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Shared Ownership

What is Shared Ownership?

Let’s face it, getting on the property ladder isn’t getting any easier is it? Saving for a large deposit and even getting accepted for a mortgage that’s enough to buy the home you want could be pie in the sky, right? Enter - Shared Ownership, the property ladder buying solution. You find a home with a Shared Ownership purchase option and you buy a share (usually from 40% to 75%) making it affordable. You pay Aster rent on the remaining bit. When you’re able to do so, you can buy more shares (called Staircasing) eventually leading to outright home ownership (in most cases, just ask our team first). So, you get the home that you want, for a price you can afford, through a repayment that’s achievable. And you now have equity in your home. It’s yours! It’s an ownership thing.

How to Qualify for The Shared Ownership Scheme

There’s a few bits and pieces you need to tick to be able to buy a Shared Ownership home, but not much. These are:

  • You must be 18 or over
  • Your household is bringing in no more than £80,000 income a year (or £90,000 if you’re in London)
  • You don’t own a home already
  • You may be in the process of selling a home, however, to be able to buy a Shared Ownership home from us, the property sale must have an offer accepted before we will accept
  • You’re able to show you can afford to maintain the costs of owning your own home
  • You’re a British or EU/EEA citizen or have indefinite leave to remain

Why Should You Buy a Shared Ownership Scheme?

Shared Ownership costs are generally lower than alternative housing options for a number of reasons; it’s great for people who have the goal of owning their own home but do not have the funds to buy on the open market.

Shared Ownership offers rent that is less than the rate charged on the open market and most people can start off with a 40% share but in some cases as little as a 25%. This therefore means a low deposit – typically one of 5% of the share and not of the whole property value.

How Can You Buy a Shared Ownership Home?

The first step in buying your Shared Ownership home with Aster is to contact us, either by filling in the contact form below or over the phone.

Beginning your journey to Shared Ownership is not as daunting as you may think, once you know if you meet the criteria you can begin searching for suitable properties. Once you have found a home, you will of course need to ensure you meet  the required criteria and be approved for a mortgage– however Aster can advise on this as you progress.

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What is Shared Ownership?

Shared Ownership is an affordable way of getting onto the property ladder. You buy a share (between 25% and 75%) usually with a mortgage and pay an affordable rent on the remaining bit.

What deposit do I need?

You only need a 5% deposit on the percentage share you own. So, if you were to buy a 25% share in a £300,000 property (£75,000), your 5% deposit would be just £3,750.

Are there any fees to pay?

Like any other form of home purchase there are a few costs involved, but nothing we can’t walk you through. Find out more here.

Am I buying Leasehold or Freehold?

Good shout. All homes bought through Shared Ownership are leasehold. In most cases, once you’ve purchased outright (a 100% share) we can make it freehold for you.

Can you make money?

Absolutely. If the value of the property goes up so does your share. But its important to remember that housing market trends can also mean the value could go down.

Do you have to buy the 40% share advertised?

No. You can buy between 40% and 75%, (sometimes even as low as 25% depending on the property). We usually advertise our developments at a 40% share as a starting point, but the share you buy is based on what you can afford following an affordability assessment.

Can you buy more shares?

Absolutely. It’s called staircasing. You can do this at any time, through to 100% outright ownership should you want to.

Who do I share with?

You don’t share with anyone. It’s your home. You’ve bought it. Shared Ownership is just a term to describe the relationship between you and Aster.

What happens when I want to sell?

When you want to sell, your property gets valued and placed on the market with Aster at a rate of 1.5% then after 8 weeks if it hasn’t sold you’re free to go to another agent of your choice and sell it through them.

Can I decorate how I want?

It’s your place, you’ve bought it. You can decorate how you want and live as you please.

Is it your home?

It is your home. You’ve bought a share in the property and you’re paying Aster an affordable rent on the remainder.

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