Bristol news Introducing the new way to buy a home, through shared ownership PremierLeague-News.Com

PremierLeague-News.Com - Shared ownership involves buying a share of a new property, usually with a mortgage, and paying rent on the remaining share that you haven’t bought

Bristol news Introducing the new way to buy a home, through shared ownership PremierLeague-News.Com

PremierLeague-News.Com - Shared ownership involves buying a share of a new property, usually with a mortgage, and paying rent on the remaining share that you haven’t bought

Bristol news Introducing the new way to buy a home, through shared ownership PremierLeague-News.Com
25 November 2022 - 10:00

PremierLeague-News.Com - Breaking Sport Transfer News ! The cost of renting privately continues to reach record levels, whilst prices of properties throughout Bristol and the surrounding area continue to be out of reach for the average first time buyer. Add to this the ending of the Government’s Help to Buy scheme and it’s not surprising owning or even renting their own home has become a distant dream for so many. Shared ownership could, however, provide a route for many on to the property ladder. Shared ownership is available throughout the country from Housing Associations whose mission is to help people into their home who might otherwise find it difficult on the open market. Shares are usually available from 25% but could be as low as 10% and up to 75% for your initial purchase, and you can buy more shares in the future as your circumstances allow, often all the way up to 100%, in a process known as ‘staircasing.’ What are the benefits? One of the main benefits is that because you’re initially buying a share of the property, the mortgage on that share will be much smaller in value than for the entire home. Therefore the deposit amount you’ll need to qualify for that mortgage will also be significantly lower, making getting into a new home much more affordable. The combined mortgage and rent amount is often significantly less than renting a similar property privately on the open market. And unlike renting privately, you will have security of tenure and that degree of certainty so many often don’t have via rental landlords. Shared ownership homes are aimed at a variety of people who can’t afford to buy a home on the open market.

News source = PremierLeague-News.Com

. Not surprisingly the properties on offer vary from apartments to larger houses depending on where they are and the requirement for shared ownership locally. Where demand is high potential buyers with local connections, or a greater need (having children, for example) may be given priority. It’s worth checking out, though, as it could be the smarter, truly affordable way to get on to the property ladder. Emma's story Emma, a 34-year-old primary school teacher, was living with her parents when she bought a share of an apartment via Aster Sales. ‘It turned out that the shared ownership scheme was my ticket onto the property ladder!’ she says. ‘It allowed me to purchase my very first home and I was able to obtain a mortgage for a 45% share of the flat. When I considered the monthly finances of the mortgage repayments and rent element, it was clear that the combined cost was actually cheaper than renting a flat.’ For more information on shared ownership visit sharedownership.net/what-it-means and see if this could be your route into home ownership.

Source = PremierLeague-News.Com

This news 14 hits received.

COMMENTS

  • 0 Comment
Last News