Affordable homes and shared ownership
Affordable homes are for people who cannot afford to buy a property on the open market. A cheaper way to buy a home may be buying through shared ownership.
Shared ownership is when you own part of a property with a housing association. For example you may pay for and own 40% of a property and they may own 60%.
The minimum share you can buy is 25%. You may be able to increase your share at a later date. This means that you will need a smaller mortgage. You also need a smaller deposit than buying a property outright.
Eligibility for shared ownership
To qualify for a shared ownership scheme you must:
- have an annual household income of less than £90,000
- be able to afford the deposit and total monthly costs
- not be in mortgage or rent arrears
- have a good credit score.
Where you can find shared ownership properties
You can view available properties across the UK on www.sharetobuy.com.
You can view available properties in London on www.london.gov.uk.
To speak to someone about shared ownership call us on 07395 840491. You can also email us at lowcost.ownership@harrow.gov.uk.