Who can buy through the shared ownership Swindon scheme?
The scheme is intended for people who cannot afford to buy a suitable home in any other way. They must be in housing need and be unable to afford outright purchase. Priority will normally be given to existing public sector tenants.
Although you have not bought the property outright, you will have the normal rights and responsibilities of a full owner-occupier. You are advised to ask your legal adviser if there are any terms you do not understand.
Can I buy a shared ownership Swindon home with someone else?
Up to four people can become joint owners but all joint applicants must individually and jointly meet the eligibility criteria. Ask your solicitor/licensed conveyancer to advise you.
What kind of property can I buy through shared ownership Swindon?
Shared ownership homes may be new or renovated flats and houses, prices vary according to location but are expected to be within the means of those people who cannot afford the prices of properties available for sale on the open market.
How does shared ownership Swindon work?
The scheme allows you to purchase a share of a property; the share you purchase is funded by a mortgage which we can help you arrange through one of our approved Financial Advisors and you then pay rent on the remaining share. The size of the share to be purchased will depend on your income and savings, applicants normally purchase a 50% share but you may purchase a smaller or larger share between 25% and 75%. The higher the share you purchase the less rent you will have to pay. Later on, you can buy further shares until you own the property outright.
Remember that house prices can go up or down. This means that sometimes you might pay more for buying additional shares or have to sell at a price less than you originally paid.
- You will only need to secure a mortgage between 25% and 75% of the purchase price.
- Monthly costs can be up to 50% less than buying a property outright.
- First time buyers with a household income of less than £60k should be eligible for a Part Rent Part Buy scheme.
- Shared ownership schemes are available in many areas of Swindon and Wiltshire.
- As your income increases, you can choose to buy a greater percentage of the property.
- Each scheme is completely different.
Your new property could be a penthouse apartment, 1 bed apartment, 2 bed coach house or maybe a 5 bedroom house.