Shared ownership is a government-backed initiative which helps people, mostly first time buyers, to get onto the property ladder. Shared ownership means that you can purchase a share of a property, and just rent the rest as you can’t afford to purchase it all at once, however you will have the option of purchasing a larger share at a later date. To be eligible for shared ownership you need to at least 18 years of age, not able to purchase a property which is suitable to your needs on the open market and be a first time buyer or a shared owner, although some other circumstances are accepted depending on your situation. Also, your household needs to be under £80,000, unless you live in the London borough which means it would need to be less than £90,000. Moat is a fantastic association that currently employs over 300 people and provides homes in different communities throughout the South East of England and has been doing so for over forty years now.
They are a leading housing association working in this part of England. They are proud to provide quality homes across different tenures. On their website they have a search facility which you can use to look through homes available for shared ownership, sale and market rent. They always make sure to update any details on properties, so they can make sure you get the right home for you. They have properties available in counties such as Essex, Kent and South East London, as well as Boroughs such as Greenwich and Maidstone.
It could work out that paying for your rent and mortgage is cheaper than buying a property straight away, this is why it’s best to spend time working out comparisons and other calculations, an independent mortgage advisor could help you with this as they have plenty of experience. When doing so make sure to consider other costs that will be included such as the deposit for your mortgage, legal fees and mortgage arrangement fess, as this can also impact the overall cost. Moat will only provide you with the property not the mortgage which is why you must do this with a high street lender. The process is mostly made up of three different steps when getting a property with them. The first step is to register your interest so that they can send you homes that are available for letting, resales and new home. Then you would view the home as long as you meet the criteria and it meets your needs, from this you can choose to reserve the property. Then the final step is to appoint a solicitor and arrange a mortgage, however if renting you will be informed of your tenancy start date. When purchasing shares of the property you can purchase as little as 10% per transaction, as you only get three transactions you want to gain 100% ownership within those three transactions; the shares will be purchased at current market value.