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South Derbyshire Homefinder

Shared ownership - overview

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Many people even in comparatively well-paid employment find that they can’t afford to buy a home in South Derbyshire. Although there are different ways of getting a first step on the property ladder the most usual is low cost home ownership.

The scheme enables you to buy part of a property, with a housing association owning the remaining share. Rent is paid for the share that you don’t own.

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The minimum amount you can purchase varies between properties but it is usually between 30% and 50%. 

The initial costs are broadly the same as if you were purchasing on the open market. You will therefore need to employ a solicitor, commission a survey and pay mortgage fees. It is also advisable to have enough savings for a mortgage deposit of 5% of the amount that you will be borrowing. It is suggested that you will need a minimum of £3000 - £5000 to meet these costs.

Most people will need to borrow money in the form of a mortgage to fund their part-purchase of a property. Mortgage lenders will be able to give you advice on the different types of mortgages that are available and the interest rates that will be fixed to the repayments.

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