Shared Ownership is a great way for those who cannot afford market prices to get on to the property ladder. It is an ideal opportunity for first time buyers.
When buying a shared ownership property you will buy a portion of the property that you can afford (this is usually 25%, 50% or 75%). You would then rent the remaining portion (that you cannot afford to buy). This is usually financed with a mortgage or out of savings.
After an initial qualifying period, usually 12 months, the shared owner may buy further shares in the property (usually in 25% increments, called 'staircasing'). There is no obligation to do this. If you are able, it is possible to eventually buy 100% of the property.
Plus Dane Housing Association, the local Help to Buy agent, will deliver Help to Buy and Low Cost Home Ownership products in Trafford. For more information on buying an affordable home in Trafford, the contact details are:
Telephone: 0300 790 0570