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 Hendon, 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 Hendon 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 Hendon 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.
“We were delighted when our application was successful, we moved in a few months later and settled in really quickly. It definitely feels different now we are home owners, it’s so satisfying knowing we own this place. There is no doubt that Shared Ownership is a good way to get onto the housing ladder in London.”
I viewed the flat online and thought it looked great, but once I saw it I person, it felt so much bigger.
“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!"
First time buyers may worry that the prospect of home ownership is out of reach for them. Shared Ownership homes in Hendon offer the ideal solution, helping you to take that vital first step onto the property ladder. Help to Buy homes in Hendon also allow potential buyers to lay down roots in locations they will love for a lifetime.
To stay up to date with the latest Shared Ownership and Help to Buy properties in Hendon, all you need to do is sign up to Share to Buy. From there, you can register to receive alerts when relevant properties are added to the market.
One of the biggest misconceptions people have when looking to buy – especially if they plan on working in the capital – is that, ultimately, they must accept very high property prices and crowded areas in exchange for more prospects. The alternative may be seen as a less metropolitan area which provides better value as well as space but lacks the options of bigger cities.
Thanks to the excellent transport links of Greater London, that simply doesn’t have to be the case. And there are few finer examples of this fact that the wonderful town of Hendon, found in the borough of Barnet.
Let’s get the practicalities out of the way first. One of the main reasons why people choose Hendon is due to its place on the London Underground Network. This means residents can get to the heart of the city in well under an hour, making daily commuting life manageable. The area is therefore ideal for professionals who are those looking to bridge the gap between the practicalities of the capital and the space of somewhere less congested and expensive.
Of course, this also means that all of the cultural attractions and events available throughout the capital are waiting for you right on your doorstep. Greater London might be a thriving area for job opportunities, but it also boasts opportunities to learn and experience new things, which is something should never be underestimated.
Hendon itself is not lacking in either of those departments either, with a varied economy and fine educational establishments. Its history of excellence can also be seen in the many actors, authors and composers who have called Hendon their home.
Speaking of history, that is also one of the area’s finest assets. Its heritage can be admired through the many centuries-old pieces of architecture, which provide this part of the country with such character. Finally, there’s all that wonderful space we talked about, which allows residents to work amongst the bustling crowds but unwind in tranquillity at home.
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