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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.
Last updated 16/9/20
Sovereign Living - Shared Ownership at Great Oldbury, Stonehouse
A selection of stylish 2 bedroom shared ownership homes at the brand new development at Great Oldbury near Stonehouse, Gloucestershire.
Further information about shared ownership in Stonehouse
Bromford Homes - Shared Ownership at Millfields, Cam, Gloucestershire
A selection of 3 bedroom and 2 bedroom house for sale at the brand new development at Cam, near Dursley, Gloucestershire
Further information about shared ownership in Cam
Sovereign Living - Shared Ownership at Perrybrook, Brockworth, Gloucester
Please call Michael Tuck New Homes on 01452 726443 to register your early interest.
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.