Shared ownership is an option for lots of people — probably more than you think. A smaller deposit makes it easier for first-time buyers to get on the ladder, and it’s an easier way for separated couples to buy again with their individual share of joint assets.
Shared ownership is also a good option for retirees, or those who want to free up equity without losing the security of owning a home.
Generally speaking:
- Your household income needs to be under £80k (under £90k in London).
- You can’t be the owner of another property.
- You’ll need to show you have a good credit history, and can afford the regular payments and costs involved in buying a home.
- You should have savings, or be able to put down at least 5-10% deposit on the share of the property you’re buying.
Alexander JLO’s property department have a proven track record in the purchase of both new build and resale shared ownership properties. We are recommended by Housing Associations across the country. For further information, please contact one of our expert lawyers who will be happy to assist.