As another Shared Ownership Week comes to an end, we’ve compiled a list of FAQs so you can fully understand what Shared Ownership is and how it can lead you to getting a foot on the housing ladder.
Q1: Is shared ownership only for first time buyers?
Shared ownership is an affordable option for anyone! As long as you're over 18, do not own a home and meet the affordability criteria then you can be a shared owner. There’s no upper age limit and it’s not restricted to first-time buyers.
Q2: A Is it hard to get a mortgage on a shared ownership property?
Deals are offered by several major high-street brands including Halifax, Nationwide, Leeds, Woolwich, TSB, HSBC and Santander.
“The entire process has been made extremely easy and stress free, all down to excellent staff at Yarlington homes. Thank you so much for all your help” - Yarlington Shared Owner
Q3: Will I ever own all of my home?
After 12 months from moving into your shared ownership property, you can buy more shares of your home (this is called staircasing). This means you will increase the amount of your property you own and pay less rent. In most cases you can staircase to own 100% of your home and have the freehold.
Q4: I only have a small deposit. Could shared ownership help me?
Buying a share means you need a smaller mortgage and therefore smaller deposit than if you bought a home outright.
“I can’t say enough how much you have helped me with this shared ownership house, I can soon call home and feel so much better within myself again” - Yarlington Shared Owner
Q5: What do I need to be earning to qualify for shared ownership?
All applicants must have a household income of less than £80,000. If you’re looking to buy with your partner, your joint income before tax and dedications must be below £80,000 to be considered.
Q6: Do I share a property with someone else?
No. Shared ownership means you own as much of your property as you can afford and Yarlington owns the rest. When you buy a shared ownership property you are a leaseholder not a tenant. Yarlington is the freeholder until you are able to buy the property outright (exceptions may apply).
“Thank you so much for everything! So good to finally have our house. You have been amazing throughout” - Yarlington Shared Owner
Q7: Can I decorate my property?
As a homeowner you have all the benefits of someone who purchases on the open market. Go ahead and decorate or put some photos on your wall!
Q8: Is shared ownership expensive?
Shared ownership is a more affordable way of owning your home. It usually works out less per month than renting privately, with all the benefits of being a homeowner not tenant.
Q9: Is it difficult to resell my home?
No. The only difference with selling a shared ownership home is that the housing associations you purchase from will be given the first opportunity to find you a buyer. This means, our resales team will advertise your home for you.
“Thank you so much for everything you've done through this whole process, you've made my dream of owning a home come true” - Yarlington Shared Owner