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 Gloucester, 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 Gloucester 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 Gloucester 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 deposit for buying a Shared Ownership property was much lower than I was expecting - there’s definitely no way that I would have been able to buy without the Shared Ownership scheme. With staircasing, I could buy more shares in the property, eventually amounting to 100%. At that point the flat would fully be mine and I wouldn’t have to pay any rent!”
“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.”
“If you are considering Shared Ownership, I would 100% recommend using Share to Buy to learn more about the scheme and assess your options. Shared Ownership is an excellent stepping stone into the property market – it’s worked so well for me. It’s given me a freedom and flexibility I wouldn’t have had if I bought on the open market!"
Gloucester really is a great place to call home and if you want to get your foot on the property ladder here, then Shared Ownership homes in Gloucester can help first time buyers. Our Help to Buy homes in Gloucester can also help you settle down in a home you really love.
All you need to do is sign up to Share to Buy and register to receive alerts. That way, we can send you automatic updates when new properties become available in your desired area.
Gloucester is a city that offers the best of both worlds with its rich history balanced alongside modern-day comforts. Plus, with its close proximity to the River Severn and beautiful Cotswolds, it’s no wonder that so many people want to call it home.
It won’t take you long to appreciate the incredible heritage of the city, all you have to do is look at the 11-century Gloucester Cathedral’s stunning Gothic and Romanesque architecture. Other historical sites and museums let you delve deeper into Gloucester’s industrial past, including the Museum of Gloucester & Art Gallery, Gloucester Life Museum and the National Waterways Museum.
If you prefer something a little more modern, then the bustling 60-store Gloucester Quays offers the best in shopping and entertainment, while the city’s many theatres and music venues cater to every taste imaginable. Meanwhile, Gloucester’s impressive culinary and nightlife scenes ensure that you could hit the town every night of the week and still have a lifetime’s worth of restaurants, bars and pubs to explore.
There’s so much to do in the city but should you ever want to explore the rest of the country and beyond, you will find that Gloucester is conveniently located around an hour’s drive from Bristol Airport. Excellent transport links also make the city an ideal choice for commuters, with the Gloucester railway station offering regular services to the capital, as well as Bristol and Wales.
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