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It’s an ownership thing.
Lets get you the right information on
Shared Ownership
Why 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 (from 25% to 75%) making it affordable. You pay Aster rent on the remaining bit. And 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. Goodbye renting. It’s yours!
It’s an ownership thing.
What am I buying?
You’re buying a home from Aster. Simple as that. It’s just that you’re only paying a percentage of its total value, You simply pay an agreed rent with Aster on the remaining share.
Shared Ownership is a way of getting on the property ladder – a gateway to ownership if you like, in a world where financially that can often be difficult.
It’s an ownership thing.
Can I only buy the 40% share advertised?
The minimum share is 25%. We advertise at 40% because in our experience this is a good entry level for Shared Ownership. But the share is based on what you can afford.
Ready to look at some Shared Ownership homes to buy from us? Click here to own your own home.
It’s an ownership thing.
What are the costs?
There are a few costs involved, but nothing we can’t talk you through. Click the link or ask our team.
Once you're an owner of one of our homes, buying more shares is easy and means you’ll own more equity in your home, paying less rent to us as you go.
That’s what our dedicated team are here to help you with.
It’s an ownership thing.
Who do I share with?
Pfft! Sorry to laugh. But you’d be amazed how often we hear this.
You don’t share with anyone. It’s your home. You’ve bought it. You have a share that you own, and you pay us rent on the remaining bit. Home ownership through Shared Ownership comes with all the benefits of independence you would expect.
It’s just a term used to describe the relationship with you and Aster – no one else!
It’s an ownership thing.
Can I put up a Sky dish?
Just ask. But in most cases, absolutely you can.
It’s your home.
It’s an ownership thing.
Will my home be leasehold or freehold?
Good shout. All homes bought through Shared Ownership are leasehold. In most cases, once you’ve bought all 100% of your home outright, we can make it freehold for you. It’s always best to ask first though, and we’ll be happy to chat it through with you.
It's an ownership thing.
Your share. Your home.
So now you’re on the property ladder. It’s your pad. To live as you please. You can decorate how you like and make space for your pooch or kitty (not obligatory, but you can if you want in most cases). Again, it's always best to ask us first though, just ask.
It’s an ownership thing.
What deposit do I need?
It gets better. Deposits through Shared Ownership start from 5%. It's based on the mortgage provider of course. Your mortgage is based on the percentage share you own in the property.
For example, the 100% full market value of the home is £150,000, you buy a 40% share at £60,000* (and pay rent to us on the bit you don't own). Then, with a 5% deposit from only £3,000* deposit you'll be on the property ladder. Let's chat though and we'll talk you through this.
It’s an ownership thing.
*Price is based on a 95% LTV mortgage.
Further information
- What's the criteria?
Buying a home through Shared Ownership couldn't be easier. Just ask though if you're ever unsure on anything, we're here to help. Our team are award winning and are the experts in helping you buy a home through Shared Ownership.
Yes, 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:
- Your household is bringing in no more than £80,000 income a year
- 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 complete before you are able to buy from us
- You’re employed or self-employed
- 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
It's an ownership thing.
- What costs should I think about?
Other costs to tot up include those you’d consider in a traditional purchase, like:
- Solicitors fees
- Mortgage survey fees
- Stamp duty on homes costing more than £125,000. Want to have a look at how much this would be on a Shared Ownership home? Use the calculator by clicking here.
- Any mortgage arrangement fees
- Indemnity premium
- Removal costs
- A deposit to secure a property from us
And you’ll need to think about:
- Mortgage protection insurance
- House contents insurance
- Council tax
- Gas, electric, water and telephone charges
- Other household bills
- All repair and redecoration costs
- What's a service charge?
A service charge is something you pay as one of our customers that helps towards the costs of providing and maintaining services as well as other bits such as insurance and management costs.
Want to know a bit more about them? No worries. Give our team a shout and we'll be happy to talk them through.
