yes, you can get a Shared Ownership mortgage with bad credit. It’ll be more difficult than if you had a perfect credit score, but it’s definitely possible. You’ll need to find a specialist mortgage lender who is likely to accept you.

What salary do you need for Shared Ownership?

The general eligibility criteria for Shared Ownership is as follows: You must be at least 18 years old. Outside of London your annual household income must be less than £80,000. In London, your annual household income must be less than £90,000.

Is it hard to sell a Shared Ownership property?

If your housing association is able to find a buyer within the nomination period they have to sell your share, the process can often be quicker than selling on the open market. However, if you live in an area where Shared Ownership properties are less in demand, finding a buyer can be harder.

Do you have to staircase in shared ownership?

You do not have to staircase with your shared ownership property. However it can bring a number of benefits. Any additional shares that you purchase are based on the current market value of the property.

How does shared ownership work in Hampshire?

We’ll pay a part to get you on the property ladder in Hampshire, with shared ownership. We partner with you to share the cost of buying your own home – you pay for the part you can afford and we’ll pay for the part that’s left.

How does a shared ownership mortgage work?

A shared ownership mortgage enables you to part rent and part buy. You buy a share of a new-build or existing home from a housing association, then pay rent on the rest. The mortgage can cover anything between 25% to 75% of the property value, depending on what you can afford.

Where can I find a list of shared ownership properties?

Properties under the Shared Ownership scheme are either new-build homes or resales. A resale property is one that a current owner bought under the scheme and is now selling on. You can find a list of shared ownership properties for sale on the Share to Buy website. How much deposit do I need for a shared ownership mortgage?

Who is eligible for a shared ownership mortgage?

To be eligible for a shared ownership mortgage, you have to be a first-time buyer or a former homeowner who can’t afford to buy a new property. Your household income must be less than £80,000 a year (£90,000 in London).