Providing affordable homes is what we aim to do at Futures and shared ownership is another option we offer to help people to get on the property ladder.
Shared ownership explained
- When a home is for sale by shared ownership, it means that you buy a 'share' of a home.
- The share is usually anywhere from 10% to 75% of the property's market value. You can pay for this as a cash buyer or through a mortgage, but either way this only needs to cover your share.
- You have to pay rent on the remaining share you haven't purchased, but this doesn't mean that you're a tenant or renting a home - if you buy through shared ownership, you're officially a homeowner! You'll also have to pay service charges too.
- Taking out a lower mortgage also means that you'll need a smaller deposit than you would for buying a home outright.
For example, if a shared ownership home is for sale for £100,000 and you buy a share for 25%, your share price would be £25,000. If you purchase with a mortgage, you'll need a minimum of a 5% deposit of your share price.
Who can apply
You may qualify for a shared ownership home if you meet the following criteria.
- Your household income is less than £80,000.
- You're a first time buyer or unable to afford to buy a home on the open market.
- Are a British citizen or permanent resident.
- Are free from bankruptcy or county court judgements.
How to apply
All of our shared ownership homes are marketed with local estate agents and can be found on Rightmove and Zoopla. Have a look at some of our previous developments below.
If you're interested in shared ownership homes please get in touch with csenquiries@futureshg.co.uk.
