Buying Your Home
Home ownership beyond your reach?
Shared Ownership
Shared ownership is a form of low cost home ownership which allows households on modest incomes to get a ‘foot on the property ladder’. The aim is to help people who cannot afford to buy a suitable home outright, to purchase a share in a property. This share can be purchased through obtaining a mortgage from a bank or building society or from savings.
Depending on how much income applicants have, the initial share can be 25%, 50% or 75% with the Association owning the remainder. An 'Occupancy Charge' is made to cover the remaining share of the property and sharing owners are responsible for all repairs and maintenance to the property.
Criteria
1. Are you currently in employment and earning £1,500 or more per month?
2. Have you been working for over 6 months?
3. Do you have savings of at least £5,000?*
4. Have you been to see if you can get a mortgage or do you have the capital to raise a share?
5. The home must be your only residence.
*Mortgage lenders require a deposit which could range form 10% to 25% depending on your circumstances and the lenders policy. You should shop around for the best deal but you will need to have savings to pay for the deposit and legal fees for buying your property. Generally we recommend you have approximately £5,000 in savings available.
Click here to read the General Data Protection Regulation (GDPR) Privacy Notice for Sharing Owners.
Click here to download the Shared Ownership Handbook.
For further information please contact the Sales & Leasing Team
T: 01224 202900
E: ownership@grampianhousing.co.uk
Staircasing
Have you considered Staircasing?
Join over 60 sharing owners who have already increased their property share and you too could by enjoying the benefits of:
- reduced or zero monthly occupancy payments
- right of succession for your family
- greater financial flexibility in retirement by eliminating your monthly mortgage payments
- freedom to carry out your own property improvements
For more information on Staircasing, contact the Sales Team
E: ownership@grampianhousing.co.uk
T: 01224 202900
New Supply Shared Equity (NSSE) scheme
Although there are no further NSSE schemes planned, vacancies arising through re-sales are advertised. NSSE properties are allocated based on criteria agreed with the local authority, the Scottish Government and the Association.
NSSE aims to help people on low to moderate incomes to purchase a new build home where it is sustainable for them to do so.
Applicants should be:-
- First-time buyers, such as those living in social housing;
- People in the Armed Forces or veterans, widows, widowers and other partners of service personnel;
- People living in private rented housing or with relatives;
- People who have experienced a significant change in household circumstances;
- People with a disability who own a house which doesn’t suit their needs;
- People aged 60 and over
For further information on how the scheme operates, click on this link to The Scottish Government website.
