Shared ownership resales
Think you can’t afford to buy a home in London or Southern England? You could buy a share in a home to get your foot on the property ladder.
What is it?
Intermediate rent is usually 80% of what you would be charged if you rented privately. It’s available to key workers and others finding it hard to afford market rent prices in London and the Southern England.
You can choose to rent brand-new and refurbished properties, with tenancies from 6 months to 5 years.
Is it for me?
Although each local authority has its own criteria for intermediate rent, you’re likely to be eligible if:
- You’re a key worker (in some areas, you may be eligible if you’re not a key worker too)
- You have a permanent job or at least 6 months on your current contract
- You can afford the rent (with or without financial help, such as Housing Benefit or Universal Credit)
- You’re saving to buy a home in the next 5 years, but you can’t afford one yet
- You have a decent credit history and you haven’t breached your current tenancy agreement in the last year
- You already live or work in the area
- Your total household income is less than £71,000–£85,000 a year (the exact amount depends on your local authority and the size of the property you need to rent).
Why rent with us?
We’re an established, regulated, award-winning landlord. Besides a choice of homes to match your budget, we offer good, honest renting with no hidden costs.
Because we own and manage all our properties ourselves, you’ll enjoy prompt service when you rent from us. And we believe in keeping things simple – from contracts to processes. All of this helps take the stress out of finding a new home and leaves you more time to prepare for your move.
How do I apply?
Check the details on the property you’re interested in applying for.
Buy with a smaller deposit
You only need to get a mortgage for the share you want to buy. Your deposit will still be 10%. But only 10% of the value of your share, rather than 10% of the value of the whole property.
Get on the property ladder
What you pay each month for shared ownership often works out similar to what you'd pay renting. Plus, if your property increases in value, the value of your share will be higher when you sell.
How does shared ownership work?
You buy a share of your home and rent the rest of it from us.
You’ll need to apply for a mortgage to pay for the share you want to buy. Each month, you’ll need to pay your mortgage and the rent. If you decide to sell, you’ll get the market value for your share.
You can increase the share you own at any time. This is called staircasing.
What would it cost?
As an example: if you wanted to buy a 40% share in a modern, 1 bedroom apartment in London valued at £280,000, you’d need to get a mortgage for £113,000. Your 10% deposit would be £11,300.
Each month, you’d pay your mortgage of £602* + approximately £380 rent + £195 service charge. Total: £1,177
Renting the same apartment would cost you £910 a month. This includes the service charge.
Shared ownership usually costs about the same or a little bit more than renting, but you own a share of the property that you can sell at any time.
*Your mortgage repayments depend on your mortgage deal. Here we’ve calculated it as a 3.5% interest repayment mortgage over 25 years.
Who's eligible for shared ownership?
You should be able to buy a shared ownership property if:
- You earn between £30,000 and £80,000 a year (£90,000 in London) as a household
- You’ve never bought a home before, or you can’t afford to buy one now, or you’re currently a shared owner
- You have enough savings to cover a deposit and around £4,000 for fees
I’m interested and eligible, what’s next?
First, you need to check you can afford to buy a shared ownership home. You can contact us to connect you to an independent financial adviser who can help you with that. Or speak to a local Help to Buy adviser.
You can also use this mortgage calculator.
Next, you need to find a property you want to buy. See all our shared ownership homes.
"You feel different walking in the door each day to a home you own. You know you have long-term security and stability."
What to expect when you buy from us
- A quality home and a smooth process. We’ve won awards for our housing developments and our service as a landlord.
- Support throughout the buying process. From connecting you to an independent financial adviser to helping with the paperwork.
- Prompt and helpful service if you decide to sell or increase the share you own.
What else is new?
Share the cost of buying your home without compromising on design or finish with our new-build shared ownership properties from FABRICA.
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