About Shared Ownership
Shared Ownership is a way to help you take your first steps onto the property ladder and become a homeowner, even if you don’t have the savings required to buy a property outright.
Our commitment to providing homes for all means that we’ve built hundreds of new homes throughout the North West for people that need them. By purchasing a Shared Ownership home with Onward Living you can be sure you will get the quality and comfort expected from a new build home.
- Step on the Ladder
- Smaller Deposit
- Pay Less Rent
- Personalise It
- Buy More Shares
- Sell It
How Does It Work?
Shared Ownership allows you buy a percentage share of a home based on what you can afford. This means a lower deposit and a smaller mortgage, making it an affordable way to get on the property ladder.
You start by buying between 25% and 75% of your home and pay a monthly rent to us on the rest.
In the future, you can buy more of your property and increase your ownership to 100%, or sell the share that you own if you decide to move on. Until then, it’s your home to make your own!
You are buying a 50% share in a home worth £200,000.
You therefore need a deposit and mortgage for £100,000.
You would then pay a small monthly rent on the 50% share you don’t own.
Who Can Buy?
It’s not just for first time buyers! Shared Ownership is a great option for a range of purchasers who want to get their foot onto the property ladder, but cannot afford to buy a home outright on the open market. For example, they’re planning to start a family, have experienced a relationship breakdown or wanting to downsize.
All homes bought through Shared Ownership are leasehold and your lease agreement sets out your rights and obligations in full. It’s important to go through all of these details with your solicitor. In most cases, you can buy 100% of your home outright and become the freeholder. It’s always best to ask first though, so please get I touch with the team if you have any questions.
So, whether you’re a first time buyer or home mover, Shared Ownership can help you get a home better suited to your needs! Contact the Onward Living sales team here.
For more information on Shared Ownership, visit the Help to Buy NW website.Find Out More