Shared Ownership is an affordable home ownership scheme which makes it easier for eligible purchasers to get on the property ladder. Buyers get a mortgage for the share they can afford, and pay rent on the remaining share.
No – this is a common misconception but the ‘shared’ aspect of the scheme simply means you’re sharing ownership of your home with a housing association.
If you decide to buy a Shared Ownership home in Shrewsbury, you’re effectively purchasing a portion of your property. Your initial share will usually be between 25% to 75%, paying a mortgage on the part that you own and a below market value rent on the remaining share.
Yes – Shared Owners can choose to buy additional shares in their property by ‘staircasing’.
When buying a Shared Ownership home, you will initially purchase a minimum percentage somewhere between 25% to 75%. Down the line, if you find that your financial circumstances have changed, buyers will have the option to buy more shares.
If you choose to buy a higher percentage, your mortgage repayments will increase while the rent you pay will decrease. In the majority of cases there aren’t any restrictions and you can buy 100% of your home – in this instance, you would become the outright owner.
As a home-buying product aimed at helping those who can’t afford to purchase a property on the open market, there are certain requirements that buyers will need to meet to be considered eligible for Shared Ownership.
For example, there are caps on household income which means that you must earn less than £80,000 to be eligible for the scheme – or less than £90,000 if you would like to buy a home in London. The criteria also states that buyers must be at least 18 years of age and do not own another property either in the UK or abroad.
Shared Ownership properties enable you to put down a smaller deposit compared to those required on the open market – buyers will usually need to put down 5% to 10% of the share that they’re buying, rather than the full market value of the home.
On a monthly basis, buyers will be required to pay their mortgage, a subsidised rent and service charge on their home, however, these repayments often work out cheaper than or equal to renting privately in the same area. Other costs to consider when buying a home include solicitor and mortgage broker fees – you can find out more about these costs on Share to Buy.
Share to Buy lists thousands of Shared Ownership homes all across Shrewsbury and beyond – including new build properties and those available through resale.
Shared Ownership is available on a variety of homes including cosy studios, stylish apartments and traditional family homes. Check out our property search tool to start looking for your new home today!
The major providers of Shared Ownership, Help to Buy and other affordable ways to buy a home in Shrewsbury and nationwide have their homes listed on Share to Buy.
Share to Buy is the leading online portal for Shared Ownership properties. Established in 2004 as the UK’s first specialist online mortgage broker for affordable home ownership products, the site has since developed into a one stop shop for first time buyers, offering the country’s largest listing of Shared Ownership homes from many of the UK’s biggest housing providers.
Share to Buy is the nation’s biggest and best established affordable home ownership property portal, making it the ideal website for first time buyers looking to take that first step onto the property ladder.
Using our property search tool, you can search for homes that suit your needs via filters such as location, number of bedrooms, monthly outgoings and deposit amount. You can also set up alert preferences so you’ll be notified when new properties that meet your search are announced by email.
Acting as a one stop shop for first time buyers, Share to Buy also offers handy FAQs and guides, interactive mortgage tools, mortgage broker and conveyancing panels, and live events to help potential purchasers on their home-buying journey.
If you are a housing association or developer selling properties through Shared Ownership, Help to Buy and other affordable home ownership schemes, we can list your new build and resale homes on the Share to Buy property portal.
As well as working alongside Registered Providers, we also partner with private sellers who are looking to sell their current Shared Ownership home.
Find out more about advertising your Shared Ownership property on Share to Buy.
“The landlord at our old place kept threatening to sell up and leave us in the lurch, which produced a lot of anxiety. Now we’ve got a stake in something, we aren’t at the mercy of someone else - we wouldn’t have that freedom if we stuck in renting or bought somewhere outright. Shared Ownership has been a perfect solution.”
“From the moment I bought my first share, I knew that I wanted to staircase. A year after I moved in, I staircased to 75% and this past February I purchased the final share, and now I own my home 100% outright. I really do recommend Shared Ownership as a fantastic way to get into the housing market, it worked so well for me.”
“The huge number of properties listed on the Share to Buy website gave me a lot of choice all in one place, even with my limited budget. Shared Ownership meant I could afford a brand new home in Zone 3, which I didn’t think I would be able to manage in a million years for my first home.”
Many first time buyers can worry that their home ownership aspirations are out of reach. That doesn’t have to be the case though, as Shared Ownership homes in Shrewsbury can make that vital first step onto the property ladder more achievable than ever. Help to Buy homes also offer great options for potential purchasers looking to lay down roots in wonderful locations.
Do you want to stay on top of the latest Shared Ownership and Help to Buy properties in Shrewsbury? All you have to do is sign up to Share to Buy and register to receive alerts when new properties become available. It really is that simple.
Shrewsbury is an English town like no other, and we mean that quite literally. Nowhere quite looks, feels or has the same atmosphere of this historic market town. It remains laid out in its traditional medieval style with plenty of architectural wonders to give you the sense that you’ve travelled back in time to another world.
Many places throughout England celebrate the past and that’s certainly no bad thing, as Shrewsbury itself has its stunning Museum and Art Gallery. However, few places can give you a sense of what it was actually like to live all those centuries ago in the way that this town does. There are quite literally hundreds of listed buildings here, with the likes of Shrewsbury Castle and Shrewsbury Abbey taking centre stage. Just as important though are the smaller architectural examples, which really give the area its distinct character and beauty.
Speaking of beauty, you won’t only find it in Shrewsbury’s timber frames. It can also be appreciated in the many amazing green spaces like The Quarry riverfront park and Shropshire Wildlife Trust. While some parts of the town take you back to a certain time, others – like these spacious natural areas – are timeless.
Considering how stunning and iconic Shrewsbury is, it should be little surprise that there are plenty of jobs as part of the service industry here. The economy is hugely bolstered by the crowds of tourists which visit here each year. Of course, all the shopping malls and places to eat and drink that come with such a tourist friendly destination are also beneficial to its residents, both from an employment and entertainment perspective. There are plenty of places to find a job, and a cup of coffee, in town.
On top of all this, Shrewsbury is also a place which loves art and culture. We suppose that shouldn’t be too much of a shock considering the inspiration all around you. This comes together with that bustling visitor economy, bringing the likes of the Shrewsbury Flower Show as well as their folk festival, to name but a few. This creates an action-packed summer season which is truly unmissable. As its residents know though, the passion of Shrewsbury is something that can be felt all year long.
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