Shared Ownership has always been one of those schemes that many people think they know about but rarely understand its process and what it can offer buyers aiming to purchase their first home. Whether it’s about how it works, how much deposit you really need, or that people think a Shared Ownership home is lower quality than one with Help to Buy – as a provider of high-quality Shared Ownership homes, here at St. Arthur Homes we are keen to dispel some of the common myths that buyers have and explain some of the benefits using Shared Ownership offers.
Does Shared Ownership mean I share my home with someone?
No! – unless you really want to or are buying with someone. Shared Ownership means you share ownership with the housing provider, in this case St. Arthur Homes, but you still have all the normal rights as an outright homeowner. With St. Arthur Homes you buy a minimum percentage share depending on the development you choose. Once you are settled in and when you can afford to, you can increase your percentage share, known as staircasing, at any point until you own 100% of the property. You just need to contact us and we can do the rest!
How much will I need for a deposit?
When compared to Help to Buy and the open market, in general Shared Ownership offers the opportunity to purchase a property using a much lower-level deposit – in some cases even as little as 5% of the share you are buying and not the full asking price. As an example, you can currently purchase a 35% share in one of our two-bedroom semi-detached homes at Scholar’s Green in Essex for £148,750 – the deposit you would need would be £7,438.
What specification can I expect from my Shared Ownership home?
At St. Arthur Homes helping get people onto the housing ladder is at the heart of what we do and offering high-quality homes that are the same standard and specification as private sale homes and are also affordable is what sets us apart. We only work with developers and partners that are well-experienced in what they do and build first rate properties that are uncompromising and enjoy an internal specification that any other home would have. In fact, we go one step further and give our buyers a choice on certain products and finishes too on selected developments! To find out more information on the interior specification we offer across our homes you can visit our current property page here.
How does Shared Ownership work – where do I start?
When buying a home with Shared Ownership or on the open market the process is very similar – the main difference is that once you have chosen a property and would like to proceed you have to complete an affordability qualification to be accepted to use the scheme, once this is done the rest is pretty much the same! However you choose to go about buying your first home it can often be an overwhelming process, but the good thing about buying with St. Arthur Homes is we are here to support you every step of the way – and are always on hand to offer advice and support when you need it. Here you can read more about our recent Shared Ownership buyers who have purchased a property with St. Arthur Homes.
For more information about St. Arthur Homes and the current homes available to buy with Shared Ownership, please visit www.starthurhomes.com or call 020 3745 4470.