What is Shared Ownership?
Buying a Shared Ownership home is a fantastic alternative to buying a property outright.
Launched by the government in 2006, it is a part-buy, part-rent property scheme. If you cannot afford the full mortgage for a property, through Shared Ownership, you can buy a share of it (between 25% and 75% of its value) while you pay a subsidised rent on the remaining percentage.
Eligibility for Shared Ownership
In order to be eligible to purchase a Shared Ownership house or apartment, there are several general criteria you must meet:
You must be at least 18 years’ old with a clean credit history
Your annual household income must be less than £90,000 in London, or £80,000 outside of London
You’re a first-time buyer, a previous homeowner that cannot afford to buy one now, or an existing shared homeowner
You must not be in mortgage or rent arrears, demonstrate a good credit history and be in a position to afford the regular payments
The Red Loft approach
The Red Loft approach to Shared Ownership is designed to be simple, transparent, and informative. We walk you through the eligibility process to determine whether you meet the criteria at the outset. If you do, we put you on our mailing list and keep you up to date with property viewings that are tailored to you.
- 1 Establish what you’re looking for
- 2 Consider your ownership options
- 3 Suggest ideal viewing opportunities
Not just for first time buyers
It is a misconception that Shared Ownership is simply for first-time buyers.
While it certainly offers a viable alternative for people looking to take the first step onto the property ladder, Shared Ownership can be pursued in numerous situations. These include if you’ve experienced a relationship breakdown or you are a current Shared Ownership leaseholder that has outgrown your surroundings or want to trade up or down.
Red Loft often has Shared Ownership solutions for over 55's.
Older Persons Shared Ownership (OPSO), available for those aged 55 or over, enables buyers to part buy/part rent a purpose-built home, whether it be because they’re looking to downsize from their existing family home or their current property simply isn’t suitable for their needs anymore.
We had a very good experience, being first-time buyers we didn’t have much information on the process. Moiz & Nikki were very helpful and answered all questions we had! We appreciate the help.