Are you still in the dark about shared ownership?
Increasing numbers of shared ownership homes are becoming available in parts of Dorset. Classified as ‘affordable housing’, these schemes offer the chance to get on the housing ladder for people who may not otherwise be able to afford to do so.
But there are still many misconceptions. Firstly, it does not mean sharing with someone else – such as a stranger, friend or another home buyer.
You share the ownership – the equity in the property – with the housing association or developer which has built the house and is offering it for sale.
Broadly it works like this:
- You buy between 25 per cent and 75 per cent of the total value of the house in the first instance
- You pay rent on the remaining bit you don’t own
- In most cases you have the option to buy the remaining share of the property so you can eventually own it outright
- In many cases you will need a five per cent deposit for a mortgage covering your share of the property
The property will be leasehold although you may have the option to make it freehold if you buy 100 per cent of it
Effectively it is your home and usually you can decorate and live in it how you like. Housing associations such as Stonewater Homes and Magna Housing have been promoting the benefits of shared ownership for some time.
The Aster Group also has shared ownership properties available. It has just launched a new ‘this shared ownership thing’ campaign to encourage people to consider this type of property.
It is currently selling properties in Dorchester, Swanage, Chickerell, Charminster and Longburton.
You can find out more about shared ownership in the Opening Doors ‘Top 10 myths about shared ownership’ article on this website here.
And don’t forget to sign the Opening Doors Home Ownership Register for latest details about new homes for sale and rent.
Contact sales negotiator Nicci Stone on 01929 558448 and Nicci.Stone@aster.co.uk for more details about Aster shared ownership properties for sale.