The way a shared ownership scheme works in England is that you buy a share of the value of the home - this is usually between 25 to 75 per cent of the value of the home - and pay a subsidised rent on the remaining portion. When you can afford to, you can increase your share and buy your home in stages; this is known as staircasing. After a qualifying period you may even be able to buy your home outright. Regardless of the size of the share you buy, you are a home owner.
Shared ownership is generally open to those whose joint income is less than £60,000. So we can assess whether you are eligible for a home ownership scheme you need to complete an application form, or email firstname.lastname@example.org for further advice.
For further information:
To find out if you are eligible for a shared ownership scheme:
- Please call the Homebuy team FREE on: 0800 916 1444
- Or email: email@example.com