If you are thinking of buying your first home, there are a number of things you need to consider.
You will need:
- a deposit of at least 5% of the total cost
- savings that cover the costs of solicitors and other fees such as stamp duty
Shared ownership
Housing associations own a number of properties which can be bought on a part rent, part buy basis. These are usually new build properties but also include resale properties.
Shared ownership helps home buyers to buy a share in a property with their own deposit and mortgage, and pay rent on the share that they do not own. The initial percentage share which can be bought may range from 10% to 75%. Further shares can be bought in small installments when the home owner can afford to do so.
Eligibility
The eligibility criteria for buying a shared ownership property may differ from scheme to scheme. However, the following criteria give an idea of what is required.
You must:
- be a UK citizen, aged over 18
- be in employment
- have a total household income below £80,000
Visit our introduction to shared ownership housing page to learnt about how shared ownership works and what you could afford.