Home
Ownership
Shared
Ownership
|
If you can see this text,
you need to update to the latest version of Flash player. Please use the interactive map to view the properties available. |
When purchasing a shared ownership property you will usually buy 25%, 50% or 75%, with rent being paid on the remainder of the equity owned by us. The purchase is usually financed with a mortgage, out of savings or equity from a previous sale. After an initial 12 month qualifying period, you may buy further shares, however there is no obligation to do so. You may also be liable for a monthly service charge (as well as the rent) for apartments/flats. You will need to be able to raise a mortgage for the share you want to purchase unless you have sufficient funds to buy the share outright, and you will pay rent on the share you don’t own. Rents are set at affordable levels and are calculated on the share you don’t own, they will therefore vary depending on share and market values.
|
The table below helps to illustrate the approx cost of a 50% share. This is only to be used as a rough guide and it is based on 95% LTV (Loan To Value) at 5.9% over 25 years as FTB. These figures for mortgages will vary with mortgage rates, level of deposit and personal circumstances.
| Purchase Price | 50% Share Price | RENT PCM | MORGAGE PCM | Combined monthly payment |
|---|---|---|---|---|
| £100,000 | £50,000 | £114.58 | £303.15 | £417.73 |
| £125,000 | £62,500 | £143.23 | £378.93 | £522.16 |
| £150,000 | £75,000 | £171.88 | £454.72 | £626.59 |
Download
Application Form (pdf)
Guide To Shared Ownership (pdf)
For more information about Shared Ownership, please see FAQ’s or contact our Affordable Housing & Sales Co-ordinator on 0191 375 3729 or email Pauline Neave.
For details of other schemes in the North East please use the following link to the regions HomeBuy Agent, Nomad Homes who retain a regional database of applicants and schemes for shared ownership. Click here or please call 0191 229 7333 for further information on the Home Ownership products and services offered by your HomeBuy Agent.