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The Shared Ownership scheme helps you to secure a home for significantly less than the property’s total value. For as little as 10%, you can purchase a share of a home, meaning that your deposit will be significantly lower.
Though you aren’t technically purchasing your property outright, the option is available for you to buy a larger share as and when your financial circumstances improve.
There are a few criteria that you must meet to be eligible for the Shared Ownership scheme. You must be a first-time buyer, or have previously owned a home but cannot afford a home now, or are an existing homeowner looking to move.
You must also have a combined household income that is less than £80,000 a year (or £90,000 in London).
If you’ve got any questions about eligibility or to find out if you might be eligible speak to your local agents today.
You can find out more about Shared Ownership schemes on the Government’s website or you can speak to the Isle of Wight’s local mortgage experts here at Pittis on the Government’s website or you can speak to the Isle of Wight’s local mortgage experts here at Pittis.
Our in-house team of mortgage advisors are here to talk you through Shared Ownership mortgages in more detail, listen to what you need and find a solution that’s right for you. So, find your local mortgage advisor today!
