Shared Ownership is your key to homeownership, introduced post the Credit Crunch as part of the government’s Help to Buy initiative. This scheme is tailored to help first time buyers in Leeds facing challenges in getting on the property ladder.
In Shared Ownership, you don’t buy the whole property; instead, you own a percentage (usually between 25% and 75%) and pay rent on the remaining share. This option provides financial flexibility, making homeownership more achievable.
To join Shared Ownership, ensure your household income is under £80,000. This scheme exclusively caters to first time buyers in Leeds or those in the process of selling a property. You must not own another property at the time of purchase and demonstrate financial responsibility.
This means showing you have no missed payments on mortgages or rent, and maintain a positive credit history. Additionally, prove you can cover all costs associated with Shared Ownership.
Upon achieving full ownership, you gain the right to sell the property yourself. However, the housing association holds the ‘first refusal’ right for a specific period after your initial purchase. Once this period lapses, you have the freedom to sell to anyone.
If you need advice with a Shared Ownership, our friendly advisors are available 7 days a week.
Whether you’re a seasoned buyer or a first time buyer in Leeds, we’re here to provide support. Book your free mortgage appointment today and we’ll see how we can help.
Date Last Edited: February 19, 2024