Have you tried our Frequently Asked Questions? See www.sarh.co.uk/faq
How does Shared Ownership work?
You buy a share of your home, usually around 50% or 75% on a long term lease.
• The owned share can be paid for by taking out a mortgage or with a lump sum.
• Most mortgage lenders require a deposit. However you will only pay this on the share that you purchase.
• In addition to your monthly mortgage payment you will pay a subsided rent on the part of the property you do not yet own.
• The lease outlines the monthly rent you will pay and highlights your responsibilities as a householder.
• You will have the normal rights and responsibilities of home ownership such as repairs and decoration.
• After the initial purchase you can, if you wish, increase the percentage share you own up to 100% ownership, depending on the location of your new home. This is called staircasing.