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 Slough, 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 Slough 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 Slough 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.
I viewed the flat online and thought it looked great, but once I saw it I person, it felt so much bigger.
“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.”
“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.”
First-time buyers can often feel dissuaded, believing that their dream home is out of reach. Thankfully, Shared Ownership homes in Slough can help you take those vital first steps onto the property ladder. Help to Buy homes in Slough can also make it easier to put down roots in an area you are proud to call your own.
If you are looking for Shared Ownership and Help to Buy properties in Slough, then be sure sign up to Share to Buy and register to receive alerts when new properties are announced in the area.
Slough Borough Council, without a doubt, covers one of the most varied, diverse and dynamic areas in the United Kingdom. A huge part of the reason for the variety of culture found in Slough is that, since the early 20th century, it has attracted people from throughout the world to live and work there. This has left it with a history that reflects the cultural melting pot it has become famed for.
Today, those traditions live on, with an unemployment rate at around a third of the national average and plenty of opportunities to be found. Speaking of which, not only are there excellent travel links currently taking you across the country from the area – opening up job possibilities to a much wider area – but this is set to improve as well with the planned Elizabeth line allowing faster journeys to Central London.
This forward-thinking nature is something you can see throughout the large town of Slough. It’s an area of constant reinvention and redevelopment: one which never rests on its laurels for too long. This means that homes in Slough offer you more than just somewhere great to live right now – they’re also an investment in the future.
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