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Shared Ownership is also called New Build HomeBuy and part rent and part buy.
Under this scheme, a Housing Association buys a property or builds a property and then sells a share of the property. The initial share that is sold is typically 50% although lower shares are offered. The shared owner pays rent on the share that the Housing Association owns. After a set period you can choose to increase the amount of the property that you own, and you can even choose to buy all of the share that the Housing Association owns. The more of the property that you own, the less rent you will pay.
Some properties may have a restriction which means you will not be able to buy 100% of the property, but this will be made clear before a property is sold.
Are you eligible?
You will be eligible for shared ownership if:
- the property you are looking for will be your main residence
- you have savings, equity or earned income, but cannot afford to buy a property for sale on the open market that meets your needs
- your household income does not exceed £80,000 per year
Some shared ownership homes are subject to property criteria which will restrict who will be eligible to buy. Where this applies, this will be clearly stated in the sales information.
Please note for the Help to Buy Equity Loan scheme the above eligibility requirements do not apply,
Bedfordshire Pilgrims Housing Association (BPHA) provide a one-stop-shop for people interested in purchasing an affordable home with all the available properties in Norfolk and the South and the South East, and they can help you to work out what properties you can afford. More information on shared ownership is available on their website or call 03333 214044.
Further information on shared ownership read the Shared Ownership Factsheet.