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Shared ownership is another affordable way to buy a brand new home and is particularly suitable for those purchasers who earn between £12,000 and £17,000 per annum.
Through Shared Ownership you can buy a share in a property by obtaining a mortgage and/or placing a deposit to cover your share. You will then pay a subsidised rent on the remaining share. Gradually you may buy further shares in the property and eventually own your home in full.
Shared Ownership is popular as it gives purchasers the flexibility to purchase extra shares in their home as and when they can afford to, until they own 100% of the property - the choice is yours !
If you decide to proceed with buying a further share, it will be at a price based on the current market value. The rent you pay to Fairlake will reduce proportionately - to zero in the event that you staircase to 100% ownership.
So how does it work?
(based on a 50% share of a 1 bed apartment valued at £90,000)
- Approx Monthly Mortgage Payment £225.00
- Approx Monthly Rental Payment £94.00
- Approx Total Monthly Payment £319.00
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