Why you shouldn’t dismiss Shared Ownership

29 Jun 2018

We’ve all heard the rumours. Shared Ownership isn’t real home ownership. It’s not a popular scheme. You won’t be eligible. Well, we’re about to turn the tables on this rumour mill…

It’s a Shared Ownership takeover

Shared Ownership is popular. There are currently 200,000 Shared Ownership households in the UK and, if Government plans are fulfilled, the sector could grow by up to 70% over the next five years[1]. Add to that the increase in mortgage lenders support – such as Virgin Money expanding their Shared Ownership product to the whole of the UK – and it instantly becomes more accessible.

Chances are you’re eligible

The Shared Ownership criteria has been relaxed since the scheme was first introduced. You can access the scheme if you’re earning under £80,000 and don’t have an interest in any other property. There’s no age limit on the scheme – and the sizes and values of the homes available now cover almost anything. Look at our current Shared Ownership properties – they vary from one bedroom apartments through to four bedroom family homes.

You’re a home owner – and that’s that

Initially, you will purchase a share of your property. This will usually be between 25% and 75%, depending on what you can afford. And you own this share of your home. You can buy shares of your home over time, all the way up to 100% if the lease allows. This option is called staircasing and provides a long-term solution if you’re struggling to purchase on the open market. You’re not less of a home owner; you’re simply buying your home step-by-step.

It’s easy to sell your home

The demand for Shared Ownership homes is high. If you decide you’d like to sell you home, Radian will try and find you a new buyer – saving you time and hassle. If we can’t nominate someone, you are free to sell your home on the open market. The person who buys your home will also be a new Shared Owner – so you’ll be safe in the knowledge you’ve helped someone else onto the property ladder.

Your time to buy

If you’re looking to buy a new home, but are struggling to save a deposit, or are on a lower income, Shared Ownership could be the platform you need. For more information, get in touch with the Radian Homes team today. You can call them on 0800 145 6663 or email salesandlettings@radian.co.uk 

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[1] Shared ownership: Ugly sister or Cinderella? A Clarke, A Heywood, P Williams – 2016 – researchgate.net

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