One option to consider is shared ownership. This is where you buy a percentage of the property, usually a minimum of 25%, and the rest of the property is owned by a housing association to which you pay rent. You generally only need a deposit of 5% to 10% on the share you are buying.
In order to highlight this, Shared Ownership Week returns on 20th – 26th September 2018, with the backing of broadcaster, director and writer Reggie Yates.
Keen to highlight the scheme’s benefits, Reggie commented; “Shared ownership makes taking a step onto the property ladder possible for so many. If you’re thinking of taking the plunge and becoming a home owner, but you don’t have the help of the Bank of Mum and Dad, then the support and information that this event offers is incredibly important.”
The event aims to spread the word about the opportunities available and raises awareness about how first-time buyers and second steppers could be eligible to secure a property using the scheme.
Backed by major housing providers who will be showcasing a diverse range of developments around the country, Shared Ownership Week champions affordability and aims to springboard potential buyers into home ownership.
Reggie began his television career aged eight and was able to purchase his first home at just 18 years old.
Very aware of the fortunate position this put him in and voicing his support for the event, Reggie said: “I’ve chosen to support Shared Ownership Week because I realise the importance of having your own home. I have younger siblings who aren’t as fortunate and I’m very aware of the predicament they’re in. So, if I can help bring some awareness to Shared Ownership, I’m really happy to.”
You can buy further shares at any time, known as ‘staircasing’, right up to 100% and outright ownership.
Shared Ownership is open to people of any occupation providing applicants are earning less than £80,000 a year, or £90,000 in London. They can request the number of bedrooms that suit their needs.
The dedicated website sharedownershipweek.co.uk contains a wealth of information for prospective buyers, including case studies, videos and links to Shared Ownership homes currently available.
The housing providers taking part in Shared Ownership Week are Barking Riverside, Catalyst, Clarion, Hyde Homes, L & Q, Metropolitan, Network Homes, Newlon, Share to Buy, Peabody, Notting Hill Genesis, The Guinness Partnership, So Resi and Southern.
According to Censeo, a broker that specialises in shared ownership, there are now 20 mortgage lenders that will lend on this basis. This is up from 18 at the start of the year and more lenders are likely to offer lending on shared ownership by the end of 2018.
