Have you tried our Frequently Asked Questions? See www.sarh.co.uk/faq
Shared Ownership is the ideal way for first time buyers and those who wish to move from renting to home ownership to get a foot on the property ladder.
Shared Ownership gives you the opportunity to buy a share of a brand new home (25% to 75% of the home’s value) and pay rent on the remaining share. The rent you pay to Stafford and Rural Homes (SARH) on the share of the property you don’t own is subsidised. In most cases you can, if you wish, buy additional shares until you own the property outright. Because you pay SARH a discounted monthly fee on the share of the property you don’t own, you get all the benefits of a new home with lower monthly payments compared to buying a home outright.
Current Shared Ownership opportunities
SARH has a number of Shared Ownership opportunities across its new developments:
You can buy a home through Shared Ownership if:
- Your household earns £80,000 a year or less
- You are a first-time buyer (or you used to own a home and can’t afford to buy one now)
- You rent a council or housing association home
- 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.
Step 1 - Register with Orbit Help to Buy Orbit Help to Buy is the largest Help to Buy agent in England. In order to determine your eligibility for SARH Shared Ownership, you must first register with Orbit. If you are not registered please do so by applying online at www.helptobuyagent2.org.uk or telephone 03333 214 044. Please be aware that this does not guarantee that you will be offered a Help to Buy property. Step 2 - Complete a SARH Shared Ownership application or an expression of interest. We will require copies of the following documentation:
- your latest three months pay slips
- your last P60
- your full UK passport
- bank statements covering the last six months
- your full drivers licence (if applicable)
- your latest rent statement (if applicable)
- proof of address (e.g. utility bill)
- proof of savings (from which you will be taking your deposit)
Please do not forward original documents as photocopies will be sufficient.
Orbit Help to Buy is the largest Help to Buy agent in England. Before you apply for SARH Shared Ownership, you must first register with Orbit in order to determine your eligibility. If you are not registered please do so by applying online at Help to Buy Midlands (single applicant form / joint applicants form) or telephone 03458 50 20 50. Please be aware that this does not guarantee that you will be offered a Help to Buy property.
For Kate Hodson and Dan Wright, the prospect of starting a family in the village where they grew up seemed like an impossible dream. That changed when a new Stafford and Rural Homes housing development in Gnosall was completed, delivering much needed homes for affordable rent and shared ownership at prices within reach of local people. Kate and Dan's Story.
Gill and Steve thought they would never be in the position to buy a home together.
“We had resigned ourselves to living in private rental accommodation. When we heard about a Shared Ownership open day we thought we would have a look around and just a few months later we are settling in nicely into our new home! It couldn’t have been easier and with a smaller mortgage we are able to pay off the finance before we retire.”