So what’s Shared Ownership all about then?

Shared Ownership isn’t about sharing with someone. It’s about getting your foot on the housing ladder. It’s a great alternative to renting and perfect if you can’t afford to buy a house outright.

That means not having to raise a massive deposit based on the full property value. Your mortgage and deposit will cover only the % share you purchase. And you pay a low rent to us on the remaining share. Simple.

So no, you definitely won’t have to share with anyone. Except maybe your partner, children and the cat.

Interested?

Talk to our team by clicking just here or read on to find out more…

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More about this Shared Ownership thing

You buy a share in a home and pay rent on the share you don't own. That’s Shared Ownership in a nutshell. And the higher the share you buy, the less rent you pay. You can buy anywhere between 25% and 75%, initially. We retain ownership of the share you don't buy and you can generally buy all or some of our share any time after you’ve moved in. A pretty good way of getting off the renting hamster wheel and onto the property ladder, right?

The mortgage bit

If you’ve got sufficient savings, you don’t need a mortgage. You can buy your share outright.

Most shares are funded by a mortgage, though, which you arrange with a Bank or Building Society, just like you would a traditional house purchase.

Remember though, also just like a traditional house purchase, your home could be at risk if you don’t keep up the repayments. Financial checks will be carried out to ensure you meet the requirements and we always recommend you take individual financial advice too.

The rent bit

So, the larger the share you buy, the lower your rent will be. Don’t worry if maths isn’t your thing. We’ll give you details of the rent you pay and your mortgage lender will provide details of the monthly mortgage repayment. Everything’s broken down for you, simply.

Oh, and we’ll give you a lease too, entitling you to sell your property or buy more shares, in most cases. The lease also talks about repairs, rent and service charges – these are your responsibility.

We might just have a place you'll love

You can decorate it just how you want, take a look at a few of our properties below or take a look at all our developments.

To view our developments, just click here.

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Choose from any one of our new or re-sale homes and, depending on the house type and location, you can buy a share of it - anywhere between 25% to 75%.

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Buying more shares

Ready to own more? The good news is you can generally buy more shares in your home any time after you become the owner.

The cost of your new share will depend on how much your home’s worth when you want to buy it. We arrange an independent valuer to set the price of the share, but you’re responsible for paying the valuer’s fee.

Bear in mind, if property prices in your area go up, you’ll have to pay more than you did for your first share. Likewise, if your home has dropped in value, your new share will be cheaper.

Ready to start owning? Talk to your Sales Negotiator to see if you’re eligible.

Who can apply?

You can buy a home through Shared Ownership if:

  • Your household earnings don’t exceed £80,000 a year (outside of London)
  • You're a first-time buyer
  • You rent a council or housing association property
  • You used to own a home but can’t afford to buy one now

Who can't apply

You can't apply if:

  • You're able to buy a home outright
  • Your household income exceeds £80,000 a year
  • You're not able to meet the cost of rent and mortgage payments
  • You aren't going to live there
  • You're using the scheme to fund a ‘buy to let’ property
  • You currently own your own property

Ready to get on the property ladder? Then contact our team today.

So, how do I know if Shared Ownership is right for me?

If you want to get on the property ladder and you can’t afford to buy or rent a suitable property, Shared Ownership could be spot on for you. Have a natter with our team Contact our team and we’ll double check to see you that:

  • Your household is bringing in no more than £80.000 a year
  • You aren’t already a homeowner
  • You’re employed, self-employed or able to show you can afford to maintain the costs of home ownership
  • You’re a British or EU/EEA citizen or have indefinite leave to remain

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Other costs to think about

Other costs to tot up include those you’d consider in a traditional purchase, like:

  • Solicitors fees
  • Mortgage survey fees
  • Stamp duty on homes costing more than £125,000
  • Any mortgage arrangement fees
  • Indemnity premium
  • Removal costs
  • A deposit to secure a property from us

And you’ll need to think about:

  • Mortgage protection insurance
  • House contents insurance
  • Council tax
  • Gas, electric, water and telephone charges
  • Other household bills
  • All repair and redecoration costs

We might just have a place you'll love

You can hang up as many lifetime memories as you want on your walls, take a look at a few of our properties below or take a look at all our developments.

To view our developments, just click here

If you’re ever unsure of anything, please give us a call - we're here to help and we want to get you into your new home as soon and as smoothly as possible. shared-ownership-speach-bubble-animated

So, like I don't have to put down a big deposit, right Right.

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Other useful things to know

  • Homes are usually offered on the basis of a maximum of one bedroom more than you and your family need
  • Many property sale companies will not allow you to keep pets in a shared ownership home – please speak to us and we’ll double check
  • We usually require one month’s rent and a deposit at the tenancy start date – it’s recommended that you save any discount on your rent towards a deposit to purchase a property later
  • Shared Ownership and ‘Help to Buy’ properties are in high demand and we give priority to social tenants (housing association and local authority tenants), as well as those serving in the military
  • We also prioritise those living and/or working in the local area - local authorities can have differing priorities
  • Most applicants will be first time buyers, however, the schemes can help some buyers who’ve owned a home before, for example in the case of relationship breakdown
  • MoD personnel will be prioritised for rental schemes where they’ve completed their basic phase 1 training and are one of:
  1. Regular service personnel (including Military Provost Guard Service, Navy, Army, Air Force)
  2. Clinical staff (with the exception of doctors and dentists)
  3. MoD Police Officers
  4. Uniformed staff in the Defence Fire Service
  5. Ex-Regular service personnel (serving in the Armed Forces for a minimum of six years and in receipt of a Discharge Certificate (or similar) can apply within 12 months of the date of discharge
  6. Surviving partners of regular service personnel who died in service (where they apply within 12 months of the date of becoming bereaved)

Don’t worry if this list seems a bit daunting. All schemes are different and we’ll be guiding you every step of the way. Ready to get on the housing ladder? Contact our team today

Right, so how do I check if I can afford it?

It’s a myth that renting is cheaper than shared ownership and Shared Ownership gets you on the housing ladder. First though, we need to check that you qualify by doing an assessment. We look at things like your household income, which must be less than £80,000 a year. And we discuss mortgage and lending products and the rates available. Don’t worry, we’ll walk you through everything.

Here's what you'll need for the assessment:

  • In date passport or both parts of your driving license (if you are on a visa, we need a copy of this - please inform us if you don't have permanent rights to reside, as this can affect your application)
  • Three month's payslips or three years SA302 (if you're self-employed)
  • Latest P60
  • Three month's bank statements from all accounts (online copies will only be acceptable if your full name and address is shown - if your statements don't show this, please order copies from your bank)
  • Latest Council Tax Bill (if you live with parents or friends and aren't named on it, just let us know)
  • Proof of financial commitments (e.g. loans, latest credit card statement)
  • Proof of any benefits received (e.g. WFTC, child benefit, etc)
  • Marriage certificate
  • Evidence of maintenance payments (if you are paying or receiving them)
  • If you're pregnant, an MATB1 form stamped by your doctor
  • Proof of deposit (if the deposit is coming from a gift, we need a bank statement to show they have the funds and a letter stating it is a gift to you from the person gifting you - it must be signed, dated and show their address)
  • Proof of address to cover the last three years (Utility bills or bank statements)
  • Credit/debit card or cheque book to pay related fees

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We might just have a place you'll love

You can decorate it just how you want, take a look at a few of our properties below or take a look at all our developments by clicking here

If you’re ever unsure of anything, please give us a call - we're here to help and we want to get you into your new home as soon and as smoothly as possible.

So renting is cheaper than Shared Ownership then, right? Wrong.

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What to do when applying for a mortgage

  • Send us up to date payslips and bank statements as soon as you get them – it’ll help us get things through smoothly if we get these as soon as they're issued
  • Tell us if you're due any pay changes at work or if you're about to go on maternity leave
  • Let us know if your deposit changes - this could impact the interest rate and share you're buying
  • Ensure you've discussed your protection options with your mortgage and protection specialist and have this in place for when you exchange contracts
  • Ensure you have sufficient funds to pay all the associated fees - we can help you with this, along with your solicitor
  • Instruct a specialist conveyancing firm, it makes the whole transaction a lot easier if they specialise in affordable housing
  • Advise us of any payslip deductions i.e. pensions, student loans, loan repayments - these can all affect affordability and if they're only picked up later on, it can cause affordability issues What not to do
  • Don't take out any credit or enter into any credit searches once you've applied for a mortgage, changes can affect your application
  • Don't hand in your notice on your rented property without getting confirmation from your solicitor that your completion date is set
  • Don't change jobs halfway through the process, as lenders can request more up-to-date information - if you think you'll be changing jobs, please inform us, as this can have an impact on affordability and lenders have different criteria regarding length of time in employment, etc.
  • Don't forget to keep in touch with us and send back all your paperwork as soon as soon as you can

If you’re ever unsure of anything, please give us a call - we're here to help and we want to get you into your new home as soon and as smoothly as possible.

FAQs

Buying a new home is exciting, but it can be confusing, right? That’s where we come in. At Aster, we like making the whole experience enjoyable. You can trust us to be with you every step of the way to answer any questions you may have. In the meantime, here are a few FAQs you may find useful.

What if I can’t get all the documents together?

If you're struggling to get all the documents ready, tell us. Unfortunately, all the documents are essential for getting your application approved. Without them, we might not be able to proceed.

What if I only get internet statements?

Online statements will only suffice for lenders or Housing Associations if they show your full name and address. That means you’ll need to order copies from your bank or ask for printouts and request that they stamp them. We can use internet statements in the short term but we'll need the originals to get you approved.

What if I can’t find my payslips/P60?

Just ask your employer for copies. Even though we can tell from your bank statements the amount that’s paid in, we'll still need to see your payslips. If your employer can't give you copies then a letter will be required, showing the last three months’ figures, just as a payslip would. If you can't find the answer you're looking for, don’t be a stranger -  we’ll be happy to answer any other questions you may have.

What if I want to sell a Shared Ownership property I have bought through Aster? 

If you're thinking of selling a Shared Ownership home you have bought from us you will need to get in contact with our resales team. You're in safe hands with Matt on 01380 735 545 or Lauren on 01380 735 422. Here's our 5 step guide to selling your home with us, please click here

Shared Ownership in Oxfordshire or Hampshire?

You're in safe hands with our awesome Oli. Drop him a line on 01380 735 458 or 07795 887 509

Shared Ownership in Devon or Cornwall?

Our friendly Jody is here to make your Shared Ownership dream come true. Give her a call on 01380 829 031 or 07825 283 293

Shared Ownership in Somerset or Wiltshire?

No one knows more on Shared Ownership in these places than our fab Anna. Give her a call on 01380 735 658 or 07738 192 712

Shared Ownership in Dorset?

Shared Ownership homes in Dorset. We've got you covered by the awesome Nicci. Give her a call on 01929 558 448 or 07795 542 043

So, like, what’s this Shared Ownership thing about then? Shared Ownership isn’t about sharing with someone. It’s about getting your foot on the housing ladder. It’s a great alternative to renting and perfect if you can’t afford to buy a house outright.

Aster Sales
Ask Aster Sales