Shared Ownership schemes (otherwise known as HomeBuy) help people wanting to get a foot on the property ladder, but who cannot afford to buy a home outright.
A Shared Ownership scheme could help you to buy a home based on what you can afford. Generally, with Shared Ownership you buy a share of around 50 per cent and rent the remaining share from a housing association. This means that you don’t have to fund the full cost of the property from your savings and any mortgage. It allows the purchase of a home to be more affordable.
In time, in most cases you can choose to increase the shares you own, or sell up and move on.
Shared Ownership is open to key workers (frontline public sector staff such as nurses and teachers) as well as those on housing waiting lists with household incomes of generally between £20,000-£35,000 pa.
The HomeBuy agent operating in our area is Bedford Pilgrims (BBHA).
For more information visit our frequently asked questions on Shared Ownership