As the festive season approaches, the air is filled with the anticipation of joy, laughter, and the comforting glow of festive lights. For many, this time of year is synonymous with family, friends, and the desire for a cosy, welcoming home. But for those who find traditional homeownership out of reach, the dream of a home of their own can seem elusive.

 

That's where shared ownership comes in. This innovative housing scheme offers a fantastic opportunity for individuals and families to take their first steps onto the property ladder.

 

How does shared ownership work?

When you purchase a share of a property, you become part-owner. The remaining share is owned by a housing association or other registered provider. You pay a mortgage on your share, and rent is payable on the part owned by the provider. As your financial situation improves, you can potentially purchase additional shares and increase your ownership stake. For some schemes, you may only be able to increase your share up to a maximum percentage of the property's value. For others though, you may eventually be able to own your home outright.

 

The benefits of shared ownership

Affordability: Shared ownership is a more affordable option than outright purchase, making it accessible to a wider range of people.

Flexibility: You can choose the size of your share, allowing you to tailor your purchase to your budget and needs.

Security: Shared ownership provides you with a stable and secure home, unlike renting.

Investment: As you increase your share ownership, you're building equity in your property, which can be a valuable asset.

 

The future of shared ownership

As the demand for affordable housing continues to grow, shared ownership is poised to play an increasingly important role in the housing market. With government initiatives and ongoing innovation, shared ownership is becoming more accessible and attractive to a wider range of buyers.

So, this Festive season, explore the possibilities of shared ownership and discover how it can help you achieve your dream of owning your own property.

 

Let's talk shared ownership

If you're interested in learning more about shared ownership, we can discuss your options and provide personalized advice. Together, we can find the perfect home for you and your family this festive season and beyond.

 

Just Mortgages is a trading name of Just Mortgages Direct Ltd, which is an appointed representative of The Openwork Partnership, a trading style of Openwork Limited which is authorised and regulated by the Financial Conduct Authority.

 

Approved by The Openwork Partnership on 20/09/2024