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.
If you can’t quite afford the mortgage on 100% of a home then Help to Buy: shared ownership offers you the chance to buy a share of your home and pay rent on the remaining share.
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.
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 or less outside London, or your household earns £90,000 a year or less in London.
- You are a first-time buyer, you used to own a home but can't afford to buy a new one now or are an existing shared owner looking to move.
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.