You can start by purchasing from just 25% of your new home and then buy more as and when you can afford to. Your home is exclusively your own.

You share the ownership with the Housing Association but have all the rights and responsibilities of the full owner occupier. You pay the Housing Association a discounted monthly fee on the remaining share, which they continue to own.

You benefit from lower monthly payments than if you bought a home outright but get all the advantages of a brand new home. You can usually buy more shares in your home as soon as you can afford to. The more shares you buy, the lower the monthly fee you pay.
 

The Benefits of Shared Ownership Schemes
 

• Less deposit is required than with an outright purchase.
• You will only need to secure a mortgage of 25-75% or the purchase price.
• Monthly costs can be 50% less than buying a property outright.
• First time buyers with a household income of less than £50k should be eligible for a Part Rent Part Buy scheme.
• As your income increases, you can choose to buy a greater % of the property.

If you wish to find out how to apply for Shared Ownership schemes in Gloucester please do not hesitate to contact Michael Tuck New Homes on 01452 726443 or view our shared ownership guide.