Home Ownership Options
Shared Ownership Overview
Shared ownership was developed in the 1980s to help people who could not afford to buy their own home, either because of high mortgage payments, lack of deposit or both.
It does not mean you have to share with other people although you can if you wish.
Most shared ownership schemes are through Housing Associations.
The property is obtained by the Housing Association (either purchased on the open market through an estate agent or built by the housing association on a small development) This could be a flat or a house. You can then buy a share of the property, between 25% - 75% and pay rent on the remainder. That is shared ownership where you share the ownership of the property with a housing association.
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The main benefits of shared ownership:
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Greater independence, control and choice of where to live. |
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Long term security like any other homeowner you choose how long you live in your home which could be for the rest of your life. |
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With all of the hundreds of shared ownership schemes that Mysafehome have completed, the housing association always guarantees that should the property be sold for any reason and your share of the property is worth less than the mortgage outstanding, the housing association will pay the difference to your lender. |
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The mortgage interest payments are paid by ISMI and the rent payments are paid by housing benefits (subject to eligibility.) |
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If the property is sold and your property value has risen then the increased value of your share could be used as a deposit towards your next home. Since 1999 we have had 6 homeowners move property and purchase elsewhere in the country due to parents moving because of retirement or change of job. |
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The shared ownership lease for people with disabilities and support needs is such that the major repairs and maintenance of your home is the responsibility of the housing association. |
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