Eligibility: To qualify for shared ownership, you usually need to meet certain criteria set by housing associations or developers. These criteria often consider factors such as your income, whether you are a first-time buyer, or if you have a connection to the local area.
Property Purchase: Under a shared ownership arrangement, you purchase a portion (usually between 25% and 75%) of the property’s value. You take out a mortgage to cover the cost of your share, and a housing association or developer owns the remaining share.
Rent on Remaining Share: In addition to your mortgage payments, you’ll also pay rent on the share of the property that you don’t own. This rent is paid to the housing association or developer that owns the remaining portion.
Staircasing: Over time, you have the option to increase your share of the property through a process known as “staircasing.” This allows you to buy more of the property in increments, ultimately working towards full ownership.
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