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Shared ownership has given people the opportunity to live in affordable housing with the potential to own homes in the future. The plan is an excellent alternative for those who want to own their own home but can not afford the financial obligations necessary to buy a property in the usual manner.

At the beginning all who wish to enjoy a possibility of co-ownership must register with the local HomeBuy agent and a housing association. They will then meet the eligibility criteria and be able to comply with the terms and conditions of the lease purchase. However, rather than the typical amount needed to qualify for shared ownership is designed for those with a household income of less than 60,000 per year.

The scheme allows you to buy a house without having to take on board all financial responsibilities on your own. Couples or up to four other people who want to become homeowners may apply, however, each person has to meet eligibility criteria. Registration with both an agent and a HomeBuy Housing Association is required for anyone wishing to apply.

Under the shared ownership mortgage, you receive a lease, which is usually 99 years, this gives you the right to settle in the property as owner-occupant, the more you can buy other shares if you wish. You can sell your home if your situation changes, as stated in the terms and conditions of the agreement. Shared ownership is a great way to live as a homeowner, so you can take a direct interest in your home with the realistic possibility of becoming the owner immediately if you wish.

Finding affordable housing has been made easy with shared ownership schemes, giving you the opportunity to buy your own home with a little help along the way. You can even find that you’ll pay less per month than the rent, as the rent on the shares you don’t purchase will be subsidised making shared ownership a great housing choice.

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