Shared Ownership
What is Shared Ownership? www.homesinhants.co.uk
Shared ownership helps people to ‘part buy, part rent’ a property and is an affordable way to get onto the housing ladder.
You can buy a percentage of a property - say 30%, 50% or 75% - with the remainder of the property being owned by a Housing Association.
In addition to obtaining a mortgage to buy the share you will have to pay a subsidised rent on the percentage that you do not own.
The combined monthly cost of the mortgage and the rent is usually less than buying a home outright.
The higher the share you buy, the less rent you have to pay.
You can increase your share of the property, under normal circumstances, until you own the property outright.
When you buy a house or a flat under shared ownership the Housing Association will grant you a lease usually for 99 years.
How do you go about getting a Shared Ownership Property?
Homesinhants is the one stop shop for shared ownership products on the Isle of Wight. Homesinhants is delivered by Radian on behalf of the Government.
Homesinhants provides all of the information on behalf of schemes delivered on the Isle of Wight by local Housing Associations.
The majority of their information is provided online at www.homesinhants.co.uk or alternatively you can call them on 023 8062 8004.
Information about current shared ownership opportunities are listed on the website or alternatively you can contact your local Housing Association to find out more information.
What is Shared Ownership? www.homesinhants.co.uk
Shared ownership helps people to ‘part buy, part rent’ a property and is an affordable way to get onto the housing ladder.
You can buy a percentage of a property - say 30%, 50% or 75% - with the remainder of the property being owned by a Housing Association.
In addition to obtaining a mortgage to buy the share you will have to pay a subsidised rent on the percentage that you do not own.
The combined monthly cost of the mortgage and the rent is usually less than buying a home outright.
The higher the share you buy, the less rent you have to pay.
You can increase your share of the property, under normal circumstances, until you own the property outright.
When you buy a house or a flat under shared ownership the Housing Association will grant you a lease usually for 99 years.
How do you go about getting a Shared Ownership Property?
Homesinhants is the one stop shop for shared ownership products on the Isle of Wight. Homesinhants is delivered by Radian on behalf of the Government.
Homesinhants provides all of the information on behalf of schemes delivered on the Isle of Wight by local Housing Associations.
The majority of their information is provided online at www.homesinhants.co.uk or alternatively you can call them on 023 8062 8004.
Information about current shared ownership opportunities are listed on the website or alternatively you can contact your local Housing Association to find out more information.
Page last updated on: 20/01/2012
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