What is shared ownership?
What is shared ownership? Let’s face it, getting on the property ladder isn’t getting any easier is it? Saving for a large deposit and even getting accepted for a mortgage that’s enough to buy the home you want is difficult and with mortgage rate increases, getting harder to do. This is where shared ownership comes in, the property ladder buying solution. You find a home with a shared ownership purchase option and buy a share (from 10% to 75% depending on your affordability and the terms of your lease) and pay Aster rent on the remaining bit. And when you can do so, you can buy more shares (called staircasing) eventually leading to full ownership (in most cases but this is dependent on the lease, just ask our team first). How does shared ownership work? Instead of trying to scrape together a large deposit, usually upwards of £10,000 - shared ownership allows you to purchase a home, with a smaller deposit - usually around 5% of the share you purchase to increase affordability. This means you only pay a mortgage on the share of a property you own, with a deposit as small and as low as 5% of the total share amount. You then pay rent on the rest of your brand-new or resale shared ownership home to the friendly folks at Aster who are here to help you with every step of your shared ownership purchasing journey. This can help you, as a buyer, to get the funds together for a brand-new home, making it a popular option for first-time buyers who might find it difficult to afford a home on the open market. With shared ownership, you get the home you want, in the area you love, through an achievable repayment plan. Find out how to qualify for shared ownership, if you’re eligible as well as how you can buy a shared ownership home with our shared ownership buying guide here. Who are Aster? At Aster, we're proud to offer beautiful new shared ownership homes across the South of England as well as London. Our homes are perfect for those looking to make a great start on the property ladder and take advantage of all that this incredible area has to offer. Our aim at Aster is to find you a home, not just a house – and with shared ownership, you can find a home in a lovely location that may otherwise be out of your reach, just get in touch!
