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The answer to this question depends on factors, including your circumstances and what you’re looking for in a property. Shared ownership is a great way to get on the property ladder in Canterbury.
With prices for properties in the city rising, shared ownership provides an affordable option for those who may not be able to afford a property outright. Several developments in Canterbury offer shared ownership, so there is sure to be something to suit your needs.
What Is Shared Ownership?
Shared ownership is a scheme that enables you to buy a share of a property, usually between 25% and 75%, with a housing association owning the rest. You then pay rent on the portion that you do not own.
As your financial situation changes, you can purchase additional shares in the property until you own it outright.
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Why Is Shared Ownership A Good Option?
Shared ownership is an excellent option for first-time buyers and those who may not be able to afford a property outright. It can also be a good option if you are looking to downsize but still want to own your own home.
Shared ownership properties are usually brand new or newly refurbished so you can enjoy a high-quality property at a fraction of the price.
What Are The Eligibility Criteria?
To be eligible for shared ownership, you must:
1. You Have A Household Income of Less Than £80,000
With this income, you are allowed to purchase a 40% share in a property worth up to £400,000. You can buy a larger share if you have a lower income. It would help if you contacted a housing advisor to check your eligibility.
2. You Are A First-Time Buyer
A first-time buyer has never owned a property or has not owned a property in the last three years. This arrangement allows you to buy a brand-new home without having to pay stamp duty.
3. You Are A Current Tenant of A Housing Association or Local Authority
If you are currently renting from a housing association such as Moathomes, you may be eligible for shared ownership. This is because you are seen as being in housing need. You need to know that you can afford the mortgage payments and rent on the portion of the property you do not own.
4. You Have A Disability
If you have a disability, you may be eligible for shared ownership through the Horizon scheme. This scheme is designed to help those with a disability to live in adapted housing.
5. You Can Buy A Property With A Smaller Deposit
With shared ownership, you only need to put down a deposit on the share that you are purchasing. This means you can get on the property ladder with a smaller deposit than if you were buying a property outright.
6. You Can Purchase Additional Shares in The Property
If your financial situation changes, you can purchase further shares in the property until you own it outright. This is a great way to gradually get on the property ladder and build up equity in your home.
Conclusion
Regarding shared ownership in Canterbury, there are some things to consider. Speaking to a housing advisor to check your eligibility and find out what developments are available is essential.
