GUIDE TO SHARED OWNERSHIP simple
SHARED OWNERSHIP
HELPING HOPEFUL HOMEBUYERS ON TO THE PROPERTY LADDER WITH SHARED OWNERSHIP YOU BUY A SHARE OF YOUR HOME, WITH A LOWER DEPOSIT AND A SMALLER MORTGAGE, AND PAY A MONTHLY PAYMENT ON THE REST SO FLEXIBLE
You start with buying a share of your SO Resi home – between 25% and 75% – that suits your income. That means your monthly mortgage payments and deposit are smaller than if you bought your home outright. You also make a monthly SO Resi payment for the share of your home that you don’t own and a service charge to look after the building. You can buy a bigger share of your home in the future, and even own 100%. The bigger the share you own, the lower your SO Resi payment will be. You can sell your share at any time.
SO INVITING
SO Resi is about opening the door to homeownership for as many people as possible. You SO CLEAR need to have a household income of SO Resi aims to build less than £80,000 (£90,000 in London), strong, lasting relationships, so be able to pay the deposit and one-off it’s very important that the costs of costs, afford the monthly payments and shared ownership are made completely secure a repayment mortgage with a clear. Every month you will need to pay recognised lender. In some cases, your mortgage, your SO Resi payment and people who live or work in a local your service charge, plus all the usual costs of area may be given priority at owning a home such as utility bills and repairs. certain developments. In addition, before you move in, you will need to find a reservation fee (refunded when your purchase is completed), your deposit, solicitor’s fees and disbursements and fees for your independent financial adviser. You may also have to pay Stamp Duty depending on circumstances.
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