Is Shared Ownership housing a good idea?

Shared Ownership allows you to get on the property ladder as an owner-occupier, offering long-term stability without overstretching yourself. Shared Ownership makes mortgages more accessible, even if you’re on a lower wage. Your monthly repayments can often work out cheaper than if you had an outright mortgage.

What are the negatives of Shared Ownership?

What are the downsides to shared ownership?

Maintenance charges.
No renting allowed.
Buying up increased shares in your property can be expensive.
Restrictions on what you can do.
The risk of negative equity.
Issues around selling your share when moving home.
You don’t have greater protection under shared ownership.

Is Shared Ownership classed as affordable housing?

It basically defines Affordable Housing as any home that is not private market housing, i.e. not a home bought privately or a home that’s rented from a private landlord. There are lots of schemes included under this definition. They include: Shared ownership – housing that you buy part of and rent part of.

How much income do you need for Shared Ownership?

The general eligibility criteria for Shared Ownership is as follows: You must be at least 18 years old. Outside of London your annual household income must be less than £80,000. In London, your annual household income must be less than £90,000.

Who pays for repairs on Shared Ownership?

The housing association which owns part of the property will be responsible for maintaining the structure of the house. If for example the roof on your property needs repairing, this will be down to the housing association. If however you need a wall plastered inside your home, this will be down to you.

Can you be evicted from shared ownership?

Shared ownership properties are always leasehold, meaning you only own a property for a fixed period of time. Because you own a share of the property, the housing association cannot evict you. …

Do you have to be a first-time buyer for shared ownership?

The shared ownership scheme is open only to first-time buyers, or to those who used to own a home but can’t afford one anymore.