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 Dagenham, 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 Dagenham 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 Dagenham 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 Shared Ownership calculator on Share to Buy gave me a really clear understanding of what my budget was and what my monthly outgoings would be, including rent and service charge. The buying process of Shared Ownership was really simple - I bought a 35% share of my property and eventually plan on staircasing to own more of it.”
“A friend at work had just signed up on the Share to Buy website and said I should register too. I didn’t know much about Shared Ownership so the Share to Buy website was really helpful, giving me all the information that I needed about the scheme. It turned out that there were a few properties in my area, so I registered for all of them!”
I viewed the flat online and thought it looked great, but once I saw it I person, it felt so much bigger.
The prospect of home ownership can often feel out of reach to first time buyers. With Shared Ownership homes in Dagenham though, that first step onto the property ladder could be more accessible than ever. Help to Buy homes in Dagenham can also make it more affordable for homebuyers to settle down in a location they are proud to call home.
We make it so quick and simple to stay up to date with the latest Shared Ownership and Help to Buy properties in Dagenham. All you need to do is sign up to Share to Buy and register to receive alerts. We’ll then send you email alerts when new properties become available in your desired area.
The district of Dagenham manages to balance its close proximity to the centre of London with the historical charms of a town. The area’s name was first recorded all the way back in A.D. 687 and its heritage can be appreciated in the distinctive architecture of a number of buildings. These include the 17th-century vicarage, the parish church of St Peter and St Paul, and the 15th-century Cross Keys public house which once stood in Dagenham’s old village.
The local history of the area can also be appreciated in places such as the Valence House Museum. This medieval house, surrounded by gardens, a moat and docklands, is the only surviving example of Dagenham’s five manor homes. Today, it plays hosts to exhibitions exploring the town’s archaeology, the rural life of its residents and its storied past.
Stunning Victorian architecture is also proudly on display at the Grade I Listed Crossness Pumping Station, which once served as Dagenham’s sewage pumping station. Meanwhile, Heathway Shopping Centre in the heart of the district brings a contemporary touch, with its selection of modern stores attracting more than 70,000 shoppers a week.
Alongside these attractions are a wealth of open green spaces. These include the 43-hectare Mayesbrook public park, the thriving nature areas within Eastbrookend Country Park, and the sporting facilities of Central Park. From family-friendly days out to a tranquil escape from the capital’s hustle and bustle, Dagenham’s parks and natural splendour will serve you well.
While Dagenham may be a mainly residential area, it is conveniently located only 11.5 miles east of Charing Cross. Thanks to excellent bus and Underground connections, commuters can enjoy all the professional prospects, educational opportunities, and entertaining attractions across London with ease.
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