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

Sovereign Living - Shared Ownership at Hunts Grove, Hardwicke, Gloucester

Shared-ownership-Hunts-Grove-Gloucester

A selection of 3 bedroom shared ownership homes at the brand new development of Hunts Grove, Hardwicke, Gloucester.

Further information about shared ownership in Hunts Grove

 

Sovereign Living - Shared Ownership at Great Oldbury, Stonehouse

Shared ownership in Stonehouse

A selection of stylish 2 bedroom shared ownership homes at the brand new development of Great Oldbury near Stonehouse, Gloucestershire.

Further information about shared ownership in Stonehouse

 

Bromford Homes - Shared Ownership in Kingsway, Gloucester

Shared Ownership in Kingsway, Gloucester

A selection of 2 and 3 bedroom houses available to purchase with Shared ownership in Kingsway, Gloucester.

Further information about shared ownership in Kingsway.

 

Gloucester City Homes - Shared Ownership in Whitminster

Shared Ownership in Whitminster

A selection of 2 bedroom bungalows and 3 bedroom houses available to purchase with Shared ownership in the sought after village of Whitminster.

Further information about shared ownership in Whitminster

 

What is Shared Ownership?

If you can’t quite afford the mortgage on 100% of a home then Help to Buy: shared ownership offers you the opportunity to buy a share of your home and pay rent on the remaining share. 

You can buy between 25% and 75% of the property with the option to buy more shares at a time that's right for you.

Every month you repay your mortgage on the share you've bought, together with a subsidised rent on the remaining share.

Who do you share the property with?

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.

What are the benefits of Shared Ownership?

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.

Who is eligible for Shared Ownership?

You could buy a home through Help to Buy: Shared Ownership in Gloucester and the rest of England if:

  • Your household earns £80,000 a year.
  • You must be registered with Help to Buy South.
  • You cannot be an existing home owner or on a mortgage (Your exisiting property must be sold subject to contract).
  • You need to fit the affordability parameters set by Homes England and must contact an approved independent financial advisor to carry out an initial assessment.
  • You may require a local connection with the development 

How do you qualify for Shared Ownership schemes?

  • Less deposit is required than with an outright purchase.
  • You will only need to secure a mortgage of 25-75% of 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 percentage of the property.

How do I apply for Shared Ownership?

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 or view our shared ownership guide.

last updated 28/7/2020


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