SHARED OWNERSHIP MYTH BUSTING WITH LEGAL & GENERAL AFFORDABLE HOMES

Saving up for a deposit can feel like a huge task, especially when you already have monthly bills to pay. But with shared ownership, deposits are massively reduced, meaning you could get on the property ladder with a deposit as low as £5,000! Now that’s something to shout about.

On top of it all, buying a new and affordable home can be a confusing and stressful time, especially if you’re a first time buyer trying to decide what kind of property is best for you.

That’s why we’re going to break down the most common shared ownership myths and help you decide if shared ownership is right for you. Hint: we think it will be!

What actually is shared ownership?

With shared ownership, you buy a percentage of a property, then pay a subsidised rent on the remaining portion. The key advantage of shared ownership is that you generally pay less each month than you would privately renting or paying a traditional mortgage.

Shared ownership is often referred to as the industry’s best kept secret. It can take the stress out of buying a home as you will need a much lower deposit than buying outright. We’re talking, on average, under £10,000 – even in London.

What does Legal & General Affordable Homes offer?

At Legal & General Affordable Homes, we offer an array of top quality, contemporary properties across England. From studio apartments in London to large, detached houses in the countryside, we aim to provide something for everyone. We’re committed to delivering first-class customer service, from the moment you arrive to when you open the door of your new home.

Do I have to be a first time buyer?

Shared ownership purchasers are often first time buyers, but it is not only for first time buyers. If you own another property – either in the UK or abroad – you must be in the process of selling it to be eligible for shared ownership.

Can I decorate my shared ownership home the way I wish?

Yes, shared ownership homes are a blank canvas, waiting for you to add your own style. You don’t need our permission for decorating or simple repairs, however you would need to get permission for larger works to ensure it does not affect the structure of the building.

Do I have to live with anyone else?

No, unless you choose to of course! But you don’t have flatmates with shared ownership and the home is all yours, just like it would be buying on the private market.

Do I need a good credit score?

Yes. You must have a good credit history; the better it is, the more likely you’ll be able to get on the property ladder with shared ownership. Your credit history is determined by a number of criteria, including not having been declared bankrupt in the last six years and not being in arrears with any tenancy payments or mortgage repayments.

Anything else I need to know?

In order to be eligible for a shared ownership property, your annual income must not exceed £80,000 (or £90,000 if you live in London). If you plan to buy a shared ownership property with someone else, your combined income must not exceed the relevant maximum amount.

You will also need the deposit amount, usually between 5-10% of the equity share you are purchasing.

Want to find out more? Head to our website landgah.com to find your perfect shared ownership home and get on the property ladder sooner than you thought possible!