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Housing: Shared Ownership Explained – Enable Magazine

Owning a home that meets your needs may seem out of reach, but sharing ownership can help you climb the real estate ladder for less.

Having a home that suits your needs and preferences is key to living a quality life. The UK is taking steps to make more homes inclusive, accessible and adaptable. has pledged to raise minimum accessibility standards for new homes. These new rules won’t apply immediately, but they are a step in making better housing for people with disabilities and could make the idea of ​​buying your own home more attractive.2022 In 2019, there is more support than ever to get you on the real estate ladder, including co-ownership.

on the wealth ladder

Shared Ownership Week this September showcases schemes to help first-time buyers and families climb the real estate ladder, while shared ownership schemes are available year-round for buyers to take advantage of. increase. In April 2021, the UK government launched a new model for this scheme, making it easier for people to buy their own homes and improving the conditions that apply when using them.

Shared ownership may sound like you have to live with someone else to take advantage of the scheme, but that’s not the case. You can own part of your home while the housing association owns the rest. This means that if you can’t buy the stock right away, you’ll be taking out a mortgage on the amount you own, and you’ll be paying rent for the portion the union owns.

In England you can own anything from 10% to 75% of your home, while in Scotland it’s between 25% and 75%. For example, if you buy 25% of a house worth £100,000, you own £25,000 (25%) and the Housing Association owns £75,000 (75%). Over time, you may purchase more shares in your home that you may own 100% of, but similarly, if you do not need to purchase any more shares and decide to sell, the Housing Association and profit can be split.

Shared Ownership Week will provide those interested in the scheme with the opportunity to learn more through information and online events with partner organizations.


A common misconception about shared ownership is that it’s only available to first-time buyers, but that’s not the case. Anyone who meets certain criteria can apply.

To be eligible, your household income must be less than £80,000 outside London, or less than £90,000 if you live in London. If you are a first-time buyer or have previously owned a home and cannot afford to purchase a new home that meets your needs. In most cases, you must already live within the area you are applying for. If you currently own a home, you must be in the process of selling it to apply.

You will also need a deposit to secure your mortgage. This is typically 10% of the value of the stock. For families where someone in the family has a disability, you can apply for a scheme to purchase a home that meets your loved one’s specific needs.

The scheme applies to new homes or homes listed through the Housing Association’s resale program and it’s easy to get the ball rolling. For information on how to contact your local representative, please visit: www.ownyourhome.gov.uk

Once your application is complete, these agents will help you find available properties in your area covered by the scheme.


Joint ownership is a great option if you’re looking to take the first or next step on the real estate ladder, especially if a home that meets your needs is beyond your current budget, but for certain communities The Elderly Shared Ownership (OPSO) scheme is on the same principle, but only available to people over the age of 55, and once you own 75% of your home, you have to pay rent for the rest. there is no.

Unlike Shared Ownership or OPSO, Long Term Disabled Homeownership (HOLD) schemes offer the opportunity to purchase a home on the open market on similar terms if there are no properties available under another scheme that meet your needs. is given.

If you live in Scotland, have a disability and need alternative housing, you can qualify for up to 49% towards the cost of your home through the Scottish Government’s LIFT Open Market Equity scheme. This helps first-time buyers and priority groups climb the real estate ladder. To use this scheme, you must provide supporting evidence of additional housing costs resulting from your disability, but the additional funding comes from the government, not the Housing Association. In most cases, you can increase your share to 100% over time.Learn more from link housing.

For more information on shared ownership, please visit: www.sharedownershipweek.co.uk Or for more information on OPSO and HOLD, see www.ownyourhome.gov.uk.

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http://enablemagazine.co.uk/housing-shared-ownership-explained/?utm_source=rss&utm_medium=rss&utm_campaign=housing-shared-ownership-explained Housing: Shared Ownership Explained – Enable Magazine

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