Home ownership made easy with shared ownership
Blog : Published on 11-09-2019
Big mortgage payments, hidden costs and your savings diminished… owning a home isn’t easy. However, did you know it can be made easier, through a scheme called shared ownership?
What is shared ownership?
If you haven’t heard of shared ownership, it is a scheme that allows you to part-buy/part-rent your home – giving you one of the most affordable options of becoming a home owner.
To put it simply, you buy a share of your home, and pay a subsidised rent on the part you don’t own.
The share you purchase can range from 25-75%, it all depends on how much you can afford.
Am I eligible for shared ownership?
To start off with, you need to know if you’re eligible for a shared ownership home. The qualifying criteria is:
- You must have a joint household income of £80,000 per annum or less (£90,000 in London)
- You must be at least 18 years old
- You mustn’t already own a home
How does shared ownership work?
When you buy a shared ownership home through us; our experienced sales consultants will help you through every step and will make your transition to home ownership as simple as possible.
If you ever want to own more of your home, it’s quite simple. It’s a process called ‘Staircasing’, in which you buy more of the remaining shares from us. You can staircase up to 100% meaning you will own the property. The cost of this will be based on the value of your home at the time of increasing the ownership. For more information on ‘Staircasing’, watch our explainer video below.
Do I really own my shared ownership home?
Yes! Your home is yours; you can do as you please. This means you can argue over the feature wall, get that new three piece sofa, and even dance in your pants on Sundays! Here at Orbit, we want you to enjoy home ownership and we know these are the things that make a house a home.
Sounds great – what if I want to sell?
Whenever you want to sell your home, all you need to do is inform us of your wish to sell the property. We are then in charge of marketing your home for you. If the home isn’t sold within the period of time agreed in the lease, we are happy for you to take charge of the sale, either privately or through an estate agent.
With shared ownership, there are many myths and misconceptions about pricing and the ownership of your home etc, so we’ve compiled a list of the most common Shared Ownership Myths.
Shared ownership is a scheme designed to help you get onto the property ladder. We believe everyone deserves to experience home ownership, without having to save for a big deposit. If this is the case for you, shared ownership could just be the thing you are looking for.