HOME OWNERSHIP IN AFFORDABLE STAGES
Shared Ownership is for anyone who cannot afford to buy a suitable home on the open market, but you will need to meet a minimum household income requirement (this is calculated on an individual basis), and must be able to pay for your mortgage, valuation survey, legal fees and stamp duty (when applicable).
A deposit is normally required. We can help you to find a lender and solicitor with low cost home ownership housing experience.
Each month, you will pay off some of the mortgage on the proportion of the home you are buying, and pay us a specified rent on the remainder owned by the housing trust.
When you can afford to, you can buy more of your home or even own it outright at the market price at the time you buy any additional shares. You can increase the share that you own as and when you can afford to, at any time.
HOW IT WORKS
- We’ll help you work out how much of your new home you can afford to buy and how much you’ll rent – our pricelist sets out the income and savings requirements to buy through Shared Ownership. This is only a guide.
- You’ll then arrange a mortgage for the amount you’ve decided to buy, including any deposit required by your mortgage lender. We can provide details of Specialist Financial Advisors with expertise in Shared Ownership and can find the best mortgage for you. You’ll also need to cover your moving and legal costs.
- Once you’ve moved in, you’ll make monthly mortgage payments to your lender and monthly rental and service charge payments to Optivo.
- When you can afford to, you can staircase to a larger share at any-time. The cost of any additional shares you buy will be based on the market value of your home at that time you intend to staircase.
- You can staircase until you own your home outright, at which point you will no longer need to pay rent.