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.
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:
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.
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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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.
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.
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.
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.
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.
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.
Absolutely. It’s called staircasing. You can do this at any time, through to 100% outright ownership should you want to.
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.
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.
In most cases pets are ok. Just ask.
It’s your place, you’ve bought it. You can decorate how you want and live as you please.
It is your home. You’ve bought a share in the property and you’re paying Aster an affordable rent on the remainder.
You can add or remove someone from your property legally, however you would require legal representation to carry this out. Please contact us regarding the fees payable to do this and for more information.
You can switch mortgage providers or change to a new product with your current provider and may need legal representation to do this. Please contact us regarding the fees payable to do this and for more information
Shared Ownership is a great way of getting on the property ladder, but don’t just take our word for it. Here’s some of our wonderful customers explaining their situation and how Shared Ownership from Aster has helped them. These are just some of over 3,180 home buyers that Aster has helped realise their property ownership dreams.
Include homes and developments in search results?
Create an Aster account for alerts on homes right for you. You can update and adjust your alerts and ‘favourites’ through your own account as you go and you’ll be the first to get information on homes when they become available.
It’s an ownership thing.
To create your Aster account is easy. Fill out a few details below and we’ll do the rest like sending you an email or text message when homes that are right for you become available.
You will receive email or SMS when new homes are launched that match your criteria. In the meantime, we're a sociable bunch, so hook up with us on social media where you'll get to hear more from us on your choice of channel. You'll love it.
