The main aim of shared ownership is to help more people become homeowners. With St. Arthur Homes, you buy a share of your home (between 25% and 75%) with a lower deposit and lower mortgage on the share you own and pay a monthly rent on the remaining share St. Arthur Homes owns. Deposits with shared ownership properties are typically lower than properties purchased conventionally, as you only pay the deposit of the share price rather than the full market value of the property. In addition to your savings for a deposit, you should also have savings of at least £4,000 to cover the additional costs of buying a home.
Shared ownership with St. Arthur Homes is a faster way of getting onto the property ladder, so more people can enjoy the benefits of home ownership. It is a great opportunity for home buyers who are unable to afford to purchase a property outright. It would suit first time buyers and previous homeowners who are unable to purchase a property at full market value and have a household income of up to £90,000 in London and £80,000 everywhere else in the UK.
In future, if you wish to and when its right for you to do so, the additional or the remaining shares can be purchased (known as staircasing). Alternatively, you can also sell your share of the home if you wanted to and this is something St. Arthur Homes will assist you with every step of the way.
If you would like to find out more about shared ownership and the properties we have available get in touch by calling us on 020 7224 3066, email firstname.lastname@example.org or fill in our contact form and a member of our team will be happy to guide you.