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 now being 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:
- you are in housing need, and therefore eligible to join our Housing List AND
- the property you are looking for will be your main residence
- you have equity or earned income, but cannot afford to buy a property for sale on the open market that meets your needs
If you do not currently live in North Norfolk, you may still be considered for our schemes, but households who live in North Norfolk will be given priority for Shared Ownership and other affordable home ownership products in North Norfolk. Please note for the Help to Buy Equity Loan scheme the above eligibility requirements do not apply, for further information on this scheme visit https://www.helptobuyese.org.uk/
Bedfordshire Pilgrims Housing Association known as ‘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 you can call call bpha on 03333 214044.”Download factsheet on Shared Ownership